New Delhi, Mar 11 (FN Agency) The gross direct tax collections up to March 10, 2023, registered a growth of 22.58 per cent on a year-on-year (YoY) basis at Rs16.68 lakh crore, data released by Finance Ministry said on Saturday. This is a provisional data. Direct Tax collection, net of refunds, stood at Rs 13.73 lakh crore, 16.78 pc higher than the net collections for the corresponding period of last year, the data showed. The collection is 96.67 per cent of the total budget estimates and 83.19 per cent of the total revised estimates of direct taxes for the current fiscal year, the Finance Ministry said.
As far as the growth rate for Corporate Income Tax (CIT) and Personal Income Tax (PIT) in terms of gross revenue collections is concerned, the corporate income tax (CIT) during the period registered a growth of 18.08 pc while personal income tax (PIT) grew by 27.57 percent. After adjustment of refunds, the net growth in CIT collections was 13.62 pc and that in PIT collections was 20.73 pc. Refunds amounting to Rs 2.95 lakh crore have been issued during April 1, 2022 to March 10, 2023, which are 59.44 pc higher than refunds issued during the same period in the preceding year, the data showed.