look news india
Direct tax collection in the last financial year 2023-24 was Rs 19.60 lakh crore. Along with this, an increase of 182 percent has been seen in direct tax collection during the 10-year tenure of Prime Minister Narendra Modi's government.
New time series data released by the Income Tax Department shows that corporate tax collections are set to double in 10 years to more than Rs 9.11 lakh crore in 2023-24.
During this period, personal income tax collection has increased almost four times to Rs 10.45 lakh crore.
In the first year of Modi government, 2014-15, direct tax collection was around Rs 6.96 lakh crore. This included corporate tax of Rs 4.29 lakh crore and personal income tax of Rs 2.66 lakh crore.
The number of income tax returns filed in the financial year 2014-15 was Rs 4.04 crore which increased to Rs 8.61 crore in 2023-24.
The direct tax-to-GDP ratio was 5.55 percent in 2014-15, which has increased to 6.64 percent in 2023-24.
The number of taxpayers was 5.70 crore in assessment year 2014-15, which has increased to 10.41 crore in assessment year 2023-24.