Tax refunds of Rs 2.95 lakh crore have been issued between April 1, 2022 and March 10, 2023.
The growth rate for corporate income tax is 18.08 percent while for PIT (including STT) it is 27.57 percent
The net direct tax collection so far in the current fiscal year 2022-2023 grew by 17 per cent to Rs 13.73 lakh crore which is 83 per cent of the revised target for the full fiscal, the Central Board of Direct Taxes (CBDT) said on Saturday. The growth in direct tax collection, which includes personal income tax (PIT) and corporate income tax, was driven by the collection of PIT.
“The provisional figures of direct tax collections until March 10, 2023 continue to grow steadily. Direct tax collections up to March 10, 2023 show that the gross collections amount to Rs 16.68 lakh crore, which is 22.58 percent higher than the gross collections for the corresponding period of last year,” the CBDT said in a statement.
It added that the direct tax collection, net of refunds, stands at Rs 13.73 lakh crore, which is 16.78 percent higher than the net collections for the corresponding period of last year. This collection is 96.67 percent of total budget estimates and 83.19 percent of total revised direct tax estimates for FY2022-23.”
The growth rate for corporate income tax (Vpb) is 18.08 percent, while that for PIT (including STT) is 27.57 percent. After adjusting for refunds, the net growth in SG&A collections is 13.62 percent and that in PIT collections is 20.73 percent (PIT only)/20.06 percent (PIT including STT).
Refunds of Rs 2.95 lakh crore have been issued between April 1, 2022 and March 10, 2023, which is 59.44 percent higher than the refunds issued in the same period of the previous year.
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