Direct tax collections jump 182% in 10 years to more than ₹19.60 lakh crore in FY24

The latest 'Time Series Data' released by the Income Tax Department showed that the corporate tax collections more than doubled to more than ₹9.11 lakh crore in 10 years to 2023-24 fiscal

Direct tax collections have surged 182% to more than ₹19.60 lakh crore in 2023-24 in the 10-year period of Prime Minister Narendra Modi-led government.

The latest 'Time Series Data' released by the Income Tax Department showed that the corporate tax collections more than doubled to more than ₹9.11 lakh crore in 10 years to 2023-24 fiscal. Personal income tax mop up grew close to four-fold to ₹10.45 lakh crore during the period.

In the first year of the Modi government in 2014-15, direct tax collection was about ₹6.96 lakh crore. This included about ₹4.29 lakh crore of corporate tax and ₹2.66 lakh crore of personal income tax.

The number of income tax returns filed (including revised returns) increased from more than 4.04 crore in 2014-15 fiscal to more than 8.61 crore in 2023-24.

Direct tax-to-GDP ratio increased from 5.55% in 2014-15 to 6.64% in 2023-24. Tax buoyancy, which measures revenue mobilisation efficiency with respect to GDP growth, increased from 0.86 to 2.12 in the 10-year period. The number of taxpayers increased from 5.70 crore in Assessment Year (AY) 2014-15 to 10.41 crore in 2023-24 AY.

Published - October 17, 2024 05:08 pm IST