Direct tax collections increased by 16.8% to Rs.13.73 lakh crore till March 10, 2023

The provisional figures for Direct tax collections until March 10, 2023 they continue to register a constant growth. The direct tax collections up to 10 March 2023 show that the gross collections are at Rs. 16.68 lakh crore, which is 22.58% more than the gross collections of the corresponding period last year.

The direct tax revenue, after refunds, is at Rs. 13.73 lakh crore, which is 16.78% more than the net income for the same period of the previous year. This collection represents 83.19% of the revised total direct tax estimates for fiscal year 2022–23 and 96.67% of the overall budget estimates.

Regarding the growth rates of Corporate Tax (IRC) and Personal Income Tax (IRPF), the ISR increases by 18.08% while the IRPF (including the STT) increases by 27 .57% in terms of gross income revenue collections. The net growth of ISR collection is 13.62% after refund adjustments, while the net growth of personal income tax collection is 20.73% (PIT only)/20.06% (PIT including STT).

Refunds worth Rs.2.95 lakh crore were issued between April 1, 2022 and March 10, 2023, which are 59.44% higher than the refunds issued during the same period of the previous year.

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