India's Net Direct Tax Collections Jump 160.5% In 10 Years; Tax Mop-Up At Rs 16.6 Lakh Crore In FY23

India’s net direct tax collections jumped 160.52 per cent to Rs 16,63,686 crore in 10 years between financial years 2022-23 and 2013-14.

The country’s net direct tax collections had stood at Rs 6,38,596 crore in the financial year 2013-14.

“Gross direct tax collections of Rs 19,72,248 crore in FY 2022-23 have registered an increase of over 173.31 per cent compared to gross direct tax collections of Rs 7,21,604 crore in FY 2013-14,” the finance ministry said in a statement.

India’s direct tax-to-GDP ratio has increased from 5.62 per cent in FY 2013-14 to 6.11 per cent in FY 2022-23.

“The cost of collection has decreased from 0.57 per cent of total collection in the FY 2013-14 to 0.51 per cent of total collection in the FY 2022-23,” it said.

The total number of ITRs filed in FY 2022-23 stands at 7.78 crore showing an increase of 104.91 per cent as compared to the total number of ITRs of 3.80 crore filed in FY 2013-14, according to the statement.