Direct Tax Collection Surges By 35% To Rs 6.48 Lakh Crore

Direct tax collection, including personal income tax, rose by 35.46% to Rs 6.48 lakh crore in the current fiscal up to Sept. 8, reflecting an uptick in the economy.

The country recorded a GDP growth of 13.5% during the first quarter ended on June 30, 2022.

Direct tax collection, net of refunds, stands at Rs 5.29 lakh crore which is 30.17% higher than the net collections for the corresponding period of last year, according to the data released by the Income Tax Department.

This collection is 37.24% of the total Budget Estimates of Direct Taxes for 2022-23, it said.

Refunds amounting to Rs 1.19 lakh crore have been issued from April 1 to Sept. 8, 2022, which are 65.29% higher than refunds issued during the same period in the preceding year, it said.

"Direct Tax collections up to September 8, 2022, show that gross collections are at Rs 6.48 lakh crore, which is 35.46% higher than the gross collections for the corresponding period of last year," it said.

So far as the growth rate for Corporate Income Tax and Personal Income Tax in terms of gross revenue collections is concerned, the growth rate for CIT is 25.95 per cent while that for PIT (including STT) is 44.37%.

After adjustment of refunds, the net growth in CIT collections is 32.73% and that in PIT collections (including STT) is 28.32%. In the last fiscal ended March 31, 2022, India's direct tax collection rose by a record 49% to Rs 14.10 lakh crore.

The government has estimated to collect Rs 14.20 lakh crore from direct taxes this fiscal. This includes Rs 7.20 lakh crore from corporate taxes and Rs 7 lakh crore from individual taxpayers.