Net Direct Tax kitty grows by 18.4% so far this year

India’s Gross Direct Tax collections had risen 24.1% to touch ₹15.67 lakh crore by Friday, with personal Income Tax collections rising 29.6%, much faster than corporate income tax inflows which are up 19.3% so far this year.  

Net of refunds, total tax collections are ₹12.98 lakh crore, 18.4% higher than a year ago and constitute 91.4% of the Budget targets for 2022-23 and 78.65% of the revised estimates.

By January 10, Net Direct Tax collections stood at ₹12.31 lakh crore, reflecting a 19.55% growth so the latest cumulative receipts numbers indicate a marginal slowdown in Direct Tax inflows over the past month.

“The provisional figures of Direct Tax collections up to February 10, 2023 continue to register steady growth,” the Finance Ministry said in a statement on Saturday.

Refunds amounting to ₹2.69 lakh crore have been issued between April last year and February 10 this year, which are 61.6% over the refunds issued during the same period in the preceding year.

“After adjustment of refunds, the net growth in Corporate Income Tax collections is 15.84% and that in Personal Income Tax collections is 21.93%,” the ministry said. If the Securities Transaction Tax (STT) receipts are clubbed with Personal Income Tax revenues, the growth rate is slightly lower at 21.23%.

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