Gross direct tax collections for 2022-23 rise 20% to Rs 19.68L cr

Gross direct tax collections (provisional) for 2022-23 stand at Rs 19.68 lakh crore, registering a growth of 20.33 per cent, according to figures released by the Finance Ministry on Monday.

Direct tax collections (provisional) for 2022-23 have exceeded the revised estimates by 0.69 per cent. The budget estimates (BE) for direct tax revenue in the Union Budget for 2022-23 were fixed at Rs 14.20 lakh crore, which were revised to Rs 16.50 lakh crore.

The provisional direct tax collections (net of the refunds) have exceeded the budget estimates by 16.97 per cent and revised estimates by 0.69 per cent.

The provisional figures of direct tax collections for 2022-23 show that net collections are at Rs 16.61 lakh crore, compared to Rs 14.12 lakh crore in 2021-22, representing an increase of 17.63 per cent.

The gross collections (provisional) of direct taxes (before adjusting for refunds) for 2022-23 stand at Rs 19.68 lakh crore, marking a growth of 20.33 per cent over the gross collections of Rs 16.36 lakh crore in 2021-22.

The gross corporate tax collections (provisional) in 2022-23 stand at Rs 10,04,118 crore, showing a growth of 16.91 per cent over the gross corporate tax collections of Rs 8,58,849 crore of the preceding year.