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Business News/ News / India/  India's direct tax collection rises to 16.61 lakh cr in FY23, exceeds budgeted estimates by 17%
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India's direct tax collection rises to ₹16.61 lakh cr in FY23, exceeds budgeted estimates by 17%

Of the total gross tax collections, corporate tax collections stood at ₹ ₹10,04,118 crore (grossly), rising by 16.91% YoY.
  • Personal tax collection in FY23 on a gross basis came at ₹9,60,764 crore, garnering 24.23% YoY growth.
  • For financial year FY23, the budgeted estimates (BE) for direct tax stood at ₹14.20 lakh crore which were revised and the Revised Estimates (RE) were fixed at Rs.16.50 lakh crore.Premium
    For financial year FY23, the budgeted estimates (BE) for direct tax stood at 14.20 lakh crore which were revised and the Revised Estimates (RE) were fixed at Rs.16.50 lakh crore.

    India recorded strong growth in direct tax collection for the financial year FY23. The net collections stood at 16.61 crore in the said fiscal, registering a growth of 17.63% YoY. Also, the collections have exceeded budgeted estimates by a whopping 2.41 lakh crore.

    The country's direct tax collections stood at 14.12 lakh crore in the financial year FY22.

    For financial year FY23, the budgeted estimates (BE) for direct tax stood at 14.20 lakh crore which were revised and the Revised Estimates (RE) were fixed at Rs.16.50 lakh crore.

    That being said, the direct tax collections (net of the refunds) have exceeded the BE by 2.41 lakh crore i.e. by 16.97%. Meanwhile, it has exceeded the RE by 0.69%.

    Furthermore, the gross collections of direct taxes came in at 19.68 lakh crore in FY23 compared to the collections of Rs16.36 lakh crore in FY 2021-22 --- registering a growth of 20.33% year-on-year.

    Of the total gross tax collections, corporate tax collections stood at 10,04,118 crore (grossly), rising by 16.91% YoY.

    While personal tax collection in FY23 on a gross basis came at 9,60,764 crore, garnering 24.23% YoY growth.

    In FY22, gross corporate tax and personal tax collections were at 8,58,849 crore and 7,73,389 crore respectively.

    Lastly, in FY23, refunds worth 3,07,352 crore have been issued in FY23, up by 37.42% over the refunds of 2,23,658 crore issued in FY 2021-22.

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    Published: 03 Apr 2023, 07:40 PM IST
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