Direct tax collection grows 24.58% to Rs 14.71 lakh crore till January 10

India’s gross direct tax collection for this financial year grew by 24.58 per cent to Rs 14.71 lakh crore as of January 10, 2023, buoyed by an upsurge in personal income tax mop-up, according to the government data released on Wednesday.

Net direct tax collection, after adjusting refunds,  stood at Rs 12.31 lakh crore, 19.55 per cent higher than the net collections for the corresponding period of last year.

The net collection is 86.68 per cent of the total budget estimates of direct taxes for the current fiscal. The Budget had estimated direct tax collection at Rs 14.20 lakh crore this fiscal.

On gross basis, collections from corporate income tax (CIT) grew 19.72 per cent, while that for personal income tax (PIT) increased 30.46 per cent.

"The provisional figures of direct tax collections up to 10th January 2023 continue to register steady growth. Direct tax collections up to 10th January 2023 show that gross collections are at Rs 14.71 lakh crore which is 24.58 per cent higher than the gross collections for the corresponding period of last year," the Central Board of Direct Taxes (CBDT) said in a statement.

After adjusting refunds, the net growth in CIT collections is 18.33 per cent and that in PIT (including securities transaction tax) is 20.97 per cent.

Refunds amounting to Rs 2.40 lakh crore have been issued between April 1, 2022, to January 10, 2023, which are 58.74 per cent higher than refunds issued during the same period last year.