Direct tax collection up by 23.8% at Rs 8.98 lakh crore till October

Direct Tax collection went up by 23.8 till October 8 at Rs 8.98 lakh crore compared to the same period last year.

Direct tax collection, net of refunds, stood at Rs 7.45 lakh crore. This is 16.3 percent higher than the net collection for the corresponding period of last year, data showed.

This collection is 52.46 percent of the total budget estimates of Direct Taxes for 2022-23.

Refunds amounting to Rs 1.53 lakh crore have been issued between April 1 and October 8, which are 81 percent higher than refunds issued during the same period in the preceding year.

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 16.73 percent, while that for PIT (including STT) is 32.30 percent.

After adjustment of refunds, the net growth in CIT collections is 16.29 percent and that in PIT collections is 17.35 percent.

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