India’s direct tax collections have surpassed revised estimates by more than ₹1 lakh crore.

Net direct tax collections up to March 16 of the current fiscal year (FY22) were 13.63 lakh crore, a growth rate of more than 48.4%, official data released Thursday showed.

Prepayments for FY22, including the fourth tranche in March, were ₹6.63 lakh crore, a growth rate of about 41%, underlining the ongoing economic recovery even after the second Covid-19 wave.

With 14 days to go, officials expect the numbers to rise even further.

“This amount is expected to increase as more information is expected from the banks. Repayments of ₹1,87,325.9 crore have also been issued in FY22 so far,” the Treasury Department said in a statement.

The Center had budgeted direct tax collections of 11.08 lakh crore for FY22, which was revised to ₹12.50 lakh crore when the budget for FY23 was presented in February.

“This has exceeded our expectations. This offsets the delay in the divestment target and also provides a buffer for additional spending,” said a senior finance ministry official.

Experts said the additional collections would help meet some of the third additional demand for grants.

“We expected direct tax collections to exceed revised estimates by about 50,000 crore. So the number released today is much higher than that and will help meet some of the third additional spending demand for grants in terms of the higher spending,” said Aditi Nayar, chief economist at ICRA.

The net direct tax collections include corporate income tax of 7.19 lakh crore and personal income tax along with securities transaction tax of 6.40 lakh crore.

Gross direct tax collection for FY22 (as of March 16) stands at ₹15.50 lakh crore crore compared to ₹11.20 lakh crore in the corresponding period last fiscal year.

Of the gross tax collection, the tax withheld at source was ₹6.87 lakh crore, self-assessment tax of ₹1.34 lakh crore, regular assessment tax of 55,249.5 crore; dividend distribution tax of 7,486.6 crore and tax among other small heads of 3,542.1 crore.

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