Gross corporate income tax (CIT) inflows increased by 25.95% and revenue from personal income tax (PIT) and securities transaction tax increased by 44.37%.
Gross corporate income tax (CIT) inflows increased by 25.95% and revenue from personal income tax (PIT) and securities transaction tax increased by 44.37%.
India’s gross direct tax collection as on September 8, 2022 has increased by 35.46 percent to Rs 6.48 lakh crore as compared to the corresponding period last year.
Noting that the tax collection shows a steady growth, the Finance Ministry said that the net direct tax collection is ₹5.29 lakh crore, up 30.17% over the previous year. This collection is 37.24% of the total budget estimate for direct taxes for 2022-23.
Gross corporate income tax (CIT) inflows increased by 25.95% and revenue from personal income tax (PIT) and securities transaction tax increased by 44.37%. “After adjustment for refunds, the net increase in CIT collection is 32.73% and that in PIT collection (including STT) is 28.32%,” the ministry said.
Provisional data also shows that refunds to direct taxpayers are 65.29% higher than the corresponding period last year, amounting to ₹1.19 lakh crore.