Direct Tax collection jumps 35% YoY to 6.48 lakh crore in FY23 so far

Direct Tax collections continue to register steady growth as it surged over 35 per cent year-on-year to Rs 6.48 lakh crore provisionally, the Ministry of Finance said in its release on Friday.   

Direct Tax collection, net of refunds, stood at Rs. 5.29 lakh crore which is 30.17 per cent higher than the net collections for the corresponding period of last year. It must be noted that this collection is 37.24% of the total budget estimates of Direct Taxes for FY23. 

“Refunds amounting to Rs.1.19 lakh crore have been issued from 1st April, 2022 to 8th September, 2022, which are 65.29 per cent higher than refunds issued during the same period in the preceding year,” the ministry said.  

So far as the growth rate for Corporate Income Tax (CIT) and Personal Income Tax (PIT) in terms of gross revenue collections is concerned, the growth rate for CIT is 25.95 per cent. 

At the same time, the growth rate for PIT (including STT) is 44.37 per cent. After adjustment of refunds, the net growth in CIT collections is 32.73 per cent and that in PIT collections (including STT) is 28.32 per cent.