India's number of taxpayers increased by 82% to 10.4 crore from 2014-15 to 2023-24, with direct tax collections soaring by 182% to ₹19.6 lakh crore. Personal income tax grew 293%, surpassing corporate tax, as the cost of tax collection fell to a record low of 0.44%.
The number of taxpayers in India saw an impressive increase of 82% between 2014-15 and 2023-24, while direct tax collections soared by 182% over the same period, according to data released by the tax department on Thursday.
The Central Board of Direct Taxes (CBDT) reported that the number of taxpayers reached 10.4 crore in the assessment year 2023-24, up from 5.7 crore in 2014-15. A taxpayer is defined as someone who has either filed an income tax return for the relevant assessment year or has had tax deducted at source without filing a return.
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Driven primarily by personal income tax growth, total direct tax receipts for 2023-24 amounted to Rs 19.6 lakh crore, a substantial rise from nearly Rs 7 lakh crore in 2014-15. Personal income tax collections soared 293%, reaching Rs 10,45,139 crore in 2023-24, compared to Rs 2,65,772 crore in 2014-15, according to the TOI report.
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For the second year in a row, personal income tax collections surpassed corporate tax collections, which rose by 112% to exceed ₹9,11,055 crore in 2023-24, compared to ₹4,28,925 crore in 2014-15. Additionally, the proportion of direct tax in total tax revenue reached a 14-year high of 56.7%, an increase from 54.6% in 2022-23.
Additionally, advance tax receipts surged by 291% to Rs 12,77,868 crore, while tax deducted at source rose nearly 152% to Rs 6,51,922 crore in 2023-24. The cost of tax collection fell to a record low of 0.44%, down from 1.36% in 2000-01, thanks to improved tax administration and technology use. Overall, these developments reflect strong economic growth and rising income levels in India.
