Gross direct tax collection up 31% to Rs 10.54 lakh crore

New Delhi:

The tax department on Friday said that the gross collection of tax on corporate and personal income has increased by nearly 31 per cent to Rs 10.54 lakh crore in the current financial year so far.

This includes a 41 percent increase in personal income tax (including securities transaction tax) and a 22 percent increase in corporate tax revenue over the same period last year.

The department said that after adjusting for refunds, the net direct tax collection between April 1 and November 10 stood at Rs 8.71 lakh crore, which is 61.31 per cent of the Budget Estimate (BE) of the tax collection target for the full year.

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).

The tax on corporate and personal income makes up for direct taxes.

According to a statement, “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 of corresponding period last year.”

Refunds worth Rs 1.83 lakh crore have been issued between April 1 and November 10, which is 61 per cent higher than the same period last year.

Net direct tax collections after adjusting for refunds stood at Rs 8.71 lakh crore, a growth of 25.71 per cent over the year-ago period.

Tax collection is one indicator of economic activity in any country. Collections from the imposition of the tax on goods and services sold (GST) have stagnated at around Rs 1.45-1.50 lakh crore per month.

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