India's direct tax collection rises by 35.46%
10 Sep 2022 14:31:47
New Delhi, Sept 10: Direct tax collections up to 8 September 2022 show that gross collections are at Rs 6.48 lakh crore, which is 35.46% higher than the gross collections for the corresponding period of last year.
Direct tax collection, net of refunds, stands at Rs 5.29 lakh crore, which is 30.17 % higher than the net collections for the corresponding period of last year.
This collection is 37.24% of the total budget estimates of direct taxes for FY 2022-23. Refunds amounting to Rs 1.19 lakh crore have been issued from 1 April 2022 to 8 September 2022, which are 65.29% higher than refunds issued during the same period in the preceding year.
In terms of gross revenue collections, the growth rate for corporate income tax (CIT) is 25.95% while that for corporate income tax (CIT) (including STT) is 44.37%. After adjustment of refunds, the net growth in CIT collections is 32.73% and that in PIT collections (including STT) is 28.32%.