Net Direct Tax collections up by 30%, says Finance Ministry

India’s gross Direct Tax collections up to September 8, 2022, have risen 35.46% over the corresponding period of last year, to touch ₹6.48 lakh crore.

Noting that tax collections continue to reflect steady growth, the Finance Ministry said that net Direct Tax collections at ₹5.29 lakh crore, are 30.17 % over last year. “This collection is 37.24% of the total Budget Estimates of Direct Taxes for 2022-23,” it said.

Gross Corporate Income Tax (CIT) inflows grew 25.95% and revenues from Personal Income Tax (PIT) and the Securities Transaction Tax are up 44.37%. “After adjustment of refunds, the net growth in CIT collections is 32.73% and that in PIT collections (including STT) is 28.32%,” the Ministry said.

Provisional data also suggests that refunds to direct taxpayers are 65.29% higher than the same period last year, at ₹1.19 lakh crore.