India’s gross direct tax collection rose 24.58 percent to Rs 14.71 lakh crore by Jan. 10 in the current fiscal year 2022-23, buoyed by a rise in personal income tax, according to the latest government data.

After adjustment of refunds, direct tax net revenue was Rs 12.31 lakh crore, 19.55 per cent higher than net revenue for the corresponding period last year. The net collection is 86.68 percent of the total budget estimates of direct taxes for the current fiscal year. The budget had estimated direct tax collection this fiscal year at Rs 14.20 lakh crore.

On a gross basis, corporate income tax (CIT) revenue increased 19.72 percent, while personal income tax (PIT) revenue increased 30.46 percent.

“Preliminary direct tax collection figures through January 10, 2023 continue to show steady growth. The direct tax collection up to 10 January 2023 shows gross collections at Rs 14.71 lakh crore, which is 24.58 per cent higher than gross collections for the corresponding period last year,” the Central Board of Direct said Taxes (CBDT) in a statement.

After deducting refunds, the net growth in corporate tax revenue is 18.33 percent and that of PIT (including securities transaction tax) is 20.97 percent.

Refunds of Rs 2.40 lakh crore were issued between April 1, 2022 and January 10, 2023, which is 58.74 percent higher than the refunds issued in the same period last year.

As of November 11 in the current fiscal year 2022-23, net direct tax receipts in India was also up 24.26 percent YoY to Rs 8.77 lakh crore, showing steady growth. This was 61.79 percent of the total budget estimate of direct taxes for FY23.

Tax collection is an indicator of economic activity in each country. The budget estimated the collection of direct taxes this fiscal year at Rs 14.20 crore, higher than the Rs 14.10 crore levied last fiscal year (2021-22). Taxes on corporate and personal income offset direct taxes .

(With inputs from PTI)

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