India's Direct Tax Collection For FY23 Up 24.09 Per Cent To Rs 15.67 Lakh Crore Till 10 February

India's gross direct tax collections for the financial year 2022-23 have increased nearly 24 per cent to over Rs 15.6 lakh crore till 10 February.

"Direct Tax collections up to 10th February, 2023 show that gross collections are at Rs. 15.67 lakh crore which is 24.09 per cent higher than the gross collections for the corresponding period of last year," Union Finance Ministry said citing the latest provisional figures.

After adjusting for refunds, the net direct tax collection stands at Rs 12.98 lakh crore, which is 18.4 per cent higher than the net collections for the corresponding period of last year.

The net collection is 91.39 per cent of the total budget estimates of direct taxes for the current financial year. The Budget had estimated direct tax collection at Rs 14.20 lakh crore this fiscal.

Further, refunds amounting to Rs 2.69 lakh crore have been issued during 1 April 2022 to 10 February 2023, which are 61.58 per cent higher than refunds issued during the same period in the preceding financial year.

On gross basis, collections from corporate income tax (CIT) rose 19.33 per cent, while that for personal income tax (PIT) surged 29.63 per cent.

"After adjustment of refunds, the net growth in CIT collections is 15.84% and that in PIT collections is 21.93 pe cent (PIT only)/ 21.23 per cent (PIT including STT)," the ministry said.