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Finance Ministry The Finance Minister said on Saturday that the gross direct tax collection (tax collection) has increased by 24 percent to Rs 15.67 lakh crore so far in the current financial year. The Central Board of Direct Taxes (CBDT), functioning under the ministry, said that its net direct tax collection so far in the financial year 2022-23 has been Rs 12.98 lakh crore, which is 18.40 percent more than the same period a year ago. This figure is after adjusting for tax refunds. About 79 per cent of the Revised Budget Estimate on direct tax collections for the current financial year has been collected so far.
Increase in corporate and income tax
The revised estimate has been kept at around Rs 16.50 lakh crore, which is higher than the budget estimate of Rs 14.20 lakh crore. According to the CBDT statement, the total tax collection so far in the current financial year is Rs 15.67 lakh crore, which is 24.09 per cent higher than the same period a year ago. The tax collection figures are till February 10, 2023. Between April 2022 and February 10, 2023, the growth rate of corporate income tax has been 19.33 percent while gross personal income tax collection (personal income tax) has increased by 29.63 percent.
GST collection was also increased
The Goods and Services Tax (GST) collection had increased to over Rs 1.55 lakh crore in January. It was the second largest collection ever. In the data released by the government, it was told that in January 2023, till 5 pm on 31st, the gross GST revenue was Rs 1,55,922 crore. This includes CGST Rs 28,963 crore, SGST Rs 36,730 crore, IGST Rs 79,599 crore (including Rs 37,118 crore collected on import of goods) and Cess Rs 10,630 crore (including Rs 768 crore collected on import of goods).
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