Govt on track for bumper tax collections this fiscal year

Direct tax collections for fiscal 2022-23 are expected to surpass the budget target by at least Rs 1.5 lakh crore, finance ministry sources have told Business Today Television.

The budget for this fiscal year has estimated direct tax collections at Rs 14.20 lakh crore, higher than the actual collections of Rs 14.10 lakh crore in the previous fiscal year ending March 31, 2022.

"Inflation and increased compliance have helped boost tax receipts," a finance ministry source said.

The government last week released the figures for direct tax collections up to November 10, 2022.

The net amount after adjusting refunds stood at Rs 8.71 lakh crore, which is close to 60 percent of the budget estimate for the full year's direct tax collection target. Direct tax collections comprise income tax from both corporations and individuals.

Direct tax collections up to November 10, 2022, show that gross collections are at Rs. 10.54 lakh crore, which is 30.69 percent higher than the gross collections for the corresponding period of last year.

Refunds amounting to Rs 1.83 lakh crore have been issued between April 1 and November 10, 61 percent more than what was issued in the corresponding period last year.

Also read: EXCLUSIVE: After GST, income tax probes online gaming firms

Also read: Why economists are forecasting a ‘partial recession’ for India in coming quarters