Provisional data on Direct Tax receipts to November 10th, 2022, show continued steady rise. Gross direct tax receipts up to November 10th, 2022, were Rs. 10.54 lakh crore, which is 30.69% more than gross direct tax collections for the same period last year. Net of refunds, direct tax receipts are Rs. 8.71 lakh crore, which is 25.71% more than net collections for the same period previous year. This revenue represents 61.31% of the entire budgeted direct tax revenue for the fiscal year 2022–2023.
In terms of gross revenue collections, the growth rates for Corporate Income Tax (CIT) and Personal Income Tax (PIT) are as follows:
Corporate Income Tax (CIT) is growing at a rate of 22.03%, while other than Corporate Income Tax i.e PIT (including STT) is growing at a rate of 40.64%. Following the adjustment for refunds, the net growth in PIT collections is 28.06% (PIT only), while the net growth in CIT collections is 24.51%. (PIT including STT).
From 1 April 2022 to 10 November 2022, refunds of Rs. 1.83 lakh crore were issued, which is 61.07% more than what was done in the corresponding period the year before.
