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Direct Tax collections increase 31% on year-on-year Rs 10.54 trn until Nov 10

Direct Tax collections: The government published the figures for direct tax collection through November 10, 2022, on Friday. Gross receipts for the period was Rs 10.54 trillion, an increase of 30.69% over the same period last year.

Direct tax receipts totaled Rs 8.71 trillion after refunds, a 25.71% increase over net receipts from the prior year (YoY). The government estimates that this revenue represents 61.31 percent of the entire budget estimates for direct taxes for FY23.

The gross income from Corporate Income Tax (CIT) collections was 22.03 percent, while the gross revenue from Personal Income Tax (PIT) comprising STT was 40.64 percent. Following the adjustment for refunds, the net growth in PIT collections was 28.06 percent (PIT only), and the net growth in CIT collections was 24.51 percent (PIT including STT).

From 1 April 2022 to 10 November 2022, refunds totaling Rs 1.83 trillion were issued, which is 61.07% more than what was done during the same time period the year before.

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