Net direct tax collections up 17.6%

Direct Tax Collections in 2022-23

• India’s net direct tax collections have risen 17.6% in 2022-23 to touch ₹16.61 lakh crore (growth of 16.9% in the year), exceeding the Revised Estimates target for the year by 0.7%, as per provisional data released by the Finance Ministry on Monday.
• The contribution of corporate tax collections in the gross direct tax kitty was ₹10.04 lakh crore, just a tad higher than the ₹9.61 lakh crore paid by taxpayers as personal income tax and Securities Transaction Tax (STT) ( personal income tax and STT yielded a growth of 24.2%).
• At a gross level, the share of personal income tax and STT to the tax kitty has touched 48.9% in 2022-23 compared to around 47.4% in 2021-22, while corporate tax accounted for just 51.1% in the year gone by as opposed to 52.6% in 2021-22.
• The Ministry said gross tax collections grew 20.33% to ₹19.68 lakh crore in 2022-23, compared to ₹16.36 lakh crore in the previous financial year.

Revenue Income: (Budget 2023-24)