The Finance Ministry has released time series data indicating a significant increase in net direct tax collections, which rose by 160% to reach Rs 16,61,428 crore in 2022-23 from Rs 6,38,596 crore in 2013-14. Gross direct tax collections also saw a massive increase of 173% to Rs 19,68,780 crore in 2022-23 from Rs 7,21,604 crore in 2013-14.
More About The Gross Direct Tax Collections:
According to the same time series data released by the Finance Ministry, the Gross Direct Tax Collections have shown a significant increase of 172.83% in the fiscal year 2022-23, reaching a provisional figure of Rs 19,68,780 crore from the Gross Direct Tax Collections of Rs 7,21,604 crore in the fiscal year 2013-14. This highlights a substantial increase in tax revenue over the years, indicating a positive trend for the economy.
Highest recorded direct tax buoyancy:
According to official sources, the direct tax buoyancy, which stood at 2.52 in 2021-22, was the highest recorded over the last 15 years. The direct tax to GDP ratio also increased from 5.62% in 2013-14 to 5.97% in 2021-22. Additionally, the data indicated a decrease in the cost of collections, from 0.57% of total collections in 2013-14 to 0.53% of total collection in 2021-22.
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