The total amount of business and individual income taxes collected in India continues to grow steadily. The gross revenues for the same period last year were 24.09% greater than the direct tax collections up to February 10th, 2023, according to the most recent government data, which put them at Rs. 15.67 lakh crore. This information is merely preliminary.
Direct tax receipts after refunds are Rs. 12.98 lakh crore, which is 18.40% more than net receipts for the same period the previous year. This collection accounts for 91.39% of the overall Budget Estimates of Direct Taxes for the Fiscal Year 2022–23 and 78.65% of the Revised Estimates of Direct Taxes for the same period.
While personal income tax growth was 29.63%, corporate income tax growth was 19.33%.
According to the most recent data, the net growth in corporate tax collections was 15.84% after refund adjustments, while the net growth in personal tax collections was 21.93% (PIT only) or 21.23% (PIT with STT).
In addition, the government said that reimbursements of Rs. 2.69 lakh crore were issued between 1st April 2022 and 10th February 2023, which is a 61.58% increase over refunds issued during the same period the year before.
In order to reach Rs 18.23 lakh crore in the upcoming fiscal, the government forecasts an increase in corporate and individual income tax revenue of 10.5%.
The revenue from direct taxes, which include income and corporate taxes, is anticipated to increase by over 17% in the current fiscal (2022-23) compared to 2021-22 fiscal, when the collection was Rs 14.08 lakh crore.
