Minister of state for finance has informed in Lok Sabha that the Centre’s gross direct tax collections has been increased 68% on year and 27% over the corresponding period of pre-pandemic year FY20, to Rs 6.93 lakh crore till 23rd November of the current financial year.
Further, Direct tax collections prior to refunds till 23rd November of FY22 rose 48% on year to Rs 8.15 lakh crore, such collections in the period were 18% higher than the corresponding period in FY20.
However, the collections have showed a 11% year-on-year decline in refunds at about Rs1.22 lakh crore till 23rd November of FY22. The refunds were also 16% lower than Rs1.46 lakh crore during the period in FY20.
The government’s post-refund direct collections are required to grow by 17% on year to achieve the FY22 budget target of Rs 11.08 lakh crore. Going by the current trend, the collections for the full year would exceed the target by a significant margin, officials reckon.