India’s net direct tax collection stood at Rs 12.31 lakh crore on Tuesday, the Finance Ministry said on Tuesday, nearly 87% of the target for 2022-23 and showing a growth of 19.55% over the year-ago period. Revenue continued to record ‘steady growth’.
The growth rate for the net direct tax kitty was only marginally lower than the 19.81% recorded till December 17, 2022, when a little over ₹11.35 lakh crore was collected.
Net personal income tax revenue grew faster than net corporate taxes, rising by 21.64% as of January 10, while corporate tax inflows grew by 18.33%. Combined with the securities transaction tax, personal income tax collections climbed 20.97%.
“Refunds worth Rs 2.40 lakh crore have been issued between April 1, 2022 and January 10, 2023, which is 58.74% higher than the refunds issued during the same period last year,” the finance ministry said in a statement.
“Direct Tax Collection up to 10th January, 2023 shows that the gross collection is Rs 14.71 lakh crore, which is 24.58% higher than the gross collection of the same period last year. for this year.