Gross direct tax collections in India up to September 8, 2022, reached 6.48 lakh crore, up 35.46% from the same time in the previous year. The Finance Ministry said that tax revenue continues to show consistent rise, noting that net direct tax collections, at 5.29 lakh crore, are up 30.17% from the previous year. It stated that the collection represented 37.24% of the entire budget estimates for direct taxes in 2022–23. Personal income tax (PIT) and securities transaction tax revenues both increased by 44.37%, while gross corporate income tax (CIT) inflows increased by 25.95%. The net growth in CIT collections was 32.73%, and in PIT collections (including STT), it was 28.32%, according to the Ministry. Refunds to direct taxpayers are also reportedly 65.29% greater than they were during the same time last year, according to preliminary data, at 1.19 lakh crore.

Key Points

• Gross direct tax collections in India up to September 8, 2022, reached 6.48 lakh crore, up 35.46% from the same time in the previous year.

• Refunds to direct taxpayers are also reportedly 65.29% greater than they were during the same time last year, according to preliminary data, at 1.19 lakh crore.

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