Direct tax collections rise 31% to Rs 10.54 lakh crore

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IANS | 11 Nov, 2022
Direct tax collections, up to November 10, stood at Rs 10.54 lakh crore, 30.69 per cent higher than the gross collections for the corresponding period of last year.

Direct tax collection, net of refunds, stood at Rs 8.71 lakh crore, which was 25.71 per cent higher than the net collections for the corresponding period of last year. This collection is 61.31 per cent of the total budget estimates of direct taxes for 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 22.03 per cent while that for PIT (including STT) is 40.64 per cent.

Refunds amounting to Rs 1.83 lakh crore have been issued during April 1, 2022 to November 10, 2022, which are 61.07 per cent higher than refunds issued during the same period in the preceding year.