Economy News

Gross direct tax revenue jumps 31% to Rs 10.54 lakh cr; net collections exceed 61 pc of the budgetary objective – Mintpaisa

Gross corporate and personal income tax collection has jumped nearly 31% so far in the current financial year to Rs 10.54 lakh crore, the tax authorities said on Friday.

This includes a 41% increase in personal income tax (including securities transaction tax) and a 22% increase in corporation tax revenue over the same period l last year.

After adjusting for reimbursements, the net direct tax collections between April 1 and November 10 stood at Rs 8.71 lakh crore, or 61.31% of the budget estimates (BE) for the tax collection target. taxes for the full year, the department said.

The budget had estimated direct tax collection at Rs 14.20 lakh crore this financial year, higher than the Rs 14.10 lakh crore collected in the last financial year (2021-22).

Corporate and personal income tax offsets direct taxes.

“Direct tax collections up to November 10, 2022 show that the gross collections are Rs. 10.54 lakh crore, 30.69% higher than the gross collections for the corresponding period last year,” according to a press release.

Refunds amounting to Rs 1.83 lakh crore were issued between April 1 and November 10, 61% more than what was issued in the corresponding period last year.

After adjusting for refunds, net direct tax collection stood at Rs 8.71 lakh crore, 25.71% higher than a year ago.

Tax collection is an indicator of economic activity in any country. The collection of Goods and Services Sold Tax (GST) has stabilized at around Rs 1.45-1.50 lakh crore per month.


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