The gross direct tax collections until February 10, stood at Rs 15.67 lakh crore, 24.09 per cent increased than gross collections for the corresponding interval of final yr, based on the most recent figures launched by the Ministry of Finance. The provisional figures of direct tax collections as much as February 10 confirmed regular progress, the ministry stated.
The Ministry of Finance in a press launch on Saturday stated that the direct tax assortment after the online of refunds stood at Rs. 12.98 lakh crore which is eighteen.40 per cent increased than the online collections for the corresponding interval of final yr.
This assortment is 91.39 per cent of the entire Finances estimates of direct taxes for the fiscal yr 2022-23 and 78.65 per cent of the revised estimates of direct taxes for the fiscal yr 2022-23, the ministry stated.
As far as the expansion fee for company earnings tax (CIT) and private earnings tax (PIT) by way of gross income collections is nineteen.33 per cent and 29.63 per cent respectively. After the adjustment of refunds, the online progress in CIT collections is 15.84 per cent and that in PIT collections is 21.93 per cent.
The ministry stated, “The expansion fee for CIT is nineteen.33 per cent whereas that for PIT (together with STT) is 29.63 per cent. After adjustment of refunds, the online progress in CIT collections is 15.84 per cent and that in PIT collections is 21.93 per cent (PIT solely)/ 21.23 per cent (PIT together with STT).”
Refunds amounting to Rs. 2.69 lakh crore have been issued from April 1, 2022, to February 10, 2023, that are 61.58 per cent increased than refunds issued throughout the identical interval within the previous yr.
The Finances 2023 estimated tax income of Rs 33.6 trillion for FY24, which is 10.4 per cent increased than the Rs 30.4 trillion projected within the revised estimates for the present monetary yr (FY23). The federal government had projected a tax income goal of Rs 27.5 trillion for FY23. The direct tax part for the Finances 2023 is estimated at Rs 18.23 trillion. This consists of company tax of Rs 9.2 trillion and earnings tax of Rs 9 trillion.