Business

Direct tax collection increased 24% in the first half of fiscal year 23


NEW DELHI: Total tax revenue on corporate and individual income has increased by nearly 24% so far in the current fiscal year that begins April 1, the tax department said Sunday.
Total tax collection on corporate income increased 16.74% between April 1 and October 8, while personal income tax collection increased 32.30%, the tax department said in a statement. Father.
Direct tax collection reached Rs 8.98 lakh crore for the period from April 1 to October 8, 2022, 23.8% higher than the total revenue in the corresponding period a year ago.
Corporate and personal income taxes offset direct taxes.
After adjusting for refunds, direct tax collection stood at Rs 7.45 lakh crore, 16.3% higher than net collection for the corresponding period a year ago, the report said.
“This revenue is 52.46% of the total Direct Tax Budget Estimates for fiscal year 2022-23,” it added.
Tax collection is an indicator of economic activity in any country. But in India, tax collection is robust despite slowing industrial production and exports.
Some analysts say economic growth has lost momentum but corporate profits continue to maintain momentum.
The Reserve Bank of India (RBI) last month cut its GDP growth forecast for India for the current fiscal to 7% from 7.2% previously estimated. Other rating agencies have also lowered their economic growth forecasts for India citing the impact of geopolitical tensions, tightening global financial conditions and slowing external demand.
“Up to the present time, the growth rate of corporate income tax (CIT) and personal income tax (PIT) in terms of total budget revenue, the growth rate of CIT is 16.73%, while the PIT tax rate is 16.73%. (including STT) is 32.30,” said the Central Commission for Direct Taxes (CBDT).
After adjusting for tax refund, the net growth in CIT revenue is 16.29% and PIT collection is 17.35% (PIT only) / 16.25% (PIT inclusive).
A cashback of up to Rs 1.53 lakh was issued between April 1, 2022 and October 8, 2022, which is 81% higher than the refund issued in the same period years ago, it added.
Commodity exports fell in line with last year’s gains and fell 3.5% in September. Trade deficit nearly doubled in the first six months of the year. IIP growth slowed to 2.4% in July while the ‘core sector’ hit a nine-month low of 3.3% in August.
Revenue from goods and services sales tax (GST) has declined at around Rs 1.45-1.46 lakh crore per month.

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