In the current fiscal year’s first eight weeks of September, direct tax collection including personal income tax rose by 35.46 percent to Rs 6.48 lakh crore, signalling an improvement in the economy. The nation’s GDP increased by 13.5 percent in the first quarter, which concluded on June 30, 2022.
According to statistics issued by the Income Tax Department, direct tax collection, net of refunds, is at Rs 5.29 lakh crore, which is 30.17 percent more than net collections for the same time the previous year. As per the report, this collection represents 37.24 percent of the entire budget estimates for direct taxes in 2022–23.
From April 1 to September 8, 2022, reimbursements of Rs. 1.19 lakh crore were issued, which is 65.29 percent more than refunds provided during the same period the year before. ‘Direct Tax collections up to September 8, 2022, show that gross collections are at Rs 6.48 lakh crore, which is 35.46 percent higher than the gross collections for the corresponding period of last year’, it said.
Regarding the growth rates for Corporate Income Tax (CIT) and Personal Income Tax (PIT), CIT’s growth rate in terms of gross revenue collections is 25.95 percent, while PIT’s growth rate (including STT) is 44.37 percent). The net rise in CIT collections is 32.73 percent after refund adjustments, while the net growth in PIT collections (including STT) is 28.32 percent. India’s direct tax revenue increased by a record 49 percent to Rs 14.10 lakh crore in the most recent fiscal year that concluded on March 31, 2022.
According to official estimates, direct taxes would bring in Rs 14.20 lakh crore this fiscal year. 7.20 lakh crore from corporate taxes and 7 lakh crore from individual taxpayers are included in this.
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