Gross direct tax collection rises 30% YoY to ₹10.93 lakh cr in Apr-Nov 2022

Gross direct tax collection rises 30% YoY to ₹10.93 lakh cr in Apr-Nov 2022

• By Staff Writer

Out of a population of more than 130 crore, a little more tha eight crore people in India pay direct taxes, which includes income tax, property tax and tax on assets. Thanks to government's efforts to increase compliance and increase revenue, gross direct tax collections as of November in 2022-23 surged by almost 30 per cent to hit ₹10,93,385 crore compare to around ₹8,43,301 crore for the same period of last year.

The economy's performance, implementation of direct tax laws and better administration have helped increase revenue from taxes. This brings government closer to the Rs 14,20,000 crore direct tax collection target that it has set for 2022-23.

The total direct tax collected in FY23 till November reached ₹8,77,470 crore, while it hit ₹14,12,422 crore in 2021-22, and in 2020-21 it stayed at ₹9,47,176 crore amid the pandemic.