The net direct tax collection so far this fiscal grew 17 per cent to reach Rs 13.73 lakh crore, which is 83 per cent of the revised target for the full financial year, the Central Board of Direct Taxes (CBDT) said in a release.

On a gross basis, the collection grew 22.58 per cent to Rs 16.68 lakh crore.

Though the statement has not given reasons for better collection, officials said economic recovery, rise in income and profit and better compliance contributed to the increase in the collections.

The income tax department is hoping for better-than-expected collections from the fourth instalment of advance tax and the entire presumptive taxation portion, due on March 15.

Refunds amounting to Rs 2.95 lakh crore have been issued during April 1, 2022 to March 10, 2023, which are 59.44 per cent higher than refunds issued during the same period in the preceding year.

Direct tax collection, net of refunds, stands at Rs 13.73 lakh crore, which is 16.78 per cent higher than the net collections for the corresponding period of last year.

This collection is 96.67 per cent of the total budget estimates and 83.19 per cent of the total revised estimates of direct taxes for the financial year 2022-23, the CBDT said.

Godrej to raise Rs 1,000cr

New Delhi: Godrej Industries, part of the Godrej group, plans to raise Rs 1,000 crore through an issue of bonds on a private placement basis.

“The management committee of the board of directors has on March 10 approved the placement memorandum/ information memorandum for issuance of up to 1 lakh rated, listed, unsecured, redeemable, NCDs (non-convertible debentures) having face value of Rs 1 lakh only each, aggregating up to Rs 1,000 crore on a private placement basis,” said Godrej Industries in a regulatory filing on Friday.

The issue has been divided into two tranches of 25,000 NCDs with a face value of Rs 1 lakh each.

PTI