Direct Tax collection up by 31% year-on-year 10.54 trn as on November 10

Direct Tax Collection: The government on Friday published the direct tax collection data till November 10, 2022. Gross receipts for the period stood at Rs 10.54 trillion, an increase of 30.69 per cent over the corresponding period of the previous year.

Direct tax receipts after refunds totaled Rs 8.71 trillion, which is 25.71% higher than the net receipts from the previous year (YoY). The government estimates that this revenue is 61.31 per cent of the entire budget estimate for direct taxes for the fiscal year 2013.

Gross income from Corporate Income Tax (CIT) collection was 22.03 per cent, while Gross Revenue from Personal Income Tax (PIT) which included STT was 40.64 per cent. After adjustment for refunds, the net growth in PIT collection was 28.06 per cent (PIT only), and the net increase in CIT collection was 24.51 per cent (PIT including STT).

From April 1, 2022 to November 10, 2022, a total refund of Rs 1.83 trillion was issued, which is 61.07 per cent higher than during the same period a year ago.