Direct tax collections grow 24.26% to Rs 8.77 lakh cr in FY23: Finance Ministry
The Budget estimate for direct tax collection at Rs 14.20 lakh crore in this fiscal, higher than Rs 14.10 lakh crore in FY22. Tax on corporate and individual income makes up for direct taxes.
- Dec 12, 2022,
- Updated Dec 12, 2022 12:22 PM IST
Direct tax collections have grown by 24.26 per cent to Rs 8.77 lakh crore on-year in FY2022-23 as of November 30, according to the Finance Ministry. These collections are 61.79 per cent of the total budget estimate of direct taxes for FY23.
The Finance Ministry tweeted, “Steady growth in direct tax collections! Net collection in FY2022-23 is 24.26 per cent higher than the net collection for the corresponding period of the preceding year. 61.79 per cent of budget estimates for FY2022-23 already achieved.”
The Ministry further stated, “Direct tax collection, net of refund, stands at Rs 8.77 lakh crore as of 30.11.2022 which is 24.26 per cent higher than the net collection for the corresponding period last year. This collection is 61.79 per cent of total budget estimate of Direct Taxes for FY2022-23.”
The Budget estimate for direct tax collection is Rs 14.20 lakh crore this fiscal, which is higher than Rs 14.10 lakh crore in FY22. Tax on corporate and individual income makes up for direct taxes. Goods and services tax (GST) collection has gone down to Rs 1.45 lakh crore - Rs 1.50 lakh crore per month. Refunds amounting to Rs 2.15 lakh crore were issued between April 1 and November 30, 67 per cent higher than FY22.
Meanwhile, Russian Foreign Minister Sergey Lavrov said that India is one of the leading countries in terms of economic growth. Lavrov said, “India is one of the leading countries in terms of economic growth, maybe even the leader. Its population will soon be bigger than any other country. India has vast diplomatic experience in settling various kinds of problems.”
Also read: ‘Those who resort to politics of shortcut biggest enemies of taxpayers’, says PM Modi
Also read: Chaos at Delhi airport! Aviation Minister Jyotiraditya Scindia makes surprise visit to take stock
Direct tax collections have grown by 24.26 per cent to Rs 8.77 lakh crore on-year in FY2022-23 as of November 30, according to the Finance Ministry. These collections are 61.79 per cent of the total budget estimate of direct taxes for FY23.
The Finance Ministry tweeted, “Steady growth in direct tax collections! Net collection in FY2022-23 is 24.26 per cent higher than the net collection for the corresponding period of the preceding year. 61.79 per cent of budget estimates for FY2022-23 already achieved.”
The Ministry further stated, “Direct tax collection, net of refund, stands at Rs 8.77 lakh crore as of 30.11.2022 which is 24.26 per cent higher than the net collection for the corresponding period last year. This collection is 61.79 per cent of total budget estimate of Direct Taxes for FY2022-23.”
The Budget estimate for direct tax collection is Rs 14.20 lakh crore this fiscal, which is higher than Rs 14.10 lakh crore in FY22. Tax on corporate and individual income makes up for direct taxes. Goods and services tax (GST) collection has gone down to Rs 1.45 lakh crore - Rs 1.50 lakh crore per month. Refunds amounting to Rs 2.15 lakh crore were issued between April 1 and November 30, 67 per cent higher than FY22.
Meanwhile, Russian Foreign Minister Sergey Lavrov said that India is one of the leading countries in terms of economic growth. Lavrov said, “India is one of the leading countries in terms of economic growth, maybe even the leader. Its population will soon be bigger than any other country. India has vast diplomatic experience in settling various kinds of problems.”
Also read: ‘Those who resort to politics of shortcut biggest enemies of taxpayers’, says PM Modi
Also read: Chaos at Delhi airport! Aviation Minister Jyotiraditya Scindia makes surprise visit to take stock