NEW DELHI: Direct tax collections continue to show robust growth driven by sharp pick-up in personal income tax. Gross collections of direct taxes – which include corporate taxes and personal income taxes – showed a 23.8% year-on-year jump to R8.98 lakh crore in the current financial year till 8 October 2022.
After deducting the refunds, the net direct tax collection for the government in the current financial year (till 8 October) has been R 7.45 lakh crore, a statement by the Central Board of Direct Taxes said on Sunday.
Personal income taxes saw 32.3% increase in gross terms and 16.25% increase in net revenue collection. The growth rate for corporate taxes was 16.73% in gross terms and 16.29% in net revenue terms.
“Refunds amounting to R1.53 lakh crore has been issued during the period 1st April 2022 to 8th October 2022, which are 81.0% higher than refunds issued during the same period in the preceding year,” said CBDT. The government has budgeted for R14.2 lakh crore total direct tax collections in the current financial year.