Direct Tax Collection

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Mop-up could help govt meet its fiscal deficit target

With this, tax collection is 95.2% of Rs 16.5 trillion RE

Net direct tax collection so far this fiscal grew 17 per cent to reach Rs 13.73 lakh crore, which is 83 per cent of the revised target for the full financial year, the Central Board of Direct Taxes (CBDT) said on Saturday. The growth in direct tax mop-up, which comprises personal income tax and corporate taxes, was driven by PIT collections. On a gross basis, the collection grew 22.58 per cent to Rs 16.68 lakh crore. Refunds amounting to Rs 2.95 lakh crore have been issued during April 1, 2022 to March 10, 2023, which are 59.44 per cent higher than refunds issued during the same period in the preceding year. Direct tax collection, net of refunds, stands at Rs 13.73 lakh crore which is 16.78 per cent higher than the net collections for the corresponding period of last year. This collection is 96.67 per cent of the total budget estimates and 83.19 per cent of the total revised estimates of direct taxes for the financial year 2022-23, the CBDT said in a statement. After adjustment

Until February, net direct tax collection stood at Rs 13 trillion

Gross direct tax collections grew 24 per cent to Rs 15.67 lakh crore so far this fiscal, the finance ministry said on Saturday. After adjusting for refunds, the net direct tax collection stood at Rs 12.98 lakh crore, a growth of 18.40 per cent. The net collections are about 79 per cent of Revised Estimates (RE) of direct tax collection for current fiscal, the CBDT said. The revised estimates for the current fiscal pegged direct tax revenues at Rs 16.50 lakh crore, higher than the budget estimates of Rs 14.20 lakh crore. "The provisional figures of direct tax collections up to 10th February, 2023 continue to register steady growth. Direct tax collections up to 10th February, 2023 show that gross collections are at Rs 15.67 lakh crore which is 24.09 per cent higher than the gross collections for the corresponding period of last year," Central Board of Direct Taxes (CBDT) said in a statement. In the current fiscal (2022-23), the revenues from direct tax (which includes income and ...

The direct tax collection in the current fiscal is likely to exceed the budget target of Rs 14.20 lakh crore by about 30 per cent, a senior official said on Tuesday. Central Board of Direct Taxes (CBDT) Chairman Nitin Gupta also said that the Budget for next fiscal could bring about some tweaks in the TDS provision for online gaming to check tax evasion. "Currently there is a provision for deduction of TDS on online gaming. There is existing provision, if it needs to be modified or retained in the same way that needs to be seen," he said. Currently, a 10 per cent Tax Deduction at Source (TDS) is levied on income from online gaming. Gupta further said that given the current buoyancy in collections, the Budget target for the next fiscal (2023-24) is also likely to be higher. "For current year we believe we would be exceeding the Budget estimate by sizeable margin, it could be 25-30 per cent higher than what has been given to us. Next year, given the buoyancy of tax collection, we wo

Refunds amounting to Rs 1.83 trillion were issued during 1st April, 2022 to 10th November, 2022

The July-September quarter (second quarter, or Q2) of 2022-23 (FY23) could mark the end of the period of an unprecedented rise in India Inc's earnings in the aftermath of the pandemic

Refunds amounting to Rs 1.53 lakh crore have been issued between April 1-october 8, an increase of 81 per cent over the corresponding period last year

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 Rs 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 Rs 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. Tax collection is an indicator of economic activity in any country. But in India, th

Direct taxes fall 42% to Rs 34,972 crore, from Rs 60,363 crore in August last year

Gross direct tax collections grew 30 per cent to Rs 8.36 lakh crore till September 17 of current fiscal year on increased advance tax mop-up, the finance ministry said on Sunday. The gross collection of direct taxes (before adjusting for refunds) for FY 2022-23 stands at Rs 8,36,225 crore compared to Rs 6,42,287 crore in the corresponding period of preceding financial year i.e. 2021-22, registering a growth of 30 per cent over collections of 2021-22, the ministry said in a statement. The cumulative advance tax collections for April-September stand at Rs 2,95,308 crore as on September 17, up 17 per cent over the year-ago period. Gross collection of Rs 8.36 lakh crore includes Corporate Income Tax at Rs 4.36 lakh crore and Personal Income Tax (PIT), including Securities Transaction Tax at Rs 3.98 lakh crore. After adjusting for refunds, net collections rose 23 per cent to Rs 7,00,669 crore, compared to Rs 5,68,147 crore in the corresponding period of 2021-22.

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Gross mop-up touches record Rs 15.83 trn; exceeds Budget and revised estimates

Up more than Rs 1 trn over RE for FY22, to help govt rein in fiscal deficit at 6.9%

Direct tax collections are expected to breach the revised target of Rs 12.50 lakh crore and set an all-time high and "historic" record by the end of this financial year in March

Improvement in mop-up bodes well for achieving govt's fiscal deficit target at 6.8% of FY22 GDP

Current mop-up 14.6% higher than the 2019-20 level of Rs 2.21 trillion

Collection 28% higher over the same period in 2019-20, brightening economic recovery prospects