Gross Direct Tax Collections for FY 2022-23 register a growth of 24.58%:

Gross Direct Tax Collections for FY 2022-23 register a growth of 24.58% The Gross collection of Direct Taxes has registered a growth of 24.58 percent which stood at 14.71 crore rupees in the financial year 2022-23 up to 10.01.2023. The preliminary figures for Direct Tax collections up to January 10, 2023 show steady growth. Direct Tax collections up to January 10th, 2023 show gross collections of Rs. 14.71 lakh crore, which is 24.58% higher than gross collections for the same period last year. Net direct tax collection stands at Rs. 12.31 lakh crore, which is 19.55% higher than net collections for the same period last year. This amount represents 86.68% of the total Budget Estimates of Direct Taxes for Financial Year 2022-23. 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 19.72% while that for PIT (including STT) is 30.46%. After adjustment of refunds, the net growth in CIT collections is 18.33% and that in PIT collections is 21.64% (PIT only)/ 20.97% (PIT including STT). Refunds totaling Rs. 2.40 lakh crore were issued between 1st April, 2022 to 10th January, 2023, which is 58.74% more than refunds issued during the same period the previous year.