Direct tax collections for FY23 reach Rs 16.68L cr, up by 22.58 pc

NEW DELHI: The gross collections of direct tax till March 10 for the financial year 2022-23 reached Rs 16.68 lakh crore. According to the spokesperson of the Central Board of Direct Taxes (CBDT), the provisional figures of direct tax collections continue to register steady growth and also said it registered 22.58 per cent higher than the gross collections for the corresponding period of last year.

After adjusting refunds, net direct tax collection was at Rs 13.73 lakh crore which is 16.78 per cent higher than the net collections for the corresponding period of last year. According to the statement, this collection is 96.67 per cent of the total Budget Estimates and 83.19 per cent of the total Revised Estimates of direct taxes for FY2022-23.

So far as the growth rate for corporate income tax (CIT) and personal income tax (PIT) in terms of gross revenue collections is concerned, the growth rate for CIT is 18.08 per cent while that for PIT (including Securities Transaction Tax) is 27.57 per cent. The statement also indicated that refunds amounting to Rs.2.95 lakh crore have been issued during April 1, 2022, to March 10, 2023, which is 59.44 per cent higher than refunds issued during the same period in the preceding year.

On Friday evening, the Centre released the 14th instalment of tax devolution to state governments amounting to Rs 1,40,318 crore. This would help states to accelerate their capital and developmental expenditure, according to a statement from the ministry of finance.

"The Union Government has released 14th instalment of tax devolution to state governments amounting to Rs 1,40,318 crore today, as against normal monthly devolution of Rs 70,159 crore," according to the statement.