Ministry of Finance
Ministry of Finance

Direct Tax collections up 23.8% so far this financial year

New Delhi, October 9, 2022

Gross Direct Tax collections up to October 8 in the current financial year totalled Rs 8.98 lakh crore, 23.8 per cent higher than the level achieved in the same period of the previous year.

"The provisional figures of Direct Tax collections up to 8th October, 2022 continue to register steady growth," a press release from the Ministry of Finance said.

The release said the collections, net of refunds, stood at Rs 7.45 lakh crore, 16.3 per cent higher than the next collections for the corresponding period of 2021-22.

The collection is 52.46% of the total Budget Estimates of Direct Taxes for F. Y. 2022-23, it said.

"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% while that for PIT (including STT) is 32.30%. After adjustment of refunds, the net growth in CIT collections is 16.29% and that in PIT collections is 17.35% (PIT only)/16.25% (PIT including STT)," it said.

"Refunds amounting to Rs.1.53 lakh crore have been issued during the period 1st April, 2022 to 8th October 2022, which are 81.0% higher than refunds issued during the same period in the preceding year," the release added.

NNN

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