Gross collection of tax on corporate and individual earnings jumped nearly 24 per cent so far in the current fiscal year that started on April 1, the tax department said on Sunday.
The gross collection of taxes on corporate earnings rose 16.74 per cent during April 1 to October 8, while personal income tax collection jumped 32.30 per cent, the tax department said in a statement.
Direct tax collection came at ₹8.98 lakh crore between April 1 to October 8, 2022, 23.8 per cent higher than the gross collection in the corresponding period a year ago.
Tax on corporate and individual income makes up for direct taxes.
After adjusting refunds, direct tax collection stood at ₹7.45 lakh crore, 16.3 per cent higher than the net collection for the corresponding period a year ago, the statement said.
“This collection is 52.46 per cent of the total Budget Estimates of Direct Taxes for FY 2022-23,” it added.
The gross collection of taxes on corporate earnings rose 16.74 per cent during April 1 to October 8, while personal income tax collection jumped 32.30 per cent, the tax department said in a statement.
Direct tax collection came at ₹8.98 lakh crore between April 1 to October 8, 2022, 23.8 per cent higher than the gross collection in the corresponding period a year ago.
Tax on corporate and individual income makes up for direct taxes.
After adjusting refunds, direct tax collection stood at ₹7.45 lakh crore, 16.3 per cent higher than the net collection for the corresponding period a year ago, the statement said.
“This collection is 52.46 per cent of the total Budget Estimates of Direct Taxes for FY 2022-23,” it added.
After adjustment of refunds, the net growth in CIT collection was 16.29 per cent and that in PIT collection was 17.35 per cent (PIT only)/16.25 per cent (PIT including STT).
Refunds amounting to ₹1.53 lakh crore have been issued during the period April 1, 2022 to October 8, 2022, 81 per cent higher than the refunds issued during the same period in the preceding year, it added.
Merchandise exports have lost on the momentum of last year’s surge and shrunk by 3.5 per cent in September. Trade deficit has nearly doubled in the first six months. IIP growth was subdued at 2.4 per cent in July while ‘core sector’ hit a nine-month low of 3.3 per cent in August.
New Delhi, Oct 9 (PTI) Gross collection of tax on corporate and individual earnings jumped nearly 24 per cent so far in the current fiscal year that started on April 1, the tax department said on Sunday.
The gross collection of taxes on corporate earnings rose 16.74 per cent during April 1 to October 8, while personal income tax collection jumped 32.30 per cent, the tax department said in a statement.
Direct tax collection came at ₹8.98 lakh crore between April 1 to October 8, 2022, 23.8 per cent higher than the gross collection in the corresponding period a year ago.
Tax on corporate and individual income makes up for direct taxes.
After adjusting refunds, direct tax collection stood at ₹7.45 lakh crore, 16.3 per cent higher than the net collection for the corresponding period a year ago, the statement said.