Direct Tax collections for FY 2022-23 show that Net collections are at Rs.16.61 lakh crore, compared to Rs. 14.12 lakh crore in preceding FY 2021-22, representing an increase of 17.63%.
Reetu | Apr 4, 2023 |
Net Direct Tax Collections for FY 2022-23 exceed Budget estimate by 16.97%
The provisional figures of Direct Tax collections for the Financial Year (FY) 2022-23 show that Net collections are at Rs. 16.61 lakh crore, compared to Rs. 14.12 lakh crore in the preceding Financial Year i.e. FY 2021-22, representing an increase of 17.63%.
The Union Budget’s Budget Estimates (BE) for Direct Tax income in FY 2022-23 were amended to Rs.14.20 lakh crore, and the amended Estimates (RE) were set at Rs.16.50 lakh crore. Provisional Direct Tax collections (net of rebates) have surpassed the BE by 16.97% and the RE by 0.69%, respectively.
The gross collection (provisional) of direct taxes (before rebates) for FY 2022-23 is Rs. 19.68 lakh crore, representing a 20.33% increase over the gross collection of Rs.16.36 lakh crore in FY 2021-22.
Gross corporate tax collection (provisional) in FY 2022-23 is Rs.10,04,118 crore, representing a 16.91% increase over the previous year’s gross corporate tax collection of Rs.8,58,849 crore.
The gross Personal Income Tax collection (including STT) (provisional) in FY 2022-23 is Rs.9,60,764 crore, a 24.23% increase over the previous year’s gross Personal Income Tax collection (including STT) of Rs.7,73,389 crore.
Refunds of Rs.3,07,352 crore were issued in FY 2022-23, representing a 37.42% rise over refunds of Rs.2,23,658 crore given in FY 2021-22.
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