Direct tax mop-up grows 26% to Rs13.63 lakh cr

New Delhi: The gross direct tax collections grew 26 per cent to over Rs13.63 lakh crore so far this fiscal, aided by TDS deductions and healthy corporate advance tax mop-up, as per an official statement.

After adjusting for refunds, the net direct tax collection so far this fiscal stands at Rs11.35 lakh crore, which is about 80 per cent of the full-year Budget target. The Budget had estimated direct tax collection of Rs14.20 lakh crore this financial year, higher than the Rs14.10 lakh crore collected last fiscal (2021-22). Tax on corporate and individual income makes up for direct taxes. Refunds worth about Rs2.28 lakh crore have been issued till December 17, 2022, a growth of 68 per cent over the year-ago period. The gross collection of Rs13,63,649 crore includes Corporation Tax (CIT) at Rs7.25 lakh crore and Personal Income Tax (PIT) including Securities Transaction Tax (STT) at Rs6.35 lakh crore, the Central Board of Direct Taxes (CBDT) said in a statement. The robust tax mop-up shows the economy rebounded from pandemic lows with rise in earnings of both companies and individuals.

The mop-up includes advance tax collection of Rs5.21 lakh crore, Tax Deducted at Source (TDS) of Rs6.44 lakh crore, and self-assessment tax of Rs1.40 lakh crore. The advance tax collection for the first, second and third quarters of the current fiscal at Rs5.21 lakh crore showed a growth of 12.83 per cent.

This includes CIT at Rs3.97 lakh crore and PIT at Rs1.23 lakh crore. As per the CBDT statement, so far this fiscal, the net collections from income and corporate taxes are at Rs11.35 lakh crore, 19.81 per cent higher than the Rs9,47,959 crore collected in the corresponding period of the preceding financial year (2021-22). This includes Rs6.06 lakh crore and Rs5.26 lakh crore of CIT and PIT collections, respectively.