India’s gross direct tax revenue increase y-o-y by 24.58%, till date in FY23

12 Jan 2023 , 10:54 AM

Government data released on Wednesday showed that India’s gross direct tax collections jumped 24.58% to Rs14.70 lakh crore till January 10, 2023, boosted by an increase in personal income tax collection.

After the adjustment of refunds, net direct tax collection was reported at Rs12.31 lakh crore, a jump of 19.55% over the corresponding period of the last fiscal.

The government has achieved 86.68% of its FY23 budget estimates so far fixed at Rs14.20 lakh crore for FY23.

Economists anticipate that overall tax collections will exceed the budgeted estimate and will lend some support against additional spending.

Because of additional subsidy payments, the government’s expenditure for FY23 is expected to exceed budgeted estimates.

On a gross basis, corporate income tax (CIT) collections increased by 19.72%, while personal income tax (PIT) collections increased by 30.46%.

CIT collections increased by 18.33% after adjusting for refunds, while PIT collections registered a growth of 20.97%.

Between April 1, 2022, and January 10, 2023, refunds totaling Rs2.40 lakh crore were issued, which is 58.74% more than refunds issued during the same period last year.

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