Direct tax revenues cross half-way mark

NEW DELHI : The central government collected more than half of its direct tax collection target for fiscal year 23 in the first half of the fiscal year, data from the Central Commission for Direct Taxes (CBDT) shows.

The Central Direct Tax Commission said on October 8, net direct tax collection after tax refund stood at 7.45 trillion, 16.3% higher than the same period a year ago.

“This revenue is 52.46% of the total direct tax budget estimate for fiscal year 23,” the statement said.

The Ministry of Finance has set a direct tax collection target of 14.2 trillion in fiscal year 23, 16.3% higher than the revised estimate for the previous fiscal. Before the refund, the total direct tax collection through October 8 was at 8.98 trillion, 23.8% higher than total revenue in the corresponding period of the previous fiscal.

The fact that total direct tax revenue increased more than net revenue shows that the tax department has refunded more tax so far this year, compared to the same period last year. This trend is evident in personal income taxes.

From April 1 to October 8, the tax department refunded tax for 1.53 trillion, 81% higher than the amount of refunds issued in the same period a year ago, the CBDT said.

The tax authority said that in terms of total budget revenue, corporate tax revenue increased by 16.73% in the period under review while personal income tax including STT increased by 32.30%. After adjusting for tax refund, the net growth in corporate tax revenue was 16.29% and personal income tax collection was 16.25%, including No.

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