Gross Direct Tax Revenue Jumps 31% To Rs 10.54 Lakh Crore; Net Collections Cross 61% Of Budget Target
Refunds up to Rs 1.83 lakh crore have been issued till Nov. 10, 61% higher than what was issued in the same period last fiscal.
Gross collection of tax on corporate and individual earnings jumped nearly 31% so far in the current fiscal year to Rs 10.54 lakh crore, the tax department said on Friday.
This includes a 41% growth in personal income tax (including Securities Transaction Tax) mop up and 22% increase in corporate tax revenues over the same period last year.
After adjusting for refunds, the net direct tax collections between April 1-Nov. 10 stood at Rs 8.71 lakh crore, which is 61.31% of the Budget estimates for the full-year tax collection target, the department said.
The Budget had estimated direct tax collection at Rs 14.20 lakh crore this fiscal, higher than Rs 14.10 lakh crore collected last fiscal (2021-22).
Tax on corporate and individual income makes up for direct taxes.
"Direct Tax collections up to Nov. 10, 2022 show that gross collections are at Rs. 10.54 lakh crore which is 30.69% higher than the gross collections for the corresponding period of last year," as per a statement.
Refunds amounting to Rs 1.83 lakh crore have been issued between April 1-Nov. 10, 61% higher than what was issued in the corresponding period last year.
After adjusting for refunds, net direct tax collection stood at Rs 8.71 lakh crore, 25.71% higher over the year-ago period.
Tax collection is an indicator of economic activity in any country. Collection from levy of Goods and Services Tax has flattened at around Rs 1.45-1.50 lakh crore per month.