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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 growth of 8.42%. This increase in collections highlights the efficiency and effectiveness of the tax administration and reflects a growing taxpayer base. Direct tax buoyancy, which measures the respons
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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.
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