Tax Collections (Income Tax) grown up from 16.8% to INR 13.73 lakh Cr till 10.03.2023
- Indian Income tax Collections up to 10.03.2023 continue to register increase growth. Income Tax collections up to 10.03.2023 disclose that Gross India collections are at INR 16.68 lakh Cr (Provisional figures) which is INR 22.58 Percentage higher than Gross collections for the respective last year period.
- Direct tax revenue, after Income tax refunds, is at INR 13.73 lakh Cr, which is 16.78 Percentage more than Net Revenue for the respective same duration Previous year. This collection A/c for 83.19 Percentage of the aggregate estimates Revised direct tax for Financial Year 2022–23 & 96.67 Percentage of the budget’s estimates.
- When it comes to the growth rates for Corporate Income Tax & Personal Income Tax, Corporate Income Tax is up 18.08 Percentage while PIT (including STT) is up 27.57% in terms of gross revenue collections. The net growth in Corporate Income Tax collections is 13.62 Percentage after Income tax refund adjustments, whereas the net increase in Personal Income Tax collections is 20.73% (Personal Income Tax only)/20.06 Percentage (Personal Income Tax including STT).
- Income tax Refunds amounting to INR 2.95 lakh Cr have been issued during 1.04.2022 to 10.03.2023, which are 59.44 Percentage higher than Income tax refunds issued during the respective last year period.