The Central Board of Direct Taxes (CBDT) said on Saturday, March 11 that between 1 April 2022 and 10 March 2023, India's net direct tax revenues increased by 17% to Rs. 13.73 lakh crore, or 83% of the revised target for the entire fiscal year.

Between 1 April of last year and 10 March of this year, reimbursements of Rs. 2.95 lakh crore were granted, which is 59.44 percent more than what was done during the same time period the year before.

Direct tax revenue, after refunds, were Rs 13.73 lakh crore, which is 16.78% more than the net revenues for the same time previous year. Personal Income Tax (PIT) collections were the main driver of the increase in the direct tax mop-up, which consists of business and personal income taxes. Gross revenue increased by 22.58 percent to Rs. 16.68 lakh crore.

According to a CBDT press statement, this collection represents 83.19 percent of the revised direct tax estimates for the fiscal year 2022–2023 and 96.67 percent of the entire budget estimates.

The net growth in CIT (Corporate Income Tax) collections after refund adjustments is 13.62%, while that in PIT collections including STT (Securities Transaction Tax) is 20.06%, according to the statement.

In 2022–2023, the Central Government is most likely to reach its revised target of Rs. 16.5 lakh crore for direct tax collection.

Due to quarterly and annual closures, tax collections often climb significantly in March, and the government hopes to meet the update.

States getting Rs.1.40 lakh cr tax devolution amount from Centre

GDP growth may mark at about 4% in Q4: Report

Centre brings basic customs duty exemption on whole pigeon pea