New Delhi, Sep 9 (Agency) Gross direct tax collections in the current financial year 2022-23 (upto September 8) has posted 35.46 per cent year-on-year rise to Rs 6.48 lakh crore with both corporate income tax and personal income tax showing robust growth, as per the provisional data released by Finance Ministry on Friday. “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. This collection is 37.24% of the total Budget Estimates of Direct Taxes for F.Y. 2022-23,” said the Finance Ministry. The tax department issued refunds to the tune of Rs 1.19 lakh crore during 1st April, 2022 to 8th September, 2022.
The media release said that the refunds issued so far are 65.29% higher than refunds issued during the same period in the preceding year. “So far as the growth rate for Corporate Income Tax (CIT) and Personal Income Tax (PIT) in terms of gross revenue collections is concerned, the growth rate for CIT is 25.95% while that for PIT (including STT) is 44.37%,” the statement said. “After adjustment of refunds, the net growth in CIT collections is 32.73% and that in PIT collections (including STT) is 28.32%,” it added. Most high-frequency data such as monthly GST collection numbers, auto sales figures and PMI manufacturing and services data have shown an uptrend in recent months pointing to strong economic recovery.