Central Board of Direct Taxes (CBDT) on 11th March 2023 issued the tax collection for the Fiscal Year 2022-203. Gross collections from direct taxes as of the 10th of March 2023 totalled Rs. 16.68 lakh crore, up 22.58% from gross collections during the same period last year.
Net of refunds, direct tax receipts are Rs. 13.73 lakh crore, which is 16.78% more than net collections for the same period previous year. This collection represents 83.19% of the overall revised estimates of direct taxes for the fiscal year 2022–2023 and 96.67% of the total budget estimates.
When it comes to the growth rates for Corporate Income Tax (CIT) and Personal Income Tax (PIT), CIT is up 18.08% while PIT (including STT) is up 27.57% in terms of gross revenue collections.
As per the CBDT release, the net growth in CIT collections is 13.62% after refund adjustments, whereas the net growth in PIT collections is 20.73% (PIT only)/20.06% (PIT including STT).
Between 1st April 2022 and 10th March 2023, reimbursements of Rs. 2.95 lakh crore were granted, which is 59.44% more than what was done during the same time period the year before.
The establishment of the Board for Advance Ruling (BAR) for Direct Taxes on February 6, 2023 was announced recently by the Central Board of Direct Taxes (CBDT) in its new notification.
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