NEW DELHI: Direct tax collections registered a progress of 182% over the previous decade, with internet collections surging from Rs 6.95 lakh crore in FY15 to Rs 19.60 lakh crore in FY24. The progress is primarily attributed to rise in private earnings tax collections, which elevated by 294.3%, reaching Rs 10.45 lakh crore in FY24 in contrast to Rs 2.65 lakh crore in FY15.
Additionally, the company tax collections elevated 112.85%, rising from Rs 4.28 lakh crore in FY15 to Rs 9.11 lakh crore in FY24.
The variety of earnings tax returns filed, together with revised returns elevated from over 4.04 crore in the 2014-15 fiscal yr to greater than 8.61 crore in 2023-24.
Moreover, the direct tax-to-GDP ratio has improved from 5.55 per cent in 2014-15 to 6.64 per cent in 2023-24, indicating a stronger contribution of direct taxes to the nation’s financial progress. The tax buoyancy, a measure of income mobilisation effectivity in relation to GDP progress, has additionally elevated from 0.86 to 2.12 throughout this era, showcasing the effectiveness of tax assortment efforts.
The variety of taxpayers has expanded from 5.70 crore in the Assessment Year (AY) 2014-15 to 10.41 crore in the 2023-24 AY, reflecting a broader tax base and elevated participation in the formal financial system.
