Over the 10-year period of Prime Minister Narendra Modi’s government, direct tax collections have surged by 182%, reaching over ₹19.60 lakh crore in the fiscal year 2023-24. According to the latest “Time Series Data” from the income tax department, corporate tax collections more than doubled to over ₹9.11 lakh crore in this period, while personal income tax revenue nearly quadrupled to ₹10.45 lakh crore.
In 2014-15, the first year of Modi’s tenure, total direct tax collections were about ₹6.96 lakh crore, with corporate taxes contributing ₹4.29 lakh crore and personal income taxes ₹2.66 lakh crore. The number of income tax returns filed, including revised ones, also saw a significant increase, growing from 4.04 crore in 2014-15 to over 8.61 crore in 2023-24.
Other notable metrics include:
- Direct tax-to-GDP ratio: Improved from 5.55% in 2014-15 to 6.64% in 2023-24, reflecting stronger tax collection relative to the size of the economy.
- Tax buoyancy: A key indicator that measures the efficiency of revenue collection in relation to GDP growth, rose from 0.86 to 2.12 during this period, showing that tax revenues have outpaced economic growth.
- Number of taxpayers: Increased from 5.70 crore in the assessment year (AY) 2014-15 to 10.41 crore in AY 2023-24, nearly doubling the taxpayer base.
These figures highlight the government’s efforts to improve tax compliance and broaden the tax base, leading to significant growth in revenue collections over the last decade.
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