Personal income tax revenue grew faster than net corporate taxes, rising 21.64% by January 10, compared with corporate tax inflows which grew 18.33%
India’s net direct tax collections stood at ₹12.31 lakh crore as on Tuesday, accounting for almost 87% of the target for 2022-23 and reflecting a 19.55% growth over the year-earlier period, the Finance Ministry said on Wednesday, asserting that tax revenues continued to register ‘steady growth’.
The growth rate for the net direct tax kitty was only marginally lower than the 19.81% recorded by December 17, 2022, when a little more than ₹11.35 lakh crore had been collected.
Net Personal Income Tax revenue grew faster than net corporate taxes, rising 21.64% by January 10, compared with corporate tax inflows which grew 18.33%. Combined with the Securities Transaction Tax, Personal Income Tax collections climbed 20.97%.
“Refunds amounting to ₹2.40 lakh crore have been issued between April 1, 2022 and January 10, 2023, which are 58.74% higher than refunds issued during the same period in the preceding year,” the Finance Ministry said in a statement.
“Direct Tax collections up to 10th January, 2023 show that gross collections are at ₹14.71 lakh crore which is 24.58% higher than the gross collections for the corresponding period of last year,” the Ministry said, adding that the net collections so far are 86.68% of the total Budget estimates for this year.
Source: https://www.thehindu.com/business/Economy/tax-collections-cross-12-lakh-crore-87-of-target-met/article66366106.ece
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