income tax surge – Bharat Pulse News

India’s net direct tax collections have witnessed a staggering increase of 182.02% over the last decade, reaching ₹19.60 lakh crore in FY24, compared to ₹6.95 lakh crore in FY15, according to the latest data released by the Income Tax Department. The remarkable rise has been fueled primarily by strong growth in personal income tax collections, which surged by nearly 300% during the same period. Surge in Personal Income Tax Collections The personal income tax collections in FY24 rose to ₹10.45 lakh crore, up from ₹2.65 lakh crore in FY15, representing a nearly three-fold increase. This exceptional growth in personal income tax has outpaced the increase in corporate tax collections, which grew by 112.85%, reaching ₹9.11 lakh crore from ₹4.28 lakh crore in FY15. Direct Tax Share Reaches 14-Year High The contribution of direct taxes to India’s total tax revenue climbed to 56.72% in 2023-24, marking the highest share in 14 years. Additionally, the direct tax-to-GDP ratio hit a two-decade high of 6.64%, signifying a stronger contribution of taxes to the overall economic output. The time-series data, released by the Central Board of Direct Taxes (CBDT), also highlighted that FY24 was the second consecutive year in which personal income tax collections exceeded corporate tax collections. Rise in Income Tax Filers India also saw a notable rise in income tax return filers, with the number of taxpayers increasing from 7.4 crore in FY23 to 8.09 crore in FY24. Furthermore, the total number of taxpayers for assessment year 2023-24 rose to 10.41 crore, a significant jump from the 9.37 crore in the previous year. Tax buoyancy, which measures the growth rate of taxes relative to the nominal growth rate of the economy, also improved significantly, increasing to 2.12 in FY24 from 1.18 in the previous fiscal year.

India’s Direct Tax Collections Surge 182% Over a Decade, Reach ₹19.6 Lakh Crore in FY24

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