New Delhi, Oct 17: Direct tax collections have soared by 182% over the past decade, reaching over ₹19.60 lakh crore in the 2023-24 fiscal year under Prime Minister Narendra Modi’s government.
According to the latest ‘Time Series Data’ released by the income tax department, corporate tax collections more than doubled to ₹9.11 lakh crore, while personal income tax collections nearly quadrupled to ₹10.45 lakh crore during this period.
In 2014-15, the first fiscal year of the Modi government, direct tax collections stood at ₹6.96 lakh crore, comprising ₹4.29 lakh crore in corporate tax and ₹2.66 lakh crore in personal income tax.
The number of income tax returns filed, including revised returns, has more than doubled, rising from 4.04 crore in 2014-15 to over 8.61 crore in 2023-24.
Additionally, the direct tax-to-GDP ratio improved from 5.55% in 2014-15 to 6.64% in 2023-24. Tax buoyancy, a measure of revenue mobilization efficiency relative to GDP growth, increased significantly from 0.86 to 2.12 over the 10-year span. The total number of taxpayers also grew substantially, from 5.70 crore in Assessment Year (AY) 2014-15 to 10.41 crore in AY 2023-24.
