Direct Tax Collections Continue to Register Steady Growth

 

The Central Board of Direct Taxes (CBDT) has informed that Gross Direct Tax collections up to 8th September, 2022 are at Rs. 6.48 lakh crore, which is 35.46% higher than the gross collections for the corresponding period of last year.

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.

Whereas, refunds amounting to Rs 1.19 lakh crore have been issued during 1st April, 2022 to 8th September, 2022, which are 65.29% higher than refunds issued during the same period in the preceding year.

Further, growth rate for Corporate Income Tax (CIT) is 25.95% while that for PIT (including STT) is 44.37%. After adjustment of refunds, the net growth in CIT collections is 32.73% and that in PIT collections (including STT) is 28.32%.

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