The total Income Tax Refunds issued to taxpayers between 1st April 2022 to 10th March 2023 was Rs 2.95 lakh crore. The Central Board of Direct Taxes (CBDT) said in a statement on Saturday (11th March) that the total tax refunds in the current financial year were 59% higher than the previous year.
“Refunds amounting to Rs.2.95 lakh crore have been issued from 1st April 2022 to 10th March 2023, which are 59.44% higher than refunds issued during the same period in the preceding year,” the CBDT said.
The CBDT also said that the provisional figures of Direct Tax collections up to 10th March 2023 have continued to register steady growth. Till 10th March, the Government collected Rs 16.68 lakh crore as direct taxes, which was 22.58% more than the gross collections for the corresponding period of last year.
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“Direct Tax collection, net of refunds, stands at Rs. 13.73 lakh crore which is 16.78% higher than the net collections for the corresponding period of last year. This collection is 96.67% of the total Budget Estimates and 83.19% of the Total Revised Estimates of Direct Taxes for F.Y. 2022-23,” the CBDT said.
Personal Income Tax
The CBDT said that the growth in Personal Income Tax (including STT) has been around 27.57% this year. Further, Corporate Income Tax collections have also witnessed 18.08% growth. The net growth in CIT collections was 13.62% while the total collections in Personal Income Tax were 20.73%.
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“So far as the growth rate for Corporate Income Tax (CIT) and Personal Income Tax (PIT) in terms of gross revenue collections is concerned, the growth rate for CIT is 18.08% while that for PIT (including STT) is 27.57%. After the adjustment of refunds, the net growth in CIT collections is 13.62% and that in PIT collections is 20.73% (PIT only)/20.06% (PIT including STT),” the CBDT said.