Net direct tax collection rises 16.8%, reaches closer to Budget target for 2022-23

Corporate Income Tax collections (27.6%) continued to stay ahead of Corporate Income Tax flows (18.08%)

Updated - March 11, 2023 09:31 pm IST

Published - March 11, 2023 12:39 pm IST - New Delhi

The uptick in net Personal Income Tax collections continued to outstrip Corporate Income Tax flows, rising 20.73% year-on-year compared to a 13.62% increase in the latter. File

The uptick in net Personal Income Tax collections continued to outstrip Corporate Income Tax flows, rising 20.73% year-on-year compared to a 13.62% increase in the latter. File | Photo Credit: The Hindu

India’s net direct tax kitty had risen 16.8% to touch ₹13.73 lakh crore by Friday, reflecting a slight dip in growth over the past month but reaching within striking distance of the Budget target for this year, with three weeks still to go.

The uptick in net Personal Income Tax collections continued to outstrip Corporate Income Tax flows, rising 20.73% year-on-year compared to a 13.62% increase in the latter.

“The provisional figures of Direct Tax collections up to 10th March, 2023 continue to register steady growth,” the Finance Ministry said on Saturday. Gross collections stood at ₹16.68 lakh crore by Friday, 22.58% higher than the tax inflows in the corresponding period of 2021-22.

“Direct Tax collection, net of refunds, stands at ₹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,” the ministry said.

As of February 10, gross direct tax collections had risen 24.1% to ₹15.67 lakh crore, with personal income tax flows soaring 29.6% vis-à-vis a 19.3% rise in corporate tax inflows. Net of refunds, total tax collections were ₹12.98 lakh crore as on February 10, 18.4% higher than a year ago.

Refunds issued to taxpayers by March 10, amounted to ₹2.95 lakh crore, 59.44% higher than refunds made in the same period in the preceding year. As of February 10, refunds were up 61.6% year-on-year and stood at ₹2.69 lakh crore.

Gross Corporate Income Tax collections had risen 18.08% by March 10, while receipts from Personal Income Tax and the Securities Transaction Tax (STT) had risen 27.6%. After adjustment of refunds, the net growth in Personal Income Tax with STT stood at 20.06%.

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