According to data issued by the Finance Ministry on Monday, gross direct tax receipts (provisional) for 2022–23 would be Rs 19.68 lakh crore, up 20.33 percent.
During 2022–2023, the preliminary direct tax receipts were 0.69 percentage points higher than the revised predictions. Direct tax revenue budget estimates (BE) for the Federal Budget for 2022–2023 were originally set at Rs. 14.20 lakh crore but were later increased to Rs. 16.50 lakh crore.
The preliminary direct tax receipts (net of refunds) have surpassed both the budget and revised expectations by 16.97% and 0.69%, respectively.
According to preliminary data on direct tax collections for 2022–2023, net collections are at Rs. 16.61 lakh crore, up from Rs. 14.12 lakh crore in 2021–2022—a 17.63% rise.
Before accounting for refunds, the preliminary gross direct tax revenues for 2022–23 are Rs. 19.68 lakh crore, representing an increase of 20.33 percent over the gross collections of Rs. 16.36 lakh crore in 2021–22.
A gain of 16.91% over the gross corporation tax revenues of Rs 8,58,849 crore the year before, the gross corporate tax collections (provisional) for 2022–23 are Rs 10,04,118 crore.