Gross corporate income tax collection rose 16.74% from April 1 to October 8, while personal income tax collection jumped 32.30%, PTI reported citing the tax department.
Direct tax collection stood at Rs 8.98 lakh crore between April 1 and October 8, 2022, 23.8% higher than the gross collection in the corresponding period a year ago.
Corporate and personal income tax offsets direct taxes.
After adjusting for refunds, direct tax collection stood at Rs 7.45 lakh crore, 16.3 percent higher than the net collection for the corresponding period a year ago, according to the release.
“This collection represents 52.46% of the total direct tax budget estimates for the 2022-23 fiscal year,” he added.
Tax collection is an indicator of economic activity in any country. But in India, strong tax collection has occurred despite a slowdown in industrial production and exports.
Some analysts say economic growth has stalled, but corporate earnings are keeping the engine running.
Last month, the Reserve Bank of India (RBI) cut its output of India’s GDP growth in the current fiscal year to 7% from a previously estimated 7.2%. Other rating agencies have also lowered economic growth projections for India citing the impact of geopolitical tensions, tighter global financial conditions and slowing external demand.
“In terms of the growth rate of corporate income tax (IRS) and personal income tax (PIT) in terms of gross revenue collection, the growth rate of IRS is 16.73%, while that of IRP (including STT) is 32.30% per cent,” the Central Board of Direct Taxes (CBDT) said.
After adjusting for refunds, the net growth of IRS collection was 16.29 percent and that of IRP collection was 17.35 percent (IRP only)/16.25 percent (IRP including STT).
Refunds amounting to Rs 1.53 lakh crore were issued during the period from April 1, 2022 to October 8, 2022, 81% more than refunds issued during the same period of the previous year , he added.
Merchandise exports lost momentum from last year’s surge and fell 3.5% in September. The trade deficit nearly doubled in the first six months. IIP growth moderated at 2.4% in July, while the “basic sector” hit a nine-month low of 3.3% in August.
New Delhi, Oct 9 (PTI) Gross corporate and personal income tax collection has jumped almost 24% so far in the current fiscal year which started on April 1, a announced the tax authorities on Sunday.
Gross corporate income tax collection rose 16.74% from April 1 to October 8, while personal income tax collection jumped 32.30%, the tax office said. in a press release.
Direct tax collection stood at Rs 8.98 lakh crore between April 1 and October 8, 2022, 23.8% higher than the gross collection in the corresponding period a year ago.
Corporate and personal income tax offsets direct taxes.
After adjusting for refunds, direct tax collection stood at Rs 7.45 lakh crore, 16.3 percent higher than the net collection for the corresponding period a year ago, according to the statement.
“This collection represents 52.46% of the total direct tax budget estimates for the 2022-23 fiscal year,” he added.
Tax collection is an indicator of economic activity in any country. But in India, strong tax collection has occurred despite a slowdown in industrial production and exports. Some analysts say economic growth has stalled, but corporate earnings are keeping the engine running.
Last month, the Reserve Bank of India (RBI) cut its output of India’s GDP growth in the current fiscal year to 7% from a previously estimated 7.2%. Other rating agencies have also lowered economic growth projections for India citing the impact of geopolitical tensions, tighter global financial conditions and slowing external demand.
“As for the growth rate of corporate income tax (IRS) and personal income tax (PIT) in terms of gross revenue collection, the growth rate of IRS is 16.73%, while that of the IRP (including the STT) is 32.30% per cent,” the Central Board of Direct Taxes (CBDT) said.
After adjusting for refunds, the net growth of IRS collection was 16.29 percent and that of IRP collection was 17.35 percent (IRP only)/16.25 percent (IRP including STT).
Refunds amounting to Rs 1.53 lakh crore were issued during the period from April 1, 2022 to October 8, 2022, 81% more than refunds issued during the same period of the previous year , he added.
Merchandise exports lost momentum from last year’s surge and fell 3.5% in September. The trade deficit nearly doubled in the first six months. IIP growth moderated at 2.4% in July, while the “basic sector” hit a nine-month low of 3.3% in August.
The collection of Goods and Services Sold Tax (GST) has stabilized at around Rs 1.45-1.46 lakh crore per month.
