Photo used for representation purposes only. | Photo credit: Freepik
India’s gross direct tax collections rose 24.1% to ₹15.67 lakh crore on Friday, with personal income tax collections rising 29.6%, much faster than income tax inflows. corporate tax which has risen 19.3% so far this year.
Net of refunds, total tax revenue is ₹12.98 lakh crore, 18.4% higher than a year ago and constitutes 91.4% of fiscal targets for 2022-23 and 78.65% of revised estimates.
As of January 10, net direct tax receipts stood at ₹12.31 lakh crore, reflecting a growth of 19.55%, so the latest cumulative revenue figures indicate a marginal slowdown in direct tax receipts over the past month.
“Provisional figures for direct tax collections through February 10, 2023 continue to show steady growth,” the finance ministry said in a statement on Saturday.
Refunds amounting to ₹2.69 lakh crore were issued between April last year and February 10 this year, 61.6% more than refunds issued during the same period of l ‘last year.
“After adjusting for refunds, the net growth of corporate tax collections is 15.84 percent and that of personal income tax collections is 21.93 percent,” the ministry said. If the securities transaction tax (STT) revenue is clubbed with the personal income tax revenue, the growth rate is slightly lower at 21.23%.