The central government’s gross tax collections have risen 24 per cent year-on-year in the current financial year, the Finance Ministry said on Sunday. Net collections have grown 16 per cent year-on-year to Rs 7.45 lakh crore, achieving over 52 per cent of FY23 Budget Estimate.
The ministry said that the tax collections till 8 October were at Rs 8.98 lakh crore which is 23.8 per cent higher than the gross collections for the corresponding period of last year.
Direct tax collection, net of refunds, stood at Rs 7.45 lakh crore which is 16.3 per cent higher than the net collections for the corresponding period of last year. “This collection is 52.46% of the total Budget Estimates of Direct Taxes for FY 2022-23,” the ministry said.
The growth rate for corporate income tax (CIT) is 16.73 per cent while that for personal income tax (PIT) is 32.30 per cent. After the adjustment of refunds, the net growth in CIT collections is 16.29 per cent and that in PIT collections is 17.35 per cent.
Refunds amounting to Rs.1.53 lakh crore have been issued during the period 1st April, 2022 to 8th October 2022, which is 81 per cent higher than refunds issued during the same period in the preceding year.
