The Finance Ministry said on Sunday that the gross tax receipts for the federal government have increased by 24% year over year for the current fiscal year.
Net revenues increased by 16% year over year to Rs 7.45 lakh crore, exceeding the FY23 Budget Estimate by more than 52%.
According to the government, tax receipts as of October 8 were Rs. 8.98 lakh crore, which is 23.8% more than the gross receipts for the same period the previous year.
Direct tax receipts after refunds totalled Rs. 7.45 lakh crore, a 16.3% increase over net receipts for the same time the previous year.
According to the government, “this collection is 52.46% of the entire Budget Estimates of Direct Taxes for FY 2022-23.”
While the personal income tax (PIT) growth rate is 32.30%, the corporate income tax (CIT) growth rate is 16.73%. Following the adjustment for refunds, the net growth in CIT and PIT collections is 16.29% and 17.35%, respectively.
During the time frame of 1 April 2022 to 8 October 2022, refunds of Rs. 1.53 lakh crore were issued, which is an increase of 81% above refunds issued during the same time period the previous year.