What’s in the news?
- Direct Tax collections for 2022-23 are at 15.67 lakh crore rupees till now. The collections are 24.09 percent higher than gross collections for corresponding period of last year.
- Direct Tax collection, net of refunds, stands at 12.98 lakh crore rupees which is 18.40 percent higher than the net collections for the corresponding period of last year. This is 91.39 percent of the total Budget Estimates of Direct Taxes for 2022-23 and 78.65 percent of the Revised Estimates of Direct Taxes for 2022-23.
- The growth rate for Corporate Income Tax (CIT) is 19.33 percent while that for Personal Income Tax (PIT) is 29.63 percent. After adjustment of refunds, the net growth in CIT collections is 15.84 percent and that in PIT collections is 21.93 percent.