Direct Tax Collections

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Net direct tax collection has grown 19% to over Rs 11.35 trillion

The net direct tax collection grew 24 per cent to Rs 8.77 lakh crore in the April-November of the current fiscal, the Finance Ministry said on Monday. This represents 61.79 per cent of the full-year Budget Estimates (BE) of direct tax collection for 2022-23 (April-March). "Direct tax collection net of refund stands at Rs 8.77 lakh crore as of November 30, which is 24.26 per cent higher than the net collection for the corresponding period last year," the ministry tweeted. The collection accounts for 61.79 per cent of Budget Estimates for FY 2022-23. The Budget estimated direct tax collection at Rs 14.20 lakh crore this fiscal, higher than Rs 14.10 lakh crore collected last fiscal (2021-22). Tax on corporate and individual income makes up for direct taxes. Tax collection is an indicator of economic activity in any country. The collection from the levy of tax on goods and services sold (GST) has flattened to around Rs 1.45-1.50 lakh crore per month. Refunds amounting to Rs 2.15 lak

Revenue Secretary Tarun Bajaj was quoted as saying that the growth in tax revenues will continue to be higher than the GDP growth, owing to better compliance

Centre has already collected half the targeted revenue in the first six months of the current financial year even as customs and excise duty collection figures are yet to come in

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Gupta added that if the trend continues, direct tax collections for FY23 could exceed the budget target of Rs 14.20 trillion

Advance tax by companies and individuals rises 33%

Direct taxes, which comprise income tax paid by individuals and corporate tax, came in at Rs 14.10 lakh crore -- Rs 3.02 lakh crore higher than the budget estimate

In FY22, direct tax collections broke all records, touching Rs 13,81 trillion. Future Retail and Future Enterprises defaulted on loan repayments worth Rs 8,157.97 crore. More in our top headlines:

Collections already stand at Rs 12K crore, compared to Budget target of Rs 12.5K crore

Trend in contrast to moderation in GST collections last month

The government also issued 41 per cent higher refunds compared to last year.

Direct tax collection target set in the revised estimates (RE) for 2020-21 was Rs 9.05 lakh crore.

With the payments of the last instalment on Monday, advance tax collection for FY21 was around 7 per cent higher than last year's

Budget may resolve issues related to administration

Corporation advance tax jumps 50% in Q3

However, this is an improvement over the 40% decline seen in Q1; TDS down between 10 and 12% across jurisdictions

With technology companies largely unaffected by the Covid-19 lockdown, Bengaluru has posted a 7 per cent increase in direct tax mop-up

Numbers pose challenges to Centre's Rs 13.2-trn target