During the 10-year tenure of the government led by Prime Minister Narendra Modi, direct tax collection has increased by 182 percent. Also, the country’s direct tax collection in the last financial year (2023-24) was Rs 19.60 lakh crore. According to Bhasha news, the latest time series data released by the Income Tax Department has shown that corporate tax collection has more than doubled in 10 years to more than Rs 9.11 lakh crore in the financial year 2023-24.
Personal income tax collection nearly quadrupled
According to the news, personal income tax collection has almost quadrupled to Rs 10.45 lakh crore during the financial year 2023-24. In 2014-15, the first year of Modi government, direct tax collection was around Rs 6.96 lakh crore. This included about Rs 4.29 lakh crore corporate tax and Rs 2.66 lakh crore personal income tax. The number of income tax returns (including revised returns) filed increased from 4.04 crore in FY 2014-15 to over 8.61 crore in 2023-24.
Number of taxpayers 10.41 crore
The direct tax-GDP ratio increased from 5.55 per cent in 2014-15 to 6.64 per cent in 2023-24. The number of taxpayers was 5.70 crore in assessment year 2014-15, which increased to 10.41 crore in assessment year 2023-24.
Net direct tax collection till October 10 this year
In the current financial year (2024-25), till October 10, the net direct tax collection has increased by 18.3 percent to about Rs 11.25 lakh crore. This information was given in the government data released on Friday. According to the data, this includes personal income tax collection of Rs 5.98 lakh crore and corporate tax collection of Rs 4.94 lakh crore. Securities Transaction Tax (STT) stood at Rs 30,630 crore, while other taxes (including equalization duty and gift tax) fetched Rs 2,150 crore. The Income Tax Department had collected direct tax collections of Rs 9.51 lakh crore during the same period a year ago.
Refunds worth Rs 2.31 lakh crore were issued between April 1 and October 10, which is an increase of 46 percent. On gross basis, direct tax collections increased by 22.3 percent to Rs 13.57 lakh crore. The collection includes PIT (personal income tax) of Rs 7.13 lakh crore and corporate tax of Rs 6.11 lakh crore.
