NEW DELHI: Net direct tax collections stood at Rs 12.31 lakh crore as on last week, accounting for almost 87 per cent of the target for 2022-23 and reflecting a 19.55 pc growth over the year-earlier period, the Finance Ministry has said.
The growth rate for the net direct tax kitty was only marginally lower than the 19.81 pc recorded by December 17, 2022, when a little more than Rs 11.35 lakh crore had been collected.
Net Personal Income Tax revenue grew faster than net corporate taxes, rising 21.64 pc by January 10, compared with corporate tax inflows which grew 18.33 per cent. Combined with the Securities Transaction Tax, Personal Income Tax collections climbed 20.97 per cent.
“Refunds amounting to Rs 2.40 lakh crore have been issued between April 1, 2022 and January 10, 2023, which are 58.74 pc higher than refunds issued during the same period in the preceding year,” the ministry statement said.
Direct tax collections up to January 10 this year show that gross collections are at Rs 14.71 lakh crore which is 24.58 per cent higher than the gross collections for the corresponding period of last year.
