NEW DELHI: Gross direct tax collections of the government for the financial year 2022-23 (FY23) stood at Rs 16.61 lakh crore (after adjusting for refunds), a year-on-year increase of 17.63 per cent. The collections also exceeded the government’s revised estimate by Rs 11,000 crore. The centre has revised the direct tax collection for FY23 from Rs 14.2 lakh crore to Rs 16.5 lakh crore.
The gross collection (provisional) of direct taxes (before adjusting for refunds) for FY23 stands at Rs 19.68 lakh crore, which is a growth of 20.33 per cent over the gross collection of Rs 16.36 lakh crore in FY22. Refunds of Rs 3.07 lakh crore were issued during the financial year, which is an increase of 37.42 per cent over the refunds (Rs 2.23 lakh crore) made in FY22.
The gross corporate tax collection (before adjusting for refunds) stood at Rs 10.04 lakh crore, which is a growth of 16.91 per cent over the gross corporate tax collection of Rs 8.6 lakh crore in the previous year. The gross personal income tax collection (including STT) for the government was at Rs 9.60 lakh crore, which is a growth of 24.23 per cent over the previous year.
If direct tax collections figures are anything to go by then the government is expected to comfortably achieve the full-year revised gross tax collection of Rs 30.43 lakh crore. The goods and services tax (GST) collections (for both Centre and states) also showed a sharp increase of 22 per cent Rs 18.1 lakh crore. The Centre expects Rs 8.54 lakh crore from GST for FY23.