Direct Tax Collections up 16.8% to Rs.13.73 lakh crore till 10th March 2023

The provisional figures of Direct Tax collections up to 10th March, 2023 continue to register steady growth. Direct Tax collections up to 10th March, 2023 show that gross collections are at Rs. 16.68 lakh crore which is 22.58% higher than the gross collections for the corresponding period of last year.

Direct tax revenue, after refunds, is at Rs. 13.73 lakh crore, which is 16.78% more than net revenue for the same period previous year. This collection accounts for 83.19% of the total revised direct tax estimates for FY 2022–23 and 96.67% of the budget’s overall estimates.

When it comes to the growth rates for Corporate Income Tax (CIT) and Personal Income Tax (PIT), CIT is up 18.08% while PIT (including STT) is up 27.57% in terms of gross revenue collections. The net growth in CIT collections is 13.62% after refund adjustments, whereas the net growth in PIT collections is 20.73% (PIT only)/20.06% (PIT including STT).

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