Gross direct tax collection surges 24% to Rs 15.67 lakh crore, net mop-up touches 79% of revised estimates

The gross direct tax collections have jumped 24 per cent to Rs 15.67 lakh crore so far in the financial year 2022-23 (FY23), the finance ministry said on Saturday.

The net direct tax collection stood at Rs 12.98 lakh crore, a growth of 18.40 per cent on year - after adjusting for refunds.

The net collections are about 79 per cent of Revised Estimates (RE) of direct tax collection for current fiscal, the CBDT said.

Also Read: New tax regime to benefit middle class, reiterates FM Sitharaman – here’s what she said on cryptocurrency and Adani-Hindenburg row

The revised estimates for the current fiscal pegged direct tax revenues at Rs 16.50 lakh crore, higher than the budget estimates of Rs 14.20 lakh crore.

"The provisional figures of direct tax collections up to 10th February, 2023 continue to register steady growth. Direct tax collections up to 10th February, 2023 show that gross collections are at Rs 15.67 lakh crore which is 24.09 per cent higher than the gross collections for the corresponding period of last year," Central Board of Direct Taxes (CBDT) said in a statement.

In the current fiscal (2022-23), the revenues from direct tax (which includes income and corporate taxes) are projected to grow by over 17 per cent compared to 2021-22 fiscal when the collection was Rs 14.08 lakh crore.

Money Guru: What Are The Ways To Save Tax? WATCH VIDEO

Between April to February 10, the growth rate for gross Corporate Income Tax (CIT) and gross Personal Income Tax (PIT) collections was 19.33 per cent and 29.63 per cent respectively.

After adjustment of refunds, the net growth in CIT collections is 15.84 per cent and that in PIT collections is 21.23 per cent (PIT including STT).

Refunds amounting to Rs 2.69 lakh crore have been issued during April 1, 2022, to February 10, 2023, which are 61.58 per cent higher than refunds issued during the same period in the preceding year.