The provisional figures of Direct Tax collections up to March 10, 2023, rose 22.58 per cent higher to Rs 16.68 lakh crore compared to the gross collections for the corresponding period of last year, according to the Central Board of Direct Taxes (CBDT). This collection is 96.67 per cent of the total budget estimates and 83.19 per cent of the total revised estimates of direct taxes for FY23.
On Saturday, the Central Board of Direct Taxes (CBDT) released the Direct Tax Collections data for FY23 upto March 10, 2023. According to CBDT, the provisional figures of direct tax collections continue to register steady growth.
Direct Tax collection, net of refunds, stood at Rs 13.73 lakh crore which is 16.78 per cent higher than the net collections for the corresponding period of last year, CBDT said.
CBDT also said, “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 is 18.08 per cent while that for PIT (including STT) is 27.57 per cent. After adjustment of refunds, the net growth in CIT collections is 13.62 per cent and that in PIT collections is 20.73 per cent (PIT only)/ 20.06 per cent (PIT including STT).”
The Central Board of Direct Taxes also said that refunds amounting to Rs 2.95 lakh crore have been issued from April 1, 2022, to March 10, 2023, which are 59.44 per cent higher than refunds issued during the same period in the preceding year.
The Budget 2023 estimated tax revenue of Rs 33.6 trillion for FY24, which is 10.4 per cent higher than the Rs 30.4 trillion projected in the revised estimates for the current financial year (FY23). The government had projected a tax revenue target of Rs 27.5 trillion for FY23. The direct tax component for the Budget 2023 is estimated at Rs 18.23 trillion. This includes corporation tax of Rs 9.2 trillion and income tax of Rs 9 trillion.
