Gross direct tax collections up 31% to ₹10.54 lakh cr. so far this fiscal

The gross direct tax collections have risen 31% to ₹10.54 lakh crore so far this fiscal, driven by personal income tax mop-up, the finance ministry said on Friday.

The net collection of direct taxes, which include personal and corporate taxes, after adjusting for refunds stood at ₹8.71 lakh crore. This is 61.31% of the Budget target for the full fiscal.

Refunds worth ₹1.83 lakh crore have been issued between April 1 and November 10.

“Direct Tax collections up to 10th November, 2022 show that gross collections are at ₹10.54 lakh crore which is 30.69% higher than the gross collections for the corresponding period of last year,” the ministry said in a statement.  Gross corporate tax and Personal Income Tax (PIT) collections grew 22.03% and 40.64%, respectively.

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