Direct tax collections rise 24% year-on-year to Rs 14.71 lakh crore - New Delhi News

Direct tax collection, net of refunds, stood at Rs 12.31 lakh crore which is 19.55 per cent higher than the net collections for the corresponding period of last year.

This collection is 86.68 per cent of the total budget estimates of direct taxes for 2022-23.

Refunds amounting to Rs 2.40 lakh crore have been issued between April 1, 2022 and January 10, 2023, which are 58.74 per cent higher than refunds issued during the corresponding period of last year.

So far, as the growth rate for corporate income tax (CIT) and personal income tax (PIT) in terms of gross revenue collections is concerned, the growth rate for CIT was 19.72 per cent while that for PIT (including STT) was 30.46 per cent.