agencies
New Delhi, Mar 11: The provisional figures of direct tax collection continue to register a steady growth with the collection till March 10 amounting to Rs 16.68 lakh crore, 22.58 per cent higher than the amount collected till the corresponding period last year.
The direct tax collection, net of refunds, stands at Rs 13.73 lakh crore, 16.78 per cent higher than the net collection for the corresponding period last year. 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 the 2022-23 fiscal, a spokesperson for the Central Board of Direct Taxes said.
The corporate income tax (CIT) grew by 18.08 per cent and the personal income tax (PIT), including securities transaction tax (STT), grew by 27.57 per cent. After the adjustment of refunds, the net growth in CIT collections is 13.62 per cent and in PIT collections 20.73 per cent.
Refunds amounting to Rs 2.95 lakh crore have been issued till March 10, 59.44 per cent higher than the refunds issued during the same period in the preceding year.
The Centre released the 14th instalment of tax devolution to state governments amounting to Rs 1,40,318 crore on Friday evening. This will help states accelerate their capital and development expenditure, according to a statement issued by the Ministry of Finance. “The Centre has released the 14th instalment of tax devolution to state governments amounting to Rs 1,40,318 crore, as against the normal monthly devolution of Rs 70,159 crore,” the statement said.
Growth in direct tax mop-up, which comprises personal income tax (PIT) and corporate taxes, was driven by PIT collection; on a gross basis, the collection grew 22.58%
Refunds amounting to Rs 2.95 lakh crore issued till March 10, 59.44% higher than the refunds issued during the same period in the preceding year
Centre releases 14th instalment of tax devolution to state governments amounting to Rs 1,40,318 crore; will help states accelerate capital and development expenditure
In March, tax collections usually rise remarkably due to quarterly and yearly closures
The Centre is most likely to achieve its revised direct tax collection target of Rs 16.5 lakh cr for FY23.
