Direct Tax Collection Jumps 24% to Rs 8.7 Lakh Crore During April-November; Hits 62% of FY23 BE

Showing a steady growth, net direct tax collections in India jumped 24.26 per cent year-on-year (YoY) to Rs 8.77 lakh crore till November 11 in the current financial year 2022-23. This is 61.79 per cent of the total budget estimate of direct taxes for FY23.

“Steady growth in Direct Tax collections! Net collection in FY 2022-23 is 24.26 per cent higher than the net collection for the corresponding period of the preceding year. 61.79 per cent of Budget Estimates for FY 2022-23 already achieved,” the finance ministry said in a tweet on Monday.

It added that direct tax collection, net of refund, stands at 8.77 lakh crore as of November 30, 2022, which is 24.26 per cent higher than the net collection for the corresponding period last year.

The ministry also said that refunds amounting to about Rs 2.15 lakh crore have been issued between April 1 and November 1 this year, which is about 66.92 per cent higher than refunds during the same period in the preceding year.

“Speedy issue of Refunds! 66.92 per cent higher refunds issued upto 30th Nov., 2022 during FY 2022-23 compared to the corresponding period in 2021. Refunds amounting to Rs 2.15 lakh crore issued between 1st April, 2022 to 30th November, 2022,” the finance ministry said in another tweet.

Tax collection is an indicator of economic activity in any country.

The Budget estimated direct tax collection at Rs 14.20 lakh crore this fiscal, higher than Rs 14.10 lakh crore collected last fiscal (2021-22). Tax on corporate and individual income makes up for direct taxes.

The GST collections in November rose 11 per cent year-on-year to Rs 1.46 lakh crore. This was the ninth consecutive month when collections from GST has remained above Rs 1.40 lakh crore. GST collection had touched a record high of nearly Rs 1.68 lakh crore in April. In October last year, the revenues stood at over Rs 1.30 lakh crore.

Read all the Latest Business News here

Original news source