Direct Tax Collections Jump 182% in 10 Years to Over Rs 19.60 Trillion in FY24

By: Admin
October 17, 2024
Categories: Income Tax News | News
4 Min Read

Direct tax collections in India have witnessed a remarkable 182% surge, reaching Rs 19.60 trillion in the fiscal year 2023-24 under the Narendra Modi-led government. This growth is highlighted in the latest ‘Time Series Data’ released by the Income Tax Department.

Key figures from the report include:

Corporate tax collections more than doubled over the past decade, rising from Rs 4.29 trillion in 2014-15 to over Rs 9.11 trillion in 2023-24.

Personal income tax collections have seen nearly a four-fold increase, growing from Rs 2.66 trillion in 2014-15 to Rs 10.45 trillion in 2023-24.

The number of income tax returns filed (including revised returns) grew significantly, from 4.04 crore in 2014-15 to 8.61 crore in 2023-24.

The direct tax-to-GDP ratio improved from 5.55% in 2014-15 to 6.64% in 2023-24, reflecting stronger tax revenue relative to the country’s GDP growth.

Tax buoyancy, an indicator of revenue growth efficiency compared to GDP, jumped from 0.86 to 2.12 over the 10-year period.

The number of taxpayers surged from 5.70 crore in Assessment Year (AY) 2014-15 to 10.41 crore in AY 2023-24.

This massive rise in direct tax collections highlights the government’s efforts toward better tax compliance and robust revenue mobilisation.

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