India’s Gross Direct Tax Collections Rises 25% To ₹15 Lakh Crore In FY23

The Gross Direct Tax Collection of India jumped 24.6% to ₹14.71 lakh crore in FY23 till 10th Jan, 2023. The CIT collections growth is 18.33% after the refunds.

According to the most recent official data, India’s gross direct tax collection increased by 24.58% to Rs 14.71 lakh crore as of January 10 of the current fiscal year 2022–23, helped by an increase in personal income tax mop-up.

After accounting for refunds, net direct tax revenues totaled Rs. 12.31 lakh crore, which was 19.55 percent more than net collections during the same time the previous year. 

The net collection represents 86.68% of the direct tax budget forecasts for the current fiscal year. The Budget predicted that this fiscal year’s direct tax revenue would be Rs 14.20 lakh crore.

On a gross basis, corporate income tax (CIT) collections climbed by 19.72%, while personal income tax (PIT) collections rose by 30.46%.

“The preliminary data on direct tax receipts through January 10, 2023, show continued steady rise. The Central Board of Direct Taxes (CBDT) announced in a statement that direct tax collections up to January 10th, 2023, showed gross collections of Rs. 14.71 lakh crore, or 24.58 percent more than gross collections for the same period last year.

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The net growth in CIT revenues is 18.33%, and the net growth in PIT (including securities transaction tax) is 20.97% when refunds are taken into account.

Between April 1, 2022, and January 10, 2023, reimbursements of Rs 2.40 lakh crore were issued, which is 58.74% more than what was done during the same time period the previous year.

Net direct tax receipts in India increased steadily through November 11 of the current fiscal year 2022–23, increasing by 24.26% year over year (YoY) to Rs 8.77 lakh crore. This represented 61.79 percent of the entire direct tax budget forecast for FY23.

Indicators of economic activity include tax collection. The Budget predicted that direct tax collections will total Rs. 14.20 lakh crore this fiscal year, up from Rs. 14.10 lakh crore in the previous fiscal year (2021-22). Direct taxes are offset by business and individual income taxes.