Net direct tax collection grows 24% to Rs 8.77 lakh cr; nears 62% of Budget Estimates

The collection from the levy of tax on goods and services sold (GST) has flattened to around Rs 1.45-1.50 lakh crore per month

FPJ Web DeskUpdated: Monday, December 12, 2022, 12:37 PM IST
article-image
Image credit: Wikipedia (Representative)

The net direct tax collection grew 24 per cent to Rs 8.77 lakh crore in the April-November of the current fiscal, the Finance Ministry said on Monday.

This represents 61.79 per cent of the full-year Budget Estimates (BE) of direct tax collection for 2022-23 (April-March).

"Direct tax collection net of refund stands at Rs 8.77 lakh crore as of November 30, which is 24.26 per cent higher than the net collection for the corresponding period last year," the ministry tweeted.

The collection accounts for 61.79 per cent of Budget Estimates for FY 2022-23.

The Budget estimated direct tax collection at Rs 14.20 lakh crore this fiscal, higher than Rs 14.10 lakh crore collected last fiscal (2021-22). Tax on corporate and individual income makes up for direct taxes.

Tax collection is an indicator of economic activity in any country.

The collection from the levy of tax on goods and services sold (GST) has flattened to around Rs 1.45-1.50 lakh crore per month.

Refunds amounting to Rs 2.15 lakh crore were issued between April 1 and November 30, which is about 67 per cent higher than the last year.

(If you have a story in and around Mumbai, you have our ears, be a citizen journalist and send us your story here. )

(To receive our E-paper on WhatsApp daily, please click here.  To receive it on Telegram, please click here. We permit sharing of the paper's PDF on WhatsApp and other social media platforms.)

RECENT STORIES

Petrol, diesel prices, Jan 27: Check rates in Mumbai, Delhi, Chennai and other cities

Petrol, diesel prices, Jan 27: Check rates in Mumbai, Delhi, Chennai and other cities

Opening Bell: Indices open lower; Sensex falls 237 points, Nifty around 17800

Opening Bell: Indices open lower; Sensex falls 237 points, Nifty around 17800

Mumbai-based GTL named in FIR by CBI over Rs 4,700 cr bank fraud

Mumbai-based GTL named in FIR by CBI over Rs 4,700 cr bank fraud

Pakistani rupee crashes 9.6% to all-time low of 255.4 against US dollar after devaluation

Pakistani rupee crashes 9.6% to all-time low of 255.4 against US dollar after devaluation

Crisis-hit Pakistan turns to US for help with unlocking IMF loans

Crisis-hit Pakistan turns to US for help with unlocking IMF loans