Direct tax collection grew by 182 per cent in 10 years, with 19.60 lakh crore in 2023-24

New Delhi| The country’s direct tax collection has been Rs 19.60 lakh crore in the last financial year (2023-24). In this way, direct tax collection has increased by 182 percent in the 10-year tenure of the government led by Prime Minister Narendra Modi.

New ‘time series data’ released by Income Tax Department showed that corporate tax collection more than doubled in 10 years to more than Rs 9.11 lakh crore in 2023-24. During this period, personal income tax collection almost quadrupled to Rs 10.45 lakh crore.

In the first year of Modi government’s tenure, 2014-15, direct tax collection was around Rs 6.96 lakh crore. About Rs 4.29 lakh crore came in the form of corporate tax and Rs 2.66 lakh crore was collected as personal income tax.

The number of income tax returns filed (including revised returns) increased from 4.04 crore in FY 2014-15 to over 8.61 crore in 2023-24. The direct tax-GDP (gross domestic product) ratio increased from 5.55 per cent in 2014-15 to 6.64 per cent in 2023-24. Talking about the number of taxpayers, it was 5.70 crore in the assessment year 2014-15 which increased to 10.41 crore in the assessment year 2023-24.