• Notification Date: 12-11-2022
• Notification No: N/A

Gross Tax Collection rises to Rs.10.54 crore in present Fiscal

The Gross Tax collection in the present fiscal has risen by the margin of 31 per cent, the amount being Rs.10.54 lakh crore till date. According to the statement of the Finance Ministry, the net collection of the direct taxes, which includes both personal as well as corporate taxes, is pegged at Rs.8.71 lakh crore after adjusting for refunds in the present financial year. Driven by personal income tax mop-up, the amount covers 61.31 per cent of the entire budget.

The Finance Ministry reports that about Rs.1.83 lakh crore has been released as refunds between April 1 and November 10. The ministry remarked in a statement that the Direct Tax collections until November 10 amounts to the gross collection of Rs.10.54 lakh crore. The gross collection of the current fiscal is almost 30.69 per cent higher than that of the previous year.

Gross Corporate Tax and Personal Income Tax (PIT) collections have grown by 22.03 per cent and 40.64 per cent respectively than the previous year.