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Direct tax collections in India surge by 24.09%

New Delhi:  Data released by the Union Finance ministry revealed that the drect tax collections in the country for FY 2022-23, up to February 10, 2023 stood at Rs 15.67 lakh crore. It reported a growth of 24.09% when compared with gross collections for corresponding period of last year.

Direct Tax collection, net of refunds, stands at Rs. 12.98 lakh crore which is 18.40% higher than the net collections for the corresponding period of last year. This collection is 91.39% of the total Budget Estimates of Direct Taxes for FY 2022-23 and 78.65% of the Revised Estimates of Direct Taxes for FY 2022-23.

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The growth rate for  Corporate Income Tax (CIT) is 19.33% while that for Personal Income Tax (PIT)  (including STT) is 29.63%. After adjustment of refunds, the net growth in CIT collections is 15.84% and that in PIT collections is 21.93% (PIT only)/ 21.23% (PIT including STT).

Refunds amounting to Rs. 2.69 lakh crore have been issued during April 01, 2022 to February 10, 2023. This is 61.58% higher than refunds issued during the same period in the preceding year.

Direct taxes are collected from individuals and companies by the supreme tax body in the country. Direct taxes are directly paid by the tax payers. Direct tax include income tax, corporate tax and estate tax. Indirect tax is not paid directly by a person to the government. Indirect tax is collected by an intermediary such as manufacturer, trader or service provider and passed on to the government. The consumer bears the final economic burden of the tax. Indirect tax includes GST, central excise duty and customs.



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