Direct tax collections have soared by 182% over the past decade, exceeding ₹19.60 trillion in the fiscal year 2023-24 under Prime Minister Narendra Modi’s administration.
According to the latest “Time Series Data” released by the income tax department, corporate tax revenues have more than doubled, reaching over ₹9.11 trillion, while personal income tax collections have nearly quadrupled to ₹10.45 trillion during this period.
In the inaugural year of Modi’s government, 2014-15, direct tax collections stood at approximately ₹6.96 trillion, comprising around ₹4.29 trillion from corporate tax and ₹2.66 trillion from personal income tax.
The number of income tax returns filed, including revised submissions, has surged from over 4.04 crore in 2014-15 to more than 8.61 crore in 2023-24.
Additionally, the direct tax-to-GDP ratio has risen from 5.55% in 2014-15 to 6.64% in 2023-24. Tax buoyancy, which gauges the efficiency of revenue mobilization relative to GDP growth, has improved from 0.86 to 2.12 over the same decade.
The taxpayer base has also expanded significantly, increasing from 5.70 crore in Assessment Year 2014-15 to 10.41 crore in Assessment Year 2023-24.
MUST READ: Nestle India Q2 Results: Net Profit Decreases Marginally
