Economy

Direct tax collections post robust growth in 2022-2023

India’s net direct tax collections, which include personal income tax and corporate tax, rose by 18 per cent to Rs 16.61 lakh crore for the 2022-23 financial year that ended on March 31, exceeding the revised budget estimates (RE).

The high direct tax collections indicate that both individual earnings and profits made by companies have gone up on the back of robust economic growth. The high tax mop-up will help to keep the fiscal deficit in check and make more resources available to finance infrastructure projects such as highways as well as social welfare schemes.

The gross collection of direct taxes (before adjusting for refunds) for 2022-23 stands at Rs 19.68 lakh crore, a growth of 20.33 per cent over the gross collection of Rs 16.36 lakh crore in financial year 2021-22, according to a finance ministry statement issued today.

The Budget Estimates (BE) for direct tax revenue in the Union Budget for 2022-23 were fixed at Rs 14.20 lakh crore, and the Revised Estimates (RE) were pegged higher at Rs 16.50 trillion.

The net direct tax collections, which include taxes from individuals and corporations, have exceeded the BE by 16.97 per cent and RE by 0.69 per cent, the ministry added.

Tax refunds worth over Rs 3.07 lakh crore were issued in 2022-23.

AddThis Website Tools
IN Bureau

Recent Posts

Taiwan bolsters combat readiness, prepares for ‘war of endurance’ against China threat

Taiwan's military is prioritising combat readiness as a key aspect of deterrence due to escalating…

1 day ago

“When every state is Viksit, India will be Viksit”: PM Modi at NITI Aayog Governing Council meeting

Calling for an increase in the speed of development, Prime Minister Narendra Modi said on…

1 day ago

Scottish Parliament opposes Chinese interference in Dalai Lama’s reincarnation

The Scottish Government has reaffirmed its commitment to supporting religious freedom and human rights for…

1 day ago

Baloch American Congress President urges PM Modi to back Free Balochistan movement

Tara Chand Baloch, the President of the Baloch American Congress and a former Cabinet minister…

1 day ago

New study identifies blood molecules that could revolutionise teen depression diagnosis

In a groundbreaking study, researchers from McGill University have identified nine biological markers in the…

1 day ago

India rebuts Pakistan’s disinformation on Indus Water Treaty at UNSC

India, in a firm and unequivocal statement at the United Nations Security Council (UNSC), accused…

2 days ago