Quick Summary
India's direct tax collections have seen an unprecedented surge of 182% in the decade under Prime Minister Narendra Modi's leadership, crossing ₹19.60 trillion in the fiscal year 2023-24. According to the latest 'Time Series Data' released by the Income Tax Department, corporate tax collections more than doubled to ₹9.11 trillion, while personal income tax nearly quadrupled, reaching ₹10.45 trillion during the same period. In comparison, during the Modi government's first fiscal year, 2014-15
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FAQ :
Direct tax collections for the fiscal year 2023-24 reached ₹19.60 trillion.
Direct tax collections have grown by 182% in the last 10 years.
Corporate tax collections stood at ₹9.11 trillion, while personal income tax collections reached ₹10.45 trillion in FY24.
The number of income tax returns filed has more than doubled, rising from 4.04 crore in 2014-15 to over 8.61 crore in 2023-24.
The tax-to-GDP ratio improved to 6.64% in 2023-24, up from 5.55% in 2014-15.
The total number of taxpayers grew significantly from 5.70 crore in AY 2014-15 to 10.41 crore in AY 2023-24.
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