The Direct Tax collection, net of refunds, stands at Rs. 8.71 lakh crore which is 25.71% higher than the net collections for the corresponding period of last year, the ministry said in a statement. Apart from this, the Ministry added that this collection is 61.31 per cent of the total budget estimates of direct taxes for FY 2022-23.
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“Direct Tax collection, net of refunds, stands at Rs. 8.71 lakh crore which is 25.71 % higher than the net collections for the corresponding period of last year. This collection is 61.31% of the total Budget Estimates of Direct Taxes for F.Y. 2022-23," the statement said.
According to the release, the growth rate for Corporate Income Tax (CIT)is 22.03 per cent while that for Personal Income Tax (PIT) is 40.64 per cent. "After adjustment of refunds, the net growth in CIT collections is 24.51% and that in PIT collections is 28.06% (PIT only) 27% (PIT including STT)," the statement said.
Apart from this, the ministry said that the refunds amounting to ₹1.83 lakh crore have been issued during 1 April, 2022 to 10 November, 2022, which are 61.07 per cent higher than refunds issued during the same period in the preceding year.
