Direct tax collection: 24 percent increase in direct tax collection, reaching Rs 8.98 lakh crore

According to the Finance Ministry, there has been an increase of 24 percent in direct tax collection. With this, it has increased to Rs 8.98 lakh crore. These figures are from April 1 to October 8. Apart from this, the Finance Ministry said that the total collection on corporate income has increased by 16.74 percent between April 1 and October 8. There has been a jump of 32.30 percent in personal income tax collection.

According to the data, from April 1 to October 8, the direct tax collection has been Rs 8.98 lakh crore, which is 23.8 percent higher than the tax collection of the corresponding period last year. The direct tax collection after adjusting refunds stood at Rs 7.45 lakh crore, which is 16.3 percent higher than the collection for the same period a year ago, the statement said.

The Reserve Bank of India last month slashed its forecast for India's gross domestic product (GDP) growth for the current fiscal to seven percent from 7.2 percent. Other rating agencies have also downgraded their growth forecast because of geopolitical pressures and the tightening global financial situation.

The Central Board of Direct Taxes (CBDT) said that in terms of total revenue collection, so far the growth of Corporate Income Tax (CIT) and Personal Income Tax (including PIT and Securities Transaction Tax i.e. STT) has been at 16.73 percent and 32.30 percent respectively.

After adjustment for refunds, the net increase in CIT collection works out to 16.29 percent. While the growth in personal income tax collection stands at 17.35 percent (PIT only) and 16.25 percent with STT.

The CBDT said that a total refund of Rs 1.53 lakh crore have been issued during the period from April 1, 2022, to October 8, 2022, which is 81 percent higher than the refunds issued during the corresponding period of the previous year.

The growth in exports of goods, which was recorded last year, stopped in September this year. Commodity exports declined by 3.5 percent in September. The trade deficit has almost doubled in the first six months of the current financial year. Industrial production (IIP) growth slowed to 2.4 percent in July. At the same time, the growth of the basic industry has come down to a nine-month low of 3.3 percent in August.

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