Net direct tax collection reaches 83% of revised estimate to Rs 13.73 lakh crore for FY23

The Central Board of Direct Taxes (CBDT) on Saturday said that the net direct tax collection so far this fiscal grew 17 per cent to reach Rs 13.73 lakh crore, which is 83 per cent of the revised target for the full financial year.

While it noted that the gross direct tax collections for FY23 as of 10th March 2023 stood at Rs 16.68 lakh crore, higher by 22.58 per cent over gross collections for the corresponding period of the preceding year.

The growth in direct tax mop-up, which comprises personal income tax and corporate taxes, was driven by personal income tax (PIT) collections.

Refunds amounting to Rs 2.95 lakh crore have been issued during April 1, 2022, to March 10, 2023, which are 59.44 per cent higher than refunds issued during the same period in the preceding year.

Direct tax collection, net of refunds, stands at Rs 13.73 lakh crore which is 16.78 per cent higher than the net collections for the corresponding period of last year.

This collection is 96.67 per cent of the total budget estimates and 83.19 per cent of the total revised estimates of direct taxes for the financial year 2022-23, the CBDT said in a statement.

After adjustment of refunds, the net growth in CIT (Corporate Income Tax) collections is 13.62 per cent and that in PIT (Personal Income Tax) collections including STT (Securities Transaction Tax) is 20.06 per cent, it said.

With PTI Inputs