Direct tax collection grows by 24.58% till Jan 10: Govt data

New Delhi: The country's gross direct tax collection rose by 24.58 percent to Rs 14.71 lakh crore till January 10 this fiscal, buoyed by an upsurge in personal income tax mop-up, the government data showed on Wednesday. After adjusting refunds, net direct tax collection stood at Rs 12.31 lakh crore, which is 19.55 percent higher than the net collections for the corresponding period of last year.

CIT grew by 19.72%, PIT increased by 30.46%

The net collection is 86.68 percent of the total budget estimates of direct taxes for the current fiscal. The Budget had estimated direct tax collection at Rs 14.20 lakh crore this fiscal. On gross basis, collections from corporate income tax (CIT) grew by 19.72 percent, while personal income tax (PIT) increased by 30.46 percent.

"The provisional figures of direct tax collections up to January 10, 2023 continue to register steady growth. Direct tax collections up to January 10, 2023 show that gross collections are at Rs 14.71 lakh crore which is 24.58 percent higher than the gross collections for the corresponding period of last year," said the Central Board of Direct Taxes (CBDT) in a statement.

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After adjusting refunds, the net growth in CIT collections is 18.33 percent and that in PIT (including securities transaction tax) is 20.97 percent.

Refunds amounting to Rs 2.40 lakh crore have been issued between April 1, 2022, to January 10, 2023, which are 58.74 percent higher than refunds issued during the same period last year.

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