New Delhi, Apr 3 (FN Bureau) Reflecting robust corporate performance and the overall health of the economy, gross direct tax collections rose 20.33 percent year on year to Rs 19.68 lakh crore in the financial year 2022-2023. The revenue buoyancy has been seen in the economy despite strong global headwinds as domestic demand has shown impressive recovery post-Covid. “The gross collection (provisional) of Direct Taxes (before adjusting for refunds) for the FY 2022-23 stands at Rs 19.68 lakh crore showing a growth of 20.33 % over the gross collection of Rs.16.36 lakh crore in FY 2021-22,” said a media release from Finance Ministry on Monday. The net collection (provisional) of direct tax for the financial year 2022-23 stood at Rs 16.61 lakh crore, compared to Rs 14.12 lakh crore in the preceding financial year, representing an increase of 17.63%, the release said.
The gross corporate tax collection (provisional) in the financial year was Rs 10,04,118 crore, showing a growth of 16.91% over the gross corporate tax collection of Rs 8,58,849 crore of the preceding year. The gross personal income tax collection (including STT) (provisional) in the financial year stood at Rs 9,60,764 crore, registering a growth of 24.23% over the gross personal income tax collection (including STT) of Rs 7,73,389 crore of the preceding year. Refunds of Rs 3,07,352 crore were issued in the financial year showing an increase of 37.42 % over the refunds of Rs 2,23,658 crore issued in the previous financial year, the release said.