Direct Tax Collections rises 31% to a total of Rs.10.54 lakh crore upto 10th Nov 2022

The provisional figures of Direct Tax collections up to 10th November, 2022 continue to register steady growth. Direct Tax collections up to 10th November, 2022 show that gross collections are at Rs. 10.54 lakh crore which is 30.69% higher than the gross collections for the corresponding period of last year.

Direct Tax collection, net of refunds, stands at Rs. 8.71 lakh crore which is 25.71 % higher than the net collections for the corresponding period of last year. This collection is 61.31% of the total Budget Estimates of Direct Taxes for F.Y. 2022-23.

In terms of gross revenue collections, the growth rates for Corporate Income Tax (CIT) and Personal Income Tax (PIT) are as follows: CIT is growing at a rate of 22.03%, while PIT (including STT) is growing at a rate of 40.64%. Following the adjustment for refunds, the net growth in PIT collections is 28.06% (PIT only) 27% (PIT including STT), while the net growth in CIT collections is 24.51%.

Refunds amounting to Rs.1.83 lakh crore have been issued during 1st April, 2022 to 10th November, 2022, which are 61.07% higher than refunds issued during the same period in the preceding year.