MY KOLKATA EDUGRAPH
ADVERTISEMENT
regular-article-logo Monday, 15 July 2024

Gross direct tax collections up 24 per cent

CBDT says net collections are about 79 per cent of revised estimates of direct tax collection for current fiscal

Our Special Correspondent New Delhi Published 12.02.23, 01:09 AM
Representational image.

Representational image. File picture

Gross direct tax collections grew 24 per cent toRs 15.67 lakh crore so far this fiscal, the finance ministry said on Saturday.

“The provisional figures of direct tax collections up to February 10 continue to register steady growth. Direct tax collections up to February 10 show that gross collections are at Rs 15.67 lakh crore, which is24.09 per cent higher than the gross collections for the corresponding period of last year,” the Central Board of Direct Taxes (CBDT) said in a statement.

ADVERTISEMENT

After adjusting for refunds, the net direct tax collection stood at Rs 12.98 lakh crore, a growth of 18.40 percent. The net collections are about 79 per cent of revised estimates (RE) of direct tax collection for the current fiscal, the CBDT said.

The revised estimates for the current fiscal pegged direct tax revenues at Rs 16.50lakh crore, higher than the budget estimates of Rs 14.20 lakh crore.

In the current fiscal (2022- 23), the revenues from direct tax (which includes income and corporate taxes) are projected to grow by over 17 percent compared with the 2021- 22 fiscal when the collection was Rs 14.08 lakh crore.

Between April to February 10, the growth rate for gross corporate income tax (CIT)and gross personal income tax (PIT) collections was 19.33 percent and 29.63 per cent, respectively. After the adjustment of refunds, the net growth in CIT is 15.84 per cent and that in PIT is 21.23 per cent.

Follow us on:
ADVERTISEMENT