- 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