Direct tax collection grows 24.58% so far

After adjusting refunds, net direct tax collection stood at ₹12.31 lakh crore, 19.55 per cent higher than the net collections for the corresponding period of last year.

The country's gross direct tax collection rose 24.58 per cent to ₹14.71 lakh crore till January 10 this fiscal, buoyed by an upsurge in personal income tax mop-up, the government data showed on Wednesday.

In her maiden Union Budget, Finance Minister Nirmala Sitharaman chose not to increase, or decrease, income tax liability on the middle class, but her other moves may pinch the aam aadmi's pocket. From fuel prices to cost of precious metals, the common man will now have to shell out more. Even the cost of household products like split air conditioners is expected to go up due to changes in custom duty. However, other electronic items like mobile phones and set top boxes and even electric vehicles are set to get cheaper with reduction in duties. Watch the full video for more.

After adjusting refunds, net direct tax collection stood at ₹12.31 lakh crore, 19.55 per cent higher than the net collections for the corresponding period of last year.

The net collection is 86.68 per cent of the total budget estimates of direct taxes for the current fiscal. The Budget had estimated direct tax collection at ₹14.20 lakh crore this fiscal.

On gross basis, collections from corporate income tax (CIT) grew 19.72 per cent, while that for personal income tax (PIT) increased 30.46 per cent.

"The provisional figures of direct tax collections up to 10th January, 2023 continue to register steady growth. Direct tax collections up to 10th January, 2023 show that gross collections are at ₹14.71 lakh crore which is 24.58 per cent higher than the gross collections for the corresponding period of last year," the Central Board of Direct Taxes (CBDT) said in a statement.

Refunds amounting to ₹2.40 lakh crore have been issued between April 1, 2022, to January 10, 2023, which are 58.74 per cent higher than refunds issued during the same period last year.