Surge in Indian Taxpayers and Revenue

Published on: October 18, 2024 - The Central Board of Direct Taxes (CBDT) reports an 82% increase in taxpayers, reaching 10.4 crore in 2023-24. Direct tax receipts soared by 182% to ₹19.6 lakh crore, driven by a 293% rise in personal income tax. The contribution of direct taxes to total revenue hit a 14-year high of 56.7%, while the cost of collection dropped to 0.44%. These trends reflect improved compliance and the impact of advanced technologies on tax administration.