India’s direct tax revenue for FY23 increased by 26% to $13.63 billion.

For the fiscal year 2022–2023, India’s gross direct tax receipts increased by 25.90%. As of December 17, 2022, the gross collection was 13,63,649 crore, according to the Income Tax Department of India. It was at 10,83,150 crore in the corresponding period of last year.

Corporation tax (CIT) at 7,25,036 crore and personal income tax (PIT), including STT at 6,35,920 crore, are included in the total revenue collection of 13,63,649 crore.

The robust tax mop-up indicates that the economy has recovered from its pandemic lows with increased corporate and individual earnings.

This fiscal year saw an increase in net tax revenue as well. The I-T department’s most recent data show that in FY2022-23, the net collection increased by 19.81%.

It was Rs.11,35,754 crore, 80% of the full-year Budget target, compared to Rs.9,47,959 crore in the same period of the prior financial year.

Corporation Tax (CIT) at 6,06,679 crore (net of refund) and Personal Income Tax (PIT), including Securities Transaction Tax (STT) at 5,26,477 crore, make up the net direct tax collection of 11,35,754 crore (net of refund).

On the other hand, a growth of 12.83% was seen in the cumulative advance tax collections for the first, second, and third quarters of the FY 2022–23, which totaled 5,21,302 crores compared to advance tax collections of 4,62,038 crores for the same period of the FY 2022.

The CIT at 3,97,364 crore and the PIT at 1,23,936 crore in the advance tax collection total of 5,21,302 crore.