From April 1, 2023 to October 9, 2023 India witnessed a notable 17.95 per cent surge in gross direct tax collection, reaching Rs 11.07 lakh crore, the Ministry of Finance announced in a statement on October 10, 2023.
The net direct tax collection amounted to Rs. 9.57 lakh crore, marking a substantial 21.82 per cent increase compared to the corresponding period last year. Notably, this collection represents 52.50 per cent of the total Budget estimates of direct taxes for the fiscal year 2023-24, according to a Central Board of Direct Taxes (CBDT) report. When considering direct tax collection net of refunds, it stood at Rs 9.57 lakh crore, reflecting a robust 21.82 per cent growth compared to the same period previous year.
Regarding gross revenue collections for Corporate Income Tax (CIT) and Personal Income Tax (PIT), the growth rate for CIT is 7.30 per cent, whereas for PIT, it stands at approximately 29 per cent.
“So far, as the growth rate for CIT and PIT in terms of gross revenue collections is concerned, the growth rate for CIT is 7.3 per cent, while that for PIT is 29.53 per cent (PIT only)/ 29.08 per cent [(PIT including securities transaction tax (STT)],” the Ministry of Finance said in a statement.
After factoring in refunds, the net increase in corporate tax collections is 12.39 per cent, while for personal income tax collections, it reaches 32.51 per cent. When considering STT, the growth in personal income tax collections stands at 31.85 per cent.
Refunds amounting to Rs 1.50 lakh crore have been issued in the period April 1, 2023, to October 9, 2023, the statement said.
The Ministry of Finance didn’t give separate details for corporate and personal income tax collected between April 1, 2023 and October 9, 2023.
In recent years, there have been several initiatives to expand the tax base and enhance compliance.
For the entire fiscal year 2022-23, the total gross collection of Goods and Services Tax (GST) amounted to Rs. 18.10 lakh crore, with an average gross monthly collection of Rs 1.51 lakh crore.
The gross revenues for 2022-23 saw a significant 22 per cent increase compared to the previous year.
It’s worth highlighting that in April, 2023, gross GST collection reached an unprecedented high of Rs. 1.87 lakh crore (Rs 187,035 crore, to be precise).