Categories: Economy

Net direct tax collections at Rs 16.6 lakh crore in 2022-23, up 160% from 2013-14

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.

Buy Prime Test Series for all Banking, SSC, Insurance & other exams

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.

You may also read this:

Retail inflation moderates to 5.66% in March from 6.44% in February

Find More News on Economy Here

 

Piyush Shukla

Recent Posts

GK Quiz on Dr. B.R. Ambedkar, Questions and Answers

Dr. Bhimrao Ramji Ambedkar, also known as the "Father of the Indian Constitution," was a…

2 hours ago

List of RBI Governors of India 1935 to 2024

The RBI Governor is the Chief Executive Officer of the Central Bank of India and the…

3 hours ago

Chaudhary Charan Singh Biography- Age, Political Career, Contributions and Awards

Chaudhary Charan Singh (23 December 1902 – 29 May 1987) was a prominent Indian politician…

3 hours ago

What is the Old Name of Rajasthan?

Rajasthan is a state in north-western India, known for its rich history, beautiful palaces, forts…

3 hours ago

PV Sindhu Biography- Age, Marriage, Career, Records and Net Worth

PV Sindhu is one of India's most celebrated badminton players, known for her exceptional skills,…

4 hours ago

Top-10 Most Expensive Woods in the World, Check the List

Wood is a natural material used in furniture, tools and decoration. It comes from trees…

5 hours ago