New Delhi Data from the Central Board of Direct Taxes (CBDT) shows that the central government collected more than half of its direct tax revenue target for FY13 in the first half of the financial year.
Central Board of Direct Taxes said that till October 8, net direct tax collection after tax refund was 7.45 trillion, which is 16.3% higher than the net collection for the same time a year ago.
“The collection is 52.46% of the total budget estimate for direct taxes for FY23,” the statement said.
Finance Ministry had set a target of direct tax collection 14.2 trillion in FY13, in budget documents, which was 16.3% higher than the Revised Estimates of the previous fiscal. Before refund, gross direct tax collection till October 8 was 8.98 trillion, which is 23.8% higher than the gross collection in the corresponding period of last fiscal.
The fact that gross direct tax revenue receipts have increased more than net collections suggests that the tax department has given more tax refunds so far this year as compared to the same period a year ago. The trend is evident in personal income tax.
From April 1 to October 8, the tax department issued tax refunds CBDT said that 1.53 trillion, which is 81 per cent more than the refunds issued during the corresponding period last year.
The tax authority said that in terms of gross revenue collection, corporate tax collections grew by 16.73% in the period under review, while personal income tax, including STT, grew by 32.30%. After adjustment for refunds, the net increase in corporate tax collection is 16.29% and personal income tax collection at 16.25% including STT.
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