NewsGate Press Network

 Direct tax collections upto October 8, 2022, have registered a growth of 23.8 per cent to Rs 8.98 lakh crore compared to the tax collections in the corresponding period last year, Finance Ministry said on Sunday the 9th of October.

Direct Tax collection, net of refunds, stood at Rs 7.45 lakh crore, which was 16.3 per cent higher than the net collections for the corresponding period of last year, a statement from the ministry said.

The collection was 52.46 per cent of the total budget estimates of direct taxes for the current financial year, the ministry said.

‘So far as the growth rate for Corporate Income Tax (CIT) and Personal Income Tax (PIT) in terms of gross revenue collections is concerned, the growth rate for CIT is 16.73% while that for PIT (including STT) is 32.30%. After adjustment of refunds, the net growth in CIT collections is 16.29% and that in PIT collections is 17.35% (PIT only)/16.25% (PIT including STT),’ the statement said.

‘Refunds amounting to Rs.1.53 lakh crore have been issued during the period 1st April, 2022 to 8th October 2022, which are 81.0% higher than refunds issued during the same period in the preceding year,’ the statement added.