Direct tax collection grows by 23.8% to ₹8.98 lakh cr to October 8

• direct tax collection, excluding refunds, amounted to ₹ 7.45 lakh crore.
• This collection is 52.46 percent of total direct tax budget estimates for 2022-23.
• Between April 1 and October 8, refunds of ₹1.53 lakh crore were issued.

Direct tax collection was ₹8.98 lakh crore until October 8, which is 23.8 percent higher than gross collection for the corresponding period last year.

The direct tax collection, net of refunds, was ₹7.45 lakh crore, which is 16.3 percent higher than the net collection for the corresponding period last year.

This collection is 52.46 percent of total direct tax budget estimates for 2022-23.

Between April 1 and October 8, refunds of ₹1.53 lakh crore were issued, which is 81 percent higher than the refunds issued during the same period of the previous year.

To the extent that the growth rate for corporate income tax (CIT) and Personal Income Tax (PIT) in terms of gross revenue collections, the growth rate for CIT is 16.73 percent, while that for PIT (including STT) is 32.30 percent.

After adjusting for refunds, the net growth for CIT collections is 16.29 percent and that for CIT collections is 17.35 percent.

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