Quick Summary
India's direct tax collections reached a significant milestone in FY24, contributing 6.64% to the country's GDP - A 24-year high. According to data released by the Central Board of Direct Taxes (CBDT), direct tax collections for the year surged by 17.82%, substantially outpacing the nominal GDP grow
Daily Limit Reached
You have reached your daily limit of 2 Free News
Subscribe to CCI PRO for unlimited access
Why Upgrade to CCI PRO?
- No Ads
- WhatsApp Community
- Daily E-Newsletter
- Unlimited News Access
- Profile Visitors
- Link Social Profiles
- Featured Job Posts
- Pro Badge
- Expert GST Guidance
- Unlimited Forum Replies
- Download Content in PDF
BEST VALUE
2 YEAR PLAN
3,499
(Excl. of GST ₹629)
1 YEAR PLAN
1,999
(Excl. of GST ₹359)
3 MONTHS PLAN
999
(Excl of GST ₹179)
View all CCI PRO benfits
Already a PRO member? Login here for an ad-free experience.
FAQ :
In FY24, direct tax collections reached 6.64% of India's GDP, the highest proportion seen in 24 years, indicating a strong contribution to the national economy.
Direct tax collections surged by 17.82%, significantly outperforming the nominal GDP growth of 8.42% in FY24.
Personal income tax collections experienced a remarkable rise of 25.4% in FY24, amounting to Rs 10.45 trillion, surpassing corporation tax.
The total direct tax collections for FY24 amounted to Rs 19.6 trillion, with gross collections before refunds reaching Rs 23.4 trillion.
Maharashtra led state-wise contributions, generating Rs 7.61 trillion, which is over 40% of the total direct tax revenue from states.
Yes, the administrative cost of collecting direct taxes has fallen to a 23-year low of 0.44% in FY24, indicating enhanced efficiency.
CAclubindia
