Provisional data on Direct Tax receipts through January 10, 2023, show continued steady rise. Gross direct tax receipts as of January 10th, 2023 were 14.71 lakh crore, which is 24.58% more than gross direct tax collections during the same period last year. Direct tax receipts after refunds are Rs. 12.31 lakh crore, which is 19.55 percent more than net receipts for the same period last year. This revenue represents 86.68% of the entire direct tax budget estimates for the fiscal year 2022–2023.
When it comes to the growth rates for Corporate Income Tax (CIT) and Personal Income Tax (PIT), CIT is up 19.72% while PIT (including STT) is up 30.46% in terms of gross revenue collections. The net growth in CIT collections is 18.33% after refund adjustments, whereas the net growth in PIT collections is 21.64% (PIT only)/20.97% (PIT including STT).
Refunds totaling Rs. 2.40 lakh crore were granted between 1st April 2022 and 10th January 2023, which is 58.74% higher than refunds issued during the same period in the preceding year.
