STEADY GROWTH DIRECT TAX RECEIPTS

India’s net direct tax collections till October 8 in the financial year 2022-23 have risen to ₹7.45 lakh crore, more than half of the Budget targets, the Union Finance Ministry said on Sunday. It is an increase of 16.3% over the tax inflows during the corresponding period a year ago.
Based on provisional data, net personal income tax collections grew 17.35%, rising faster than corporate income tax collections that were up 16.29% net of refunds.
Securities Transaction Tax (STT) collections combined with personal income tax receipts, grew at a more moderate 16.25%.
Underlining that direct tax collections continue to register a steady growth, the Ministry said tax refunds had jumped 81% over the preceding year to touch ₹1.53 lakh crore.

Gross collections

Gross direct tax collections reached ₹8.98 lakh crore by Saturday, 23.8% more than in the corresponding period of 2021-22.
After adjusting for refunds, net direct tax revenues now constitute 52.46% of the total Budget Estimates.
Net direct tax collections had crossed ₹7 lakh crore by September 17 and were 23.3% higher at the time, so there appears to have been a moderation in tax inflows in the intervening three weeks.
Gross revenues from direct taxes were at ₹8,36,225 crore on September 17, reflecting a 30.2% growth.

SOURCE: THE HINDU, THE ECONOMIC TIMES, PIB

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