NEW DELHI. According to the Central Board of Direct Taxes (CBDT), India’s net direct tax submissions climbed 16.8 per cent to ₹13.73 lakh crore which is 83 per cent of the revised target for the full financial year.
The rally in net personal income tax receipts continued to outrun corporate income tax flows, rising 20.7 per cent year-on-year compared with a 13.6 per cent increase in the latter.
The Union Government is most likely to achieve its revised direct tax collection target of ₹16.5 lakh crore in 2022-23.
As per the CBDT data, the provisional figures of direct tax collections up to March 10 continue to register steady growth. Gross collections stood at 16.68 lakh crore, 22.6per cent higher than the tax inflows in the corresponding period of 2021-22.
As of February 10, gross direct tax collections had risen 24.1per cent to ₹15.67 lakh crore, with personal income tax flows soaring 29.6 per cent vis-à-vis a 19.3per cent rise in corporate tax inflows. Net of refunds, total tax collections were ₹12.98 lakh crore as on February 10, 18.4 per cent higher than a year ago.
Refunds issued to taxpayers by March 10, amounted to ₹2.95 lakh crore, 59.44 per cent higher than refunds made in the same period in the preceding year. As of February 10, refunds were up 61.6per cent year-on-year and stood at ₹2.69 lakh crore.
Gross Corporate Income Tax collections had risen 18.08 per cent by March 10, while receipts from Personal Income Tax and the Securities Transaction Tax (STT) had risen 27.6 per cent. After adjustment of refunds, the net growth in Personal Income Tax with STT stood at 20.06 per cent.
Usually in March, tax collections increase remarkably due to quarterly and yearly closures, and the government would hope to achieve the revised target for the year.