India's net direct tax collections surge 182% in decade

India's net direct tax collections skyrocketed 182.02% in a decade to Rs 19.60 lakh crore in FY24, from 6.95 lakh crore in FY15, driven by robust growth in personal income tax, the latest time series data from the Income Tax Department showed.

Personal income tax collections jumped 294.3% to Rs 10.45 lakh crore, from 2.65 lakh crore in FY15, outpacing corporate tax collections, which rose by 112.85% to Rs 9.11 lakh crore from Rs 4.28 lakh crore in FY15.

Tax returns filed surged to 8.61 crore, more than double the 4.04 crore in FY15. Individual tax returns rose to 8.13 crore from 3.74 crore.

The total number of taxpayers, including those who filed returns or had tax deducted at source (TDS), reached 10.41 crore, up from 5.70 crore in FY15.

The tax-to-GDP ratio climbed to 6.64% from 5.55%, with tax buoyancy increasing to 2.12 from 0.86, the data revealed.