NEW DELHI: Direct tax collections rose by 22. 6% to Rs 16. 7 lakh crore during the fiscal year up to March 10. Provisional data released by the Central Board of Direct Taxes (CBDT) pegged the collections, net of refunds, at Rs 13. 7 lakh crore, which is around 16. 8% higher than a year ago. Refunds have shot up more than 59% to almost Rs 3 lakh crore during the fiscal year, an official statement said.
Collections so far are 96. 7% of the budget estimates, which were revised upwards. The mop-up is 83. 2% of the revised estimates for 2022-23, the government said.
On a gross basis, collection of corporation tax has grown by 18%, while the personal income tax kitty has swollen by 27. 6%. Tax collections have so far remained buoyant, which is also reflected in the GST collections. The government is hoping for a higher-than-budgeted collections this year, which will also help offset some of the shortfall on thedisinvestment.