In the case of tax collection before the budget, there is good news for both the government and the tax payers. The gross direct tax collection of the country has increased by about 25 percent in the current financial year 2022-23.
According to the data till January 10, the tax collection has increased by 24.58 percent to Rs 14.71 lakh crore. Net tax collection after refund stood at Rs 12.31 lakh crore. This is 19.55 percent more than the same period of the last financial year.
Tax collection 86.68% of the total budget estimate
Tax payers can get the benefit of this increase in tax collection in the form of income tax exemption in the budget. The tax collection is 86.68 percent of the total budget estimate for the current financial year. During the financial year 2022-23, the tax collection was estimated to be Rs 14.20 lakh crore. On a gross basis, Corporate Income Tax (CIT) collections grew by 19.72 per cent, while Personal Income Tax (PIT) grew by 30.46 per cent.
2.40 Lakh Crore Refunds Issued The Central Board of Direct Taxes (CBDT) said in the statement, the initial figures of tax collection till January 10, 2023 show a steady growth. According to CBDT, the direct tax collection in direct tax collection during this period was Rs 14.71 lakh crore, which is 24.58 percent more than the same period last year. After adjusting refunds, there was a net increase of 18.33 per cent in CIT collections. According to the statement, between April 1, 2022 and January 10, 2023, refunds worth Rs 2.40 lakh crore have been issued. This figure is also 58.74 percent higher on an annual basis.
Income tax exemption limit will increase this time
Experts are hopeful that this time the effect of encouraging tax collection figures can be seen in the budget of the year 2023-24. On February 1, 2023, the general budget of the country is to be presented by Finance Minister Nirmala Sitharaman. This is the last full budget of the government before the Lok Sabha elections. In such a situation, it is expected that this time the government can increase the income tax exemption limit from Rs 2.5 lakh to Rs 5 lakh.
