Direct Tax Collection: There has been a tremendous increase in the total direct tax collection of the Central Government. The Union Finance Ministry has released the figures till 10 November 2022 on Friday. Let us tell you that there has been an increase of 31 percent in the direct tax collection of the central government. Gross direct tax collection has increased by 31 percent to Rs 10.54 lakh crore in the current financial year till November 10.
Increase in personal and corporate tax
Gross Direct Tax collections for FY 2022-23 upto 10th November, 2022 are at Rs.10.54 lakh crore, higher by 30.69% over gross collections for corresponding period of preceding yr.
Net collections at Rs.8.71 lakh crore are 25.71% higher than net collections for same period last yr pic.twitter.com/SpSsrKLIXJ
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— Income Tax India (@IncomeTaxIndia) November 11, 2022
The Finance Ministry said in a statement on Friday that better performance in personal income tax has contributed to this growth. Net direct tax collection after adjustment for refunds stood at Rs 8.71 lakh crore. This includes personal and corporate income tax. This is 61.31 percent of the target set for the whole year in the general budget.
Gross collection Rs 10.54 lakh crore
The Finance Ministry says that between April 1 and November 10, refunds worth Rs 1.83 lakh crore have been issued. The direct tax collection till November 10, 2022 shows that the gross collection is Rs 10.54 lakh crore. This is 30.69 percent more than the gross collection of the corresponding period last year. Gross Corporate Tax and Personal Income Tax (PIT) collections have increased by 22.03 percent and 40.64 percent, respectively.
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