Direct tax collection between April 1 and November 10: In a sign of economic recovery, gross direct tax collections (corporate and personal income tax proceeds) have risen by 30.69 per cent to Rs 10.54 lakh crore in the current fiscal so far, according to the latest official data. Personal income tax (including securities transaction tax) collections grew by 41 per cent, while corporate tax revenue grew by 22 per cent.
Tax collection is an indicator of economic activity in any country. The tax on corporate and personal income makes up for direct taxes. On the indirect tax front, GST revenue grew 16.6 per cent to nearly Rs 1.52 lakh crore in October, making it the second largest collection ever.
Gokul Chowdhary, Partner, Deloitte India, said, “Strong tax collections augur well for public finances and show that measures to boost the economy and investment are paying off. The strong revenue collection came after tax reforms like GST and corporate tax rate competitiveness.
Direct tax collections, net of refunds, are Rs 8.71 lakh crore, an increase of 25.71 per cent over the net collections for the same period last year. This collection is 61.31 percent of the total budget estimate of direct taxes for the financial year 2022-23.
“The direct tax collection till November 10, 2022 shows that the gross collection is Rs 10.54 lakh crore, which is 30.69 per cent higher than the gross collection for the same period last year. Finance Ministry said in a statement on Friday.
After adjusting refunds, the net growth in Corporate Income Tax (CIT) collection stood at 24.51 per cent and Personal Income Tax (PIT) collection stood at 28.06 per cent (PIT only) and 27 per cent (PIT including Securities Transaction Tax). ,
The direct tax collection in the budget was estimated to be Rs 14.20 lakh crore in this financial year, which was higher than Rs 14.10 lakh crore in the previous financial year (2021-22).
Meanwhile, on the indirect tax front, GST The revenue in October grew by 16.6 per cent to around Rs 1.52 lakh crore, making it the second highest collection ever. The GST collection touched a record high of about Rs 1.68 lakh crore in April. The revenue in October last year was over Rs 1.30 lakh crore.
The Gross GST collected in the month of October 2022 is Rs 1,51,718 crore, of which Central GST is Rs 26,039 crore, State GST is Rs 33,396 crore, Integrated GST is Rs 81,778 crore (including Rs 37,297 crore collected on import of goods). An official statement said the cess is Rs 10,505 crore (including Rs 825 crore collected on import of goods), which is the second highest ever cess.
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