Direct tax revenue up 16.3% to ₹7.45 lakh crore
India’s net direct tax collections in 2022-23 reached ₹7.45 lakh crore, more than half of this year’s budget targets by Oct 8, up 16.3% from tax inflows over the same period a year ago, the finance ministry said Oct. 9. , 2022.
Based on preliminary data, net personal income tax collections increased by 17.35%, growing faster than corporate tax collections which increased by 16.29% net of refunds . Securities transaction tax (STT) collections, combined with personal income tax revenues, grew at a more moderate rate of 16.25%.
Pointing out that direct tax collections continue to record steady growth, the ministry said tax refunds jumped 81% from the previous year to ₹1.53 lakh crore.
Gross direct tax collections had reached 8.98 lakh crore on Saturday, 23.8 percent higher than the corresponding period of 2021-22. After adjusting for refunds, net direct tax revenue now constitutes 52.46% of the total budget forecast for 2022-23, the ministry said.
Net direct tax collections had topped ₹7 lakh crore on September 17 and were 23.3% higher at the time, so there appears to have been a moderation in tax inflows in the ensuing three weeks .
Gross revenue from direct taxes was ₹8,36,225 crore on September 17, reflecting a growth of 30.2%. Corporation tax revenues made up just over half of the total net tax pool at that time, according to an earlier statement from the Ministry of Finance.
The ministry’s statement on Sunday on direct tax collections did not share the absolute figures on corporate and personal taxes received so far. No details were released either on the advance tax collections, which had risen by 17% as of September 17 to ₹2,95,308 crore.