India's gross direct tax collections rose almost 30.7% to over £105 billion in the financial year up to November 10, with the mop-up so far reaching 61% of Budget estimates. The latest numbers released by CBDT indicated that the growth rate in gross collections, which has moderated to 24%, has picked up again. The financial year began with a 40% jump in June and had slowed to 30% in the fiscal year up to September 17.
Net collections, which is after refunds, rose 25.7% to over £81 billion, with refund payment between April and November 10, 2022 estimated to have grown over 61% to more than £18 billion.
In gross terms, so far this year, personal income tax has grown by almost 41%, while corporation tax collections are 22% higher. After adjusting for refunds, the net growth in corporation tax collections is pegged at 24. 5%, while personal income tax is estimated to have gone up by 27% (including securities transaction tax), CBDT said in a statement.
