The Central Board of Direct Taxes (CBDT) on Sunday said that gross Direct Tax collection rose by around 24 per cent between April 1 and October 8, 2022. Direct Tax collections up to October 8th, 2022 show that gross collections are at Rs. 8.98 lakh crore which is 23.8% higher than the gross collections for the corresponding period of last year.
Direct Tax collection, net of refunds, stands at Rs. 7.45 lakh crore which is 16.3% higher than the net collections for the corresponding period of last year. This collection is 52.46% of the total Budget Estimates of Direct Taxes for F. Y. 2022-23.
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 16.73% while that for PIT (including STT) is 32.30%. After adjustment of refunds, the net growth in CIT collections is 16.29% and that in PIT collections is 17.35% (PIT only)/16.25% (PIT including STT).
Refunds amounting to Rs.1.53 lakh crore have been issued during the period April 1, 2022 to October 8 2022, which are 81.0% higher than refunds issued during the same period in the preceding year.
