Direct tax collection grows 23.8% to ₹ 8.98 lakh cr till Oct 8

• Direct tax collection, net of refunds, stood at ₹ 7.45 lakh crore.
• This collection is 52.46 per cent of the total budget estimates of Direct Taxes for 2022-23.
• Refunds amounting to ₹ 1.53 lakh crore have been issued between April 1 and October 8.

Direct Tax collection up to October 8 stood at ₹ 8.98 lakh crore, which is 23.8 per cent higher than the gross collection for the corresponding period of last year.

Direct tax collection, net of refunds, stood at ₹ 7.45 lakh crore, which is 16.3 per cent higher than the net collection for the corresponding period of last year.

This collection is 52.46 per cent of the total budget estimates of Direct Taxes for 2022-23.

Refunds amounting to ₹ 1.53 lakh crore have been issued between April 1 and October 8, which are 81 per cent higher than refunds issued during the same period in the preceding year.

So far as the growth rate for Corporate Income Tax (CIT) and Personal Income Tax (PIT) in terms of gross revenue collections is concerned, the growth rate for CIT is 16.73 per cent, while that for PIT (including STT) is 32.30 per cent.

After adjustment of refunds, the net growth in CIT collections is 16.29 per cent and that in PIT collections is 17.35 per cent.

SEE ALSO: Apple Watch detects pregnancy before clinical test: Report
Zuckerberg sets for 'Meta Connect' amid quality issues with VR project
Gambian cough syrup issue: 384 people arrested after 462 samples found spurious