Direct Tax Revenues Skyrocket Under Modi Government: A Decade of Growth

Direct tax collections have surged significantly, rising by 182% to over Rs 19.60 lakh crore between 2014-15 and 2023-24 under Prime Minister Narendra Modi's government. Corporate tax collections more than doubled, while personal income tax nearly quadrupled. The number of income tax returns and taxpayers increased dramatically over the ten years.

In a significant development under Prime Minister Narendra Modi's tenure, direct tax collections have experienced a steep rise of 182%, reaching over Rs 19.60 lakh crore during the 2023-24 fiscal year, as compared to figures from a decade ago.

The recently published 'Time Series Data' by the income tax department revealed that corporate tax collections more than doubled, tallying over Rs 9.11 lakh crore in the same period. Meanwhile, the personal income tax collection saw nearly a fourfold increase, reaching Rs 10.45 lakh crore.

Back in the first fiscal year of the Modi government, 2014-15, direct tax collections stood at about Rs 6.96 lakh crore. Concurrently, the direct tax-to-GDP ratio improved from 5.55% in 2014-15 to 6.64% in 2023-24, highlighting enhanced revenue mobilisation efficiency.

(With inputs from agencies.)