New Delhi: Gross Direct Tax(GDP) collections during the financial year 2022-23 (upto January 10) have registered a growth of 24.58% year-on-year (YoY) to Rs 14.71 lakh crore, an official statement said on Wednesday.
“Direct Tax collection, net of refunds, stands at Rs. 12.31 lakh crore which is 19.55 % higher than the net collections for the corresponding period of last year. This collection is 86.68% of the total Budget Estimates of Direct Taxes for F.Y. 2022-23,” the statement said.
As far as the growth rate for Corporate Income Tax (CIT) and Personal Income Tax (PIT) in terms of gross revenue collections was concerned, the growth rate for CIT stood at 19.72% while that for PIT (including STT) 30.46%, it said.
“After adjustment of refunds, the net growth in CIT collections is 18.33% and that in PIT collections is 21.64% (PIT only)/ 20.97% (PIT including STT). Refunds amounting to Rs.2.40 lakh crore have been issued during 1st April, 2022 to 10th January 2023, which are 58.74% higher than refunds issued during the same period in the preceding year,” the statement said.