Net direct tax collections For FY 23 at Rs 16.61 lakh crore, exceeds RE by Rs 11,000 crore

The centre mopped up Rs 16.61 lakh crore as direct tax, net of refunds, marking a growth of 17.63%, provisional data released on Monday said.

The collections are Rs 2.41 lakh crore or 16.97 % higher than budget estimates Rs 11,000 crore or 0.69% higher than the revised estimate.

The Budget Estimates (BE) for direct Tax revenue (net of refunds) in the Union Budget for FY 2022-23 were fixed at Rs.14.20 lakh crore which were later revised to Rs.16.50 lakh crore. The provisional Direct Tax collections (net of the refunds) have exceeded the BE by 16.97% and RE by 0.69 %.
Gross Direct Tax collections (provisional) for the Financial Year 2022-23 stood at Rs. 19.68 lakh crore, registering a growth of 20.33%.

The gross Corporate Tax collection (provisional) in FY 2022-23 is at Rs.10,04,118 crore and has shown a growth of 16.91% over the gross corporate tax collection of Rs.8,58,849 crore of the preceding year.

The gross Personal Income Tax collection (including STT) (provisional) in FY 2022-23 is at Rs.9,60,764 crore and has shown a growth of 24.23% over the gross Personal Income Tax collection (including STT) of Rs.7,73,389 crore of the preceding year.Refunds of Rs.3,07,352 crore have been issued in the FY 2022-23 showing an increase of 37.42 % over the refunds of Rs.2,23,658 crore issued in FY 2021-22.