New Delhi: The gross collection of direct taxes till March 10 for the financial year 2022-23 reached Rs 16.68 lakh crore. According to the spokesperson of the Central Board of Direct Taxes (CBDT), the provisional figures of direct tax collections are registering a steady growth and also said that it has registered 22.58 per cent more gross collection than the corresponding period of last year. .
The net direct tax collection after adjusting refunds stood at Rs 13.73 lakh crore, which is 16.78 per cent higher than the net collection for the same period last year. According to the statement, this collection is 96.67 per cent of the total budget estimates and 83.19 per cent of the total revised estimates of direct taxes for the financial year 2022-23.
As far as the growth rate for Corporate Income Tax (CIT) and Personal Income Tax (PIT) in terms of gross revenue collection is concerned, the growth rate for CIT is 18.08 per cent while for PIT (including Securities Transaction Tax) it is 27.57 per cent. is the percentage. ,
The statement also indicated that refunds amounting to Rs 2.95 lakh crore have been issued from April 1, 2022 to March 10, 2023, which is 59.44 per cent higher than the refunds issued during the same period last year.
On Friday evening, the Center released the 14th installment of tax devolution of Rs 1,40,318 crore to the state governments. According to a Finance Ministry statement, this will help states ramp up their capital and development expenditure.
“The central government has released the 14th installment of tax devolution of Rs 1,40,318 crore to the state governments today, against the normal monthly devolution of Rs 70,159 crore,” according to the statement.