Net direct tax collections for FY 2022-23 exceed budget estimate by nearly 17%

NEW DELHI: The provisional figures of direct tax collections for the financial year (FY) 2022-23 show that net collections exceeded the Union Budget estimates by Rs 2.41 lakh crore i.e. by 16.97%, according to a statement released by the finance ministry on Monday.

The net collections for 2022-23 stand at Rs 16.61 lakh crore, compared to Rs 14.12 lakh crore in the preceding financial year — representing an increase of 17.63%.
The Budget Estimates (BE) for Direct Tax revenue in the 2023 Union Budget were fixed at Rs 14.2 lakh crore, which were revised (RE) to Rs 16.5 lakh crore.
The provisional Direct Tax collections (net of the refunds) have exceeded the BE by 16.97% and RE by 0.69%.

The gross collection (provisional) of Direct Taxes (before adjusting for refunds) for FY 2022-23 stands at Rs 19.68 lakh crore showing a growth of 20.33% over the gross collection of Rs 16.36 lakh crore in FY 2021-22.
The gross Corporate Tax collection (provisional) in FY 2022-23 is at Rs 10,04,118 crore and has shown a growth of 16.91% over the gross corporate tax collection of Rs.8,58,849 crore of the preceding year.
The gross Personal Income Tax collection (including STT) (provisional) in FY 2022-23 is at Rs 9,60,764 crore and has shown a growth of 24.23% over Rs 7,73,389 crore of the preceding year.
Refunds of Rs 3,07,352 crore have been issued in the FY 2022-23 showing an increase of 37.42 % over the refunds of Rs.2,23,658 crore issued in FY 2021-22.

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