The government is most likely to achieve its revised direct tax collection target of Rs 16.5 lakh crore in 2022-23. The income tax department on Saturday said in a statement that direct tax collections (net of refunds) as on 10 March 2023 stands at Rs. 13.73 lakh crore 83.19 per cent of the revised estimates of Direct Taxes for 2022-23.
Usually in March, tax collections increase significantly due quarterly and yearly closures, and the government would hope to achieve the revised target for the year.
The provisional figures of Direct Tax collections as on 10 March 2023 show that gross collections are at Rs. 16.68 lakh crore which is 22.58% higher than the gross collections for the corresponding period of last year. Direct Tax collection, net of refunds, stands at Rs. 13.73 lakh crore which is 16.78 per cent higher than the net collections for the corresponding period of last year.
Corporate tax collections have grown 18.08% till 10 March 2023, while personal income tax has shown a growth of 27.57 per cent. After adjustment of refunds, the net growth in corporate tax collections is 13.62 per cent and that in personal income tax is 20.06 per cent (after including STT).
Refunds amounting to Rs.2.95 lakh crore have been issued during 1 April 2022 to 10 March 2023, which are 59.44 per cent higher than refunds issued during the same period in the preceding year.