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Friday, May 24, 2024

Gross Direct Tax Collection Increased 23.8% to Rs. 8.98 lakh crore

The gross collection of direct taxes till October 8 stood at Rs 8.98 crore, which is 23.8 percent higher than the gross collection for the same period of the previous year.

Direct tax revenue after the refund was Rs. 7.45 million crowns, which is an increase of 16.3 percent compared to the net income for the same period last year.

This collection represents 52.46 percent of the total direct tax budget estimates for 2022-2023.

Between April 1 and October 8, refunds totaling Rs. 1.53 million crowns were given out, which is an 81 percent increase over the amount given out in the same time period of the previous year.

Regarding the growth rate of Corporate Income Tax (CIT) and Personal Income Tax (PIT), the growth rate of CIT in terms of gross income collection is 16.73 percent, while the growth rate of PIT (including STT) is 32.30 percent.

Adjusted for refunds, the net growth in the DPPO collection is 16.29 percent and 17.35 percent in the DPPO collection.

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