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India’s net direct tax collection grew 17% till 10 March to ₹13.73 lakh crore


India’s net direct tax collections, between April 1, 2022 and March 10, 2023, increased by 17 percent to 13.73 lakh crore, which is 83 percent of the revised full-year target, the Central Board of Direct Taxes (CBDT) said on Saturday.

Refunds in the amount of From April 1 last year to March 10, 2023, 2.95 lakh crore has been spent, which is 59.44 percent higher than the refunds issued in the same period of the previous year.

The direct tax collection, net of refunds, came to Rs 13.73 lakh crore, which is 16.78 percent higher than the net collections for the corresponding period of last year.

The growth of direct taxation, which includes both personal income tax and corporate income tax, was driven by the collection of personal income tax (PIT).

Gross, the collection increased by 22.58 percent to 16.68 lakh crore.

This collection is 96.67 percent of total budget estimates and 83.19 percent of total revised direct tax estimates for fiscal year 2022-23, the CBDT said in an official press release.

After adjusting for repayments, the net growth in CIT (Corporate Income Tax) collections is 13.62 percent and that in PIT collections including STT (Securities Transaction Tax) is 20.06 percent, the statement said.

The national government will most likely meet the revised direct tax collection target of 16.5 lakh crore in 2022-23.

Usually, tax collections pick up markedly in March due to quarterly and year-end closings, and the government hopes to meet the revised target for the year.

Joanna Swanson

Joanna Swanson is Europe correspondent at the Thomson Reuters Foundation based in Brussels covering politics, culture, business, climate change, society, economies and inclusive tech. With specific focus in breaking news, she has covered some of the world's most significant stories.