Net direct tax collection reaches Rs 13.73 lakh crore, 83% of revised estimate for FY23

The Indian economy has been doing better than many large economies, including the Chinese and European Union, and that will have a positive effect on tax revenue. (Representative image)

Net direct tax collection so far this fiscal grew 17 per cent to reach Rs 13.73 lakh crore, which is 83 per cent 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 per cent 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 per cent 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 per cent higher than the net collections for the corresponding period of last year.

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 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 per cent and that in PIT (Personal Income Tax) collections including STT (Securities Transaction Tax) is 20.06 per cent, it said.