Gross Direct Tax collections for Financial Year 2022-23 register over 20 per cent growth

Representational Image Gross Direct Tax collections for the Financial Year 2022-23 stood at 19.68 lakh crore Rupees registering a growth of over 20 percent.

Provisional figures issued by the Ministry of Finance showed that the net collection for the Financial year 2022-23 are at 16.61 lakh crore rupees, representing an increase of 17.63 percent, as compared to preceding Financial Year 2021-22, which was stood at 14.12 lakh crore rupees.

Direct Tax collections for the Financial Year 2022-23 also exceed the Union Budget Estimates by 2.41 lakh crore rupees, which have exceeded by 16.97 percent.

The Budget Estimates for Direct Tax revenue in the Union Budget for 2022-23 were fixed at Rs.14.20 lakh crore, which were revised and the Revised Estimates (RE) were fixed a16.50 lakh crore.

The Ministry said the gross Corporate Tax collection for 2022-23 is at 10,04,118 crore rupees and has shown a growth of 16.91% over the gross corporate tax collection of 8,58,849 crore rupees of the preceding year.

The gross Personal Income Tax collection including STT, for 2022-23 is at 9,60,764 crore rupees and has shown a growth of 24.23 percent over the gross Personal Income Tax collection of 7,73,389 crore rupees of the preceding year.

Meanwhile, the refunds of 3,07,352 crore rupees have been issued in the year 2022-23 showing an increase of 37.42 per cent, over the refunds of 2,23,658 crore rupees issued in the year 2021-22.