According to the latest provisional figures, Direct Tax collections in India are continuing to show steady growth. As of 10th February 2023, the gross collections stand at Rs. 15.67 lakh crore, which is 24.09% higher than the same period last year.
The net collections, after subtracting refunds, are at Rs. 12.98 lakh crore, representing a growth of 18.40% compared to last year. These collections make up 91.39% of the total Budget Estimates for Direct Taxes in the current financial year and 78.65% of the Revised Estimates.
When it comes to the growth of Corporate Income Tax (CIT) and Personal Income Tax (PIT), the growth rate for CIT is 19.33% while that for PIT (including Securities Transaction Tax) is 29.63%. After adjusting for refunds, the net growth in CIT collections is 15.84% and the net growth in PIT collections is 21.93% (for PIT only) or 21.23% (for PIT including STT).
In terms of refunds, a total of Rs. 2.69 lakh crore have been issued from 1st April 2022 to 10th February 2023, which is 61.58% higher than the same period in the previous year.
These provisional figures indicate that Direct Tax collections in India are on a positive trajectory, with steady growth in both CIT and PIT collections. The increase in refunds issued also shows that the government is committed to supporting taxpayers and facilitating the tax-paying process.
