Direct tax mop-up rises 30% till Sept 8 | Business News,The Indian Express

At Rs 5.29 trillion, despite a 65% jump in refunds: CBDT

Saturday, Sep 10, 2022

					 ePaper 
					 Today’s Paper 		
								 
			
			
				
					
													
													
				
				Journalism of Courage
			
			
							
		
		
		
			
				
					HomeExplainedPolitical PulseIndiaCitiesOpinionEntertainmentLifestyleTechnologyVideosSportsAudioEducationPremiumInvestigations					
				
					Subscribe
					Sign In
				
			
			
		
		
		TrendingUPSC KeyEveryday ExplainersApple iPhone 14 eventHealth SpecialsMovie ReviewsFollow AuthorsCricketAcademic Counselling			
	
	
				
					
												
			

			
				
	
				
	
	if (window.innerWidth) //if browser supports window.innerWidth
	var page_w=window.innerWidth;
	else if (document.all) //else if browser supports document.all (IE 4+)
	var page_w=document.body.clientWidth;
	//var page_w=screen.width;
	if( page_w > 1024 ) {
		jQuery(".add-left,.add-right").show();
	}else{
		jQuery(".add-left,.add-right").hide();
	}

							
			
									
					
							
	
		HomeBusinessDirect tax mop-up rises 30% till Sept 8		

							
													Direct tax mop-up rises 30% till Sept 8
													
														At Rs 5.29 trillion, despite a 65% jump in refunds: CBDT
															
					
											
						
														
								
									
										
											
																									
													
														By: ENS Economic Bureau		
	 /// Story Page Editor Details //// 
	jQuery(".bulletProj").hover(function() {
	   var dividshow = '#div_'+jQuery( this ).attr( 'id' );
	   jQuery( this ).siblings("#div_written_by_parent").html( jQuery( dividshow ).html() ).show();
	   
	})
	jQuery(".editor-details, .editor").hover(function () {},function () {
	   var dividhide = '#'+jQuery( this ).attr( 'id' );
	   jQuery( "#div_written_by_parent" ).html("");
	   jQuery( "#div_written_by_parent" ).hide();
	});


	New Delhi | September 10, 2022 1:55:34 am														
													
															
													
												
												


		
		
			
				
			
		
		
			
				
			
		
		
			
				
			
		
		
			
			
			
		
	

											
											
														
														
														
													Both personal income tax (PIT) and corporate income tax (CIT) performed much better than anticipated, thanks to higher compliance and a favourable base effect.

The Centre’s direct tax collections (post-refunds) grew by a robust 30 per cent on-year till September 8 of the ongoing financial year, even as refunds increased sharply by 65 per cent during the period.

Both personal income tax (PIT) and corporate income tax (CIT) performed much better than anticipated, thanks to higher compliance and a favourable base effect.

“Direct Tax collection, net of refunds, stands at Rs 5.29 trillion which is 30.17 per cent higher than the net collections for the corresponding period of last year. This collection is 37.24 per cent of the total Budget Estimates of direct taxes for FY23,” according to a statement by the  Central Board of Direct Taxes (CBDT).

The Centre’s direct tax collections are expected to exceed the FY23 Budget target of Rs 14.2 trillion by a substantial amount, as the target for the year is at par with actual receipts of last fiscal.

After adjustment of refunds, the growth in CIT collections was 32.73 per cent and that in PIT collections (including STT) is 28.32 per cent till September 8 of FY23. Refunds amounting to Rs 1.19 trillion have been issued from April 1, 2022, to September 8, 2022, which are 65.29 per cent higher than refunds issued during the same period in the preceding year.

https://indianexpress.com/article/business/direct-tax-mop-up-rises-30-till-sept-8-8141735/

---