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India's net direct tax collections surged by 17.63 per cent to Rs 16.61 lakh crore in the financial year 2022-23 (FY23), against Rs 14.12 lakh crore in the preceding financial year.
The Budget Estimates (BE) for direct tax revenue in the Union Budget for FY23 were fixed at Rs 14.20 lakh crore which were revised and the Revised Estimates (RE) were fixed at Rs 16.50 lakh crore. According to a statement from the ministry of finance, the net direct tax collections -- which included tax collected from individuals and corporations -- exceeded the BE by 16.97 per cent and RE by 0.69 per cent. The gross collection of direct taxes, which is before adjusting for refunds, for the FY23 stood at Rs 19.68 lakh crore, showing a 20.33 per cent growth over the gross collection of Rs 16.36 lakh crore in FY22. According to the ministry's statement, the gross corporate tax collection (provisional) in FY23 is at Rs 10,04,118 crore and has shown a 16.91 per cent growth over the gross corporate tax collection of Rs 8,58,849 crore of the preceding year. The gross personal income tax collection (including securities transaction tax or STT) (provisional) in FY23 grew 24.23 per cent to Rs 9,60,764 crore over the gross personal income tax collection (including STT) of Rs 7,73,389 crore of the preceding year. Securities transaction tax (STT) is a tax payable in India on the value of securities (excluding commodities and currency) transacted through a recognized stock exchange. Refunds of Rs 3,07,352 crore have been issued in the FY23, showing an increase of 37.42 per cent over the refunds of Rs 2,23,658 crore issued in FY22, according to the ministry's statement released on Monday evening. (ANI)
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