Gross direct tax collections rise 35.46% y/y to touch Rs 6.48 lakh crore till September 8

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Continuing its steady growth, Direct Tax collections up till September 8 rises 35.46% over the corresponding period of last year to touch Rs. 6.48 lakh crore.

“Direct Tax collection, net of refunds, stands at Rs. 5.29 lakh crore which is 30.17 % higher than the net collections for the corresponding period of last year. This collection is 37.24% of the total Budget estimates of Direct Taxes for FY 2022-23,” official data released on Friday said.

“Refunds amounting to Rs.1.19 lakh crore have been issued during April 1 to September 8, which are 65.29% higher than refunds issued during the same period in the preceding year,” the data further said.

“The growth rate for Corporate Income Tax (CIT) is 25.95% while that for Personal Income Tax (PIT) is 44.37%, the date showed.

“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 25.95% while that for PIT (including STT) is 44.37%. After adjustment of refunds, the net growth in CIT collections is 32.73% and that in PIT collections (including STT) is 28.32%.”

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