Indias direct tax collection grows 16% to record Rs 16.2 lakh crore in 2022-23: Sources
The provisional figures of Direct Tax collections up to 10th March 2023 continue to register steady growth, CBDT mentioned in one of their recent releases.
India's direct tax collections jumped 15.9 per cent to a record Rs 16.16 lakh crore as on March 31, 2023, compared with the corresponding period a year ago, sources from the Central Board of Direct Taxes (CBDT) told Zee Business. That meant the exchequer's collection of direct taxes fell short of the revised estimate for the year by Rs 34,000 crore.
The government collected Rs 8.24 lakh crore in corporate tax, and Rs 7.63 crore in personal income tax, they said. According to official data released by the Central Board of Direct Taxes (CBDT), released on March 11, gross direct tax collections for the year stood at Rs 16.68 lakh crore as of March 10, up 22.6 per cent on a year-on-year basis. According to the data, direct tax collections — which is net of refunds — stood at Rs 13.73 lakh crore, up 16.78 per cent compared with the year-ago period.
“The provisional figures of direct tax collections up to 10th March 2023 continue to register steady growth,” CBDT said.
Usually, in March, tax collections increase remarkably due to quarterly and yearly closures, going by the trends seen over the the past few years.
The government's indirect tax collections, under the Goods and Services Tax (GST), increased 13 per cent sequentially to Rs 1,60,122 crore in March — the second highest monthly collection. That took the full-year collections to Rs 18.1 lakh crore averaging at Rs 1.51 lakh crore a month, up 22 per cent on a year-on-year basis.Indirect tax collections in April 2022 had stood at a record Rs 1,67,540 crore. The total gross collection of GST for 2022-23 stood at Rs 18.10 lakh crore and the average gross monthly collection for the full year is Rs 1.51 lakh crore. The gross revenues in 2022-23 were 22 per cent higher than that last year.
Get Latest Business News, Stock Market Updates and Videos; Check your tax outgo through Income Tax Calculator and save money through our Personal Finance coverage. Check Business Breaking News Live on Zee Business Twitter and Facebook. Subscribe on YouTube.