Direct tax collection jumps by 35%
By MYBRANDBOOK
Direct tax collection, including personal income tax, surged by 35.46 percent to Rs 6.48 lakh crore in the current fiscal. The country recorded a GDP growth of 13.5 percent during the first quarter of 2022.
Direct tax collection, net of refunds, stands at Rs 5.29 lakh crore which is 30.17 percent higher than the net collections for the corresponding period of last year. Refunds amounting to Rs 1.19 lakh crore have been issued from April 1 to September 8, 2022, which are 65.29 percent higher than refunds issued during the same period last year.
On 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 25.95 percent while that for PIT (including STT) is 44.37 percent.
After adjustment of refunds, the net growth in CIT collections is 32.73 percent and that in PIT collections (including STT) is 28.32 percent. In the last fiscal ended March 31, 2022, India’s direct tax collection rose by a record 49 per cent to Rs 14.10 lakh crore.
The government has estimated to collect Rs 14.20 lakh crore from direct taxes this fiscal. This includes Rs 7.20 lakh crore from corporate taxes and Rs 7 lakh crore from individual taxpayers.
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