Direct Tax Collections for F.Y. 2022-23 up to 10th March 2023

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The provisional figures of Direct Tax collections up to 10^th March, 2023 continue to register steady growth. Direct Tax collections up to 10^th 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 collection, net of refunds, stands at Rs. 13.73 lakh crore which is 16.78% higher than the net collections for the corresponding period of last year. This collection is 96.67% of the total Budget Estimates and 83.19% of the Total Revised Estimates of Direct Taxes for F.Y. 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 18.08% while that for PIT (including STT) is 27.57%. After adjustment of refunds, the net growth in CIT collections is 13.62% and that 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 1^st April, 2022 to 10^th March 2023, which are 59.44% higher than refunds issued during the same period in the preceding year.

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