Direct tax collection increased by 23.8 per cent to Rs 8.98 lakh crore as of October 8

The gross collection for direct taxes up to October 8 was Rs 8.98 lakh crore, which is 23.8 per cent more than the gross collection for the same period previous year.

Direct tax revenue, after refunds, totaled Rs. 7.45 lakh crore, which is a 16.3 per cent increase over the net revenue for the same time last year.

52.46 percent of the overall budget estimates for direct taxes for 2022–2023 are represented by this collection.

Between April 1 and October 8, refunds totaling Rs. 1.53 lakh crore were given out, which is an 81 percent increase over the amount given out during the same time period the year before.

Regarding the growth rates for Corporate Income Tax (CIT) and Personal Income Tax (PIT), CIT’s growth rate in terms of gross revenue collections is 16.73 per cent, while PIT’s growth rate (including STT) is 32.30 per cent.

Following the adjustment for refunds, the net growth in CIT and PIT collections is 16.29 per cent and 17.35 per cent, respectively.