Summary:

Direct tax revenues increased by 182% to approximately US$ 233.25 billion (Rs. 19.60 trillion) in FY24, marking significant growth under Prime Minister Modi's decade-long rule. According to the Income Tax Department's most recent "Time Series Data," corporate tax revenues doubled to more than US$ 108.41 billion (Rs. 9.11 trillion), while personal income tax revenue nearly quadrupled to US$ 124.36 billion (Rs. 10.45 trillion). In FY15, direct tax collection was around US$ 82.83 billion (Rs. 6.96 trillion).

The number of income tax returns filed, including amended filings, rose from over 4.04 crore in FY15 to more than 8.61 crore in FY23. The direct tax-to-GDP ratio increased from 5.55% in FY15 to 6.64% in FY23. Furthermore, tax buoyancy, which measures revenue mobilization efficiency in relation to GDP growth, increased from 0.86 to 2.12 during this period, while the total number of taxpayers grew from 5.70 crore to 10.41 crore.

Source: IBEF 

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