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Gross direct tax collections rises more than 20% in 2022-23 fiscal

New Delhi: Data released by the Ministry of Finance revealed that the gross direct tax collections for the Financial Year 2022-23 surged by more than 20%. The gross direct tax collections stood at  Rs 19.68 lakh crore.

The net collection for the Financial year 2022-23 are at  Rs 16.61 lakh crore. The net direct tax collection reported  an increase of 17.63%. In the 2021-22 fiscal year, the net direct tax collection was at Rs  14.12 lakh crore.

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Direct Tax collections for the Financial Year 2022-23  also exceed the Union Budget Estimates by Rs 2.41 lakh crore, which have exceeded by 16.97%. The Budget Estimates for Direct Tax revenue in the Union Budget for 2022-23 were fixed at Rs.14.20 lakh crore, which were revised and the Revised Estimates (RE) were fixed at Rs 16.50 lakh crore.

The gross Corporate Tax collection for  2022-23 is at Rs 10,04,118 crore and has shown a growth of 16.91% over the gross corporate tax collection of Rs 8,58,849 crore of the preceding year.

The gross Personal Income Tax collection including STT, for 2022-23 is at Rs 9,60,764 crore. It reported a growth of 24.23% over the gross Personal Income Tax collection of Rs 7,73,389 crore of the preceding year.

Refunds of Rs 3,07,352 crore rupees have been issued in the year 2022-23. The refunds showed an increase of 37.42%. In the fiscal year 2021-22, the total refunds given were Rs 2,23,658 crore.

 

 

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