The Indian economy is gradually recovering, and when analyzing citizens’ contributions to overall output, the direct tax-to-GDP ratio for FY24 reached 2.12, up from 1.18 in FY23. However, this figure remains below the FY22 level of 2.52.
Time-series data released on Thursday by the Income Tax Department indicates that direct taxes to total revenues grew from 54.63% or Rs 16.63 lakh crore in FY23 to 56.72% or Rs 19.60 lakh crore in FY24.
Additionally, income tax returns increased from 74 million in FY23 to 81 million in FY24, from 76.3 million in FY24 to about 70 million in FY23, a greater proportion of them filed income tax returns.
In terms of corporations, the number of taxpayers filing corporate taxes grew somewhat, from 102,7 million in FY23 to 100.8 million in FY24. All things considered, the nation’s entire taxpayer population, filers and non-filers alike rose sharply to 104.1 million in FY24 from 93.7 crore in FY23.
Maharashtra was the state that provided the most to income tax receipts in FY24 when looking at contributions made by state. According to income tax revenue collected in FY24, the top four states are:
- Maharashtra: ₹7.61 lakh crore
- Karnataka: ₹2.34 lakh crore
- Delhi: ₹2.03 lakh crore
- Tamil Nadu: ₹1.27 lakh crore
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