Net direct tax collection reaches Rs 13.73 lakh crore

Net direct tax collection so far this fiscal grew 17% to reach Rs 13.73 lakh crore, which is 83% of the revised target for the full financial year, the Central Board of Direct Taxes (CBDT) said on Saturday.

The growth in direct tax mop-up, which comprises personal income tax and corporate taxes, was driven by PIT collections.

On a gross basis, the collection grew 22.58% to Rs 16.68 lakh crore.

Refunds amounting to Rs 2.95 lakh crore have been issued during April 1, 2022 to  March 10, 2023, which are 59.44% higher than refunds issued during the same period in the preceding year.

Direct tax collection, net of refunds, stands at Rs 13.73 lakh crore which is 16.78% higher than the net collections for the corresponding period of last year.

This collection is 96.67% of the total budget estimates and 83.19% of the total revised estimates of direct taxes for the financial year 2022-23, the CBDT said in a statement.

After adjustment of refunds, the net growth in CIT (Corporate Income Tax) collections is 13.62% and that in PIT (Personal Income Tax) collections including STT (Securities Transaction Tax) is 20.06% it said.