Direct Tax collections for FY 2022-23 at Rs 16.68 lakh cr

Government data has revealed that Direct Tax collections up to March 10, 2023, stood at Rs 16.68 lakh crore which is 22.58 per cent higher than the gross collections for the corresponding period of last 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. As per the Central Board of Direct Taxes, Department of Revenue, 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 FY 2022-23. As per the Income Tax Department, 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 18.08 per cent and that for PIT (including STT) is 27.57 per cent. After adjustment of refunds, the net growth in CIT collections is 13.62 per cent and that in PIT collections is 20.73 per cent (PIT only)/ 20.06 per cent (PIT including STT). As per the government data, 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 the same period in the preceding year.