New Delhi: Data released by the Central Board of Direct Taxes (CBDT) revealed that the country’s gross direct tax collection rose 24.58% to Rs 14.71 lakh crore till January 10 this fiscal. After adjusting refunds, net direct tax collection stood at Rs 12.31 lakh crore. It represents a 19.55% growth when compared with the net collections for the corresponding period of last year.
The net collection is 86.68% of the total budget estimates of direct taxes for the current fiscal. The Budget had estimated direct tax collection at Rs 14.20 lakh crore this fiscal. On gross basis, collections from corporate income tax (CIT) grew 19.72%, while that for personal income tax (PIT) increased 30.46%.
After adjusting refunds, the net growth in CIT collections is 18.33% and that in PIT (including securities transaction tax) is 20.97%. Refunds amounting to Rs 2.40 lakh crore have been issued between April 1, 2022, to January 10, 2023. It is 58.74% higher than refunds issued during the same period last year.
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