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Direct tax collection in India

Published on January 13, 2023
Current Context: According to government statistics, the gross direct tax collections for the country for the current fiscal year (FY2023) up till January 10 increased by 24.58% to Rs 14.71 lakh crore. This compares favorably to the gross collections made during the same period the previous year.
Direct tax collection in India
  • The provisional direct tax collection data, according to the finance ministry, show a continued steady rise.
  • Net direct tax collection after adjusting refunds was Rs 12.31 lakh crore, which is 19% more than what was collected during the same period the year before. By January 10, the Centre's direct tax receipts, net of refunds, had attained 86.7% of the budgetary goal for 2022–23, the finance ministry reported on January 11.
  • The government collected Rs 14.71 lakh crore in gross direct tax revenue between April 1, 2022, and January 10, 2023, according to a statement from the ministry. According to estimates from the Centre, it will get direct tax revenues of Rs 14.2 lakh crore in 2022–23—Rs 7.2 lakh crore from corporate tax and Rs 7 lakh crore from personal income tax.
  • The net growth in corporate income tax (CIT) and personal income tax (PIT) revenues after rebate adjustments is 18.33% and 21.64%, respectively, according to the finance ministry.
  • The government will benefit from the strong growth in direct tax collections because indirect tax receipts are also increasing. The total amount of Goods and Services Tax collected in December was Rs 1.5 lakh crore, up 2.5% from November to December and 15.2% from December 2021, according to data released on January 1.
  • The average monthly GST collections for the financial year 2022–23 have been Rs 1.49 lakh crore, up 20.5% from the monthly average for 2021–22.

Question: 

Q.1 What are, the gross direct tax collections for the country for the current fiscal year (FY2023) according to government statistics?
a. 14.75 lakh crore
b. 14.72 lakh crore
c. 14.71 lakh crore
d. 14.73 lakh crore
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