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
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.
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
Did you know that diamonds travel across the world before reaching jewelry stores? These sparkling…
Did you know that millions of homes in India rely on LPG cylinders every day…
The WHO Foundation and Novo Nordisk have announced the collaboration and it is aimed at…
Did you know that some creatures in nature can produce electricity just like a battery?…
HDFC ERGO General Insurance has officially announced the appointment of Parthanil Ghosh as its new…
India has overtaken the China to become the largest exporter of cotton products to the…