Direct tax collection grows 23.8% to Rs 8.98 lakh cr till Oct 8

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IANS | 09 Oct, 2022
Direct Tax collection up to October 8 stood at Rs 8.98 lakh crore, which is 23.8 per cent higher than the gross collection for the corresponding period of last year.

Direct tax collection, net of refunds, stood at Rs 7.45 lakh crore, which is 16.3 per cent higher than the net collection for the corresponding period of last year.

This collection is 52.46 per cent of the total budget estimates of Direct Taxes for 2022-23.

Refunds amounting to Rs 1.53 lakh crore have been issued between April 1 and October 8, which are 81 per cent higher than refunds issued during the same period in the preceding year.

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 16.73 per cent, while that for PIT (including STT) is 32.30 per cent.

After adjustment of refunds, the net growth in CIT collections is 16.29 per cent and that in PIT collections is 17.35 per cent.