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

India's direct tax collection rises

For the fiscal year FY23, India’s direct tax collection increased significantly. In the aforementioned fiscal, net collections increased by 17.63% YoY to a total of 16.61 crore. Also, the collections have surpassed budgetary projections by a staggering $2,411,000 crore.

In the fiscal year FY22, the nation collected 14.12 lakh crore in direct taxes. The budgeted estimates (BE) for direct tax for fiscal year FY23 were revised to the revised estimates (RE), which were set at Rs. 16.50 lakh crore.

Nonetheless, the direct tax receipts (net of refunds) have surpassed the BE by Rs. 2,411,000 crore, or 16.97%. It has now surpassed the RE by 0.69%.

Moreover, the gross direct tax revenues in FY23 were Rs19.68 lakh crore compared to Rs16.36 lakh crore in FY 2021–22, representing a growth of 20.33% year–on–year.

Corporate tax collections made for 10.04,118 crore (gross) of the total gross tax receipts, up 16.91% year over year.

Although the gross amount of personal tax revenue collected in FY23 was 9,60,764 crore, representing a 24.23% YoY gain.

Gross corporate tax revenues were $8,58,849 crore and gross personal tax collections were $7,73,389 crore in FY22, respectively. The total amount of refunds given in FY23 is 3,07,352 crore, an increase of 37.42% over the reimbursements of 2,23,658 crore issued in FY 2021–22.