India’s direct tax collection shoots up by 24%

India’s gross direct tax collections up to 10 February, 2023 stand at Rs 15.67 lakh crore — 24.09 per cent higher compared to the corresponding period in the previous financial year. Direct Tax collections, net of refunds, stand at Rs 12.98 lakh crore registering an 18.40 per cent growth against the same period in 2022-23. An official statement said that this collection is 91.39 per cent of the total Budget Estimates for direct taxes for 2022-23 and 78.65 per cent of the Revised Estimates.

Corporate income tax (CIT) grew at 19.33 per cent while personal income tax collections which include securities transaction tax (STT) saw a jump of 21.9 per cent.

Until February 10, the Centre also issued refunds amounting to Rs 2.69 lakh crore, which are 61.58% higher than refunds issued during the same period in the preceding year.

After adjustment of refunds, the net growth in CIT collections is 15.84 per cent and for PIT along with STT it is 21.23 per cent.

For 2023-24, Finance Minister Nirmala Sitharaman has projected a 10.4 per cent growth in gross tax revenue over the current financial year. While direct tax is projected to increase 10.5 per cent, indirect tax growth is pegged at 10.4 per cent.

Also read: Zero Income Tax for those earning up to Rs 7 lakh, 25% cut for others as Budget brings relief