New Delhi:  Net direct tax collections rose by 18 percent to Rs 16.61 lakh crore in 2022-23 fiscal, exceeding the revised estimates (RE). The gross collection of direct taxes (before adjusting for refunds) for 2022-23 stands at Rs 19.68 lakh crore, a growth of 20.33 percent over the gross collection of Rs 16.36 lakh crore in FY2021-22, the finance ministry said.

The provisional figures of direct tax collections for the financial year (FY) 2022-23 show that net collections are at Rs 16.61 lakh crore, compared to Rs 14.12 lakh crore in the preceding FY 2021-22, representing an increase of 17.63 percent, the ministry said in a statement. (Also Read: Latest Bank Fixed Deposit Rates 2023: ICICI vs HDFC vs PNB FD Rate Compared)

The Budget Estimates (BE) for direct tax revenue in the Union Budget for 2022-23 were fixed at Rs 14.20 lakh crore, and the Revised Estimates (RE) were pegged higher at Rs 16.50 lakh crore.

The net direct tax collections, which include taxes from individuals and corporations, have exceeded the BE by 16.97 percent and RE by 0.69 percent, the ministry added.

Refunds worth over Rs 3.07 lakh crore were issued in 2022-23, which ended on March 31.