GOVT. NETS 87% OF DIRECT TAX GOAL, RECEIPTS HIT ₹12 LAKH CR.

sree nivas January 12, 2023 GS3, Indian Economy Leave a comment 549 Views

India’s net direct tax collections stood at ₹12.31 lakh crore as on Tuesday, accounting for almost 87% of the target for 2022-23 and reflecting a 19.6% growth over the year-earlier period, the Finance Ministry said on Wednesday, asserting that tax revenues continued to register ‘steady growth’.
The growth rate for the net direct tax kitty was only marginally lower than the 19.8% recorded by December 17, 2022, when a little more than ₹11.35 lakh crore had been collected.
Net Personal Income Tax revenue grew faster than net corporate taxes, rising 21.6% by January 10, compared with corporate tax inflows which grew 18.3%.
Combined with the Securities Transaction Tax, Personal Income Tax collections climbed 21%, the Ministry said.

‘Refunds rise 59%‘

“Refunds amounting to ₹2.40 lakh crore have been issued between April 1, 2022 and January 10, 2023, which are 58.7% higher than refunds issued during the same period in the preceding year,” the Finance Ministry said in a statement.

SOURCE: THE HINDU, THE ECONOMIC TIMES, PIB

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