Rs 16.6 lakh crore direct tax mop-up, exceeds estimates by 17.6%
New Delhi, April 3
The direct tax collections for the financial year 2022-23 have crossed both the Budget estimates as well as the revised estimates, registering an increase of 17.63 per cent. The provisional figures of direct tax collections show that net collections are at Rs 16.61 lakh crore compared to Rs 14.12 lakh crore in the preceding fiscal year (2021-22), stated an official release here on Monday.
The Budget estimates (BE) for direct tax revenue in the Union Budget for 2022-23 were fixed at Rs 14.20 lakh crore, which were revised to Rs.16.50 lakh crore. The provisional direct tax collections (net of the refunds) have exceeded the BE by 16.97 per cent and revised estimates by 0.69 per cent, stated the release.
The gross collection (provisional) of direct taxes (before adjusting for refunds) for the 2022-23 stands at Rs 19.68 lakh crore, showing a growth of 20.33 per cent over the gross collection of Rs 16.36 lakh crore in 2021-22.
The gross corporate tax collection (provisional) in 2022-23 is at Rs 10 lakh crore, a growth of 16.91 per cent over the gross corporate tax collection of Rs 8.59 lakh crore in the preceding year. The gross personal income tax (PIT) collection (including STT) is at Rs 9.60 lakh crore, a growth of 24.23 per cent over the gross PIT of Rs 7.73 lakh crore in the preceding year. Refunds of Rs 3 lakh crore were issued in 2022-23, an increase of 37.42 per cent over the refunds of Rs 2.23 lakh crore in 2021-22.
25 bps repo rate hike likely
- The RBI’s Monetary Policy Committee on Monday started its three-day meeting amid expectations of a 25 basis points hike in benchmark interest rate.
- The RBI has already increased repo rate by a total of 250 basis points since May to contain inflation
- Barring Nov and Dec 2022, the inflation remained above RBI’s comfort zone of 6% in last fiscal
