Net direct tax collections rose 160% to Rs 16.6 trillion in 2022-23

Net direct tax collections have risen by a huge 160 per cent to Rs 16,61,428 crore in 2022-23 from Rs 6,38,596 crore in 2013-14, according to time series data released by the Finance Ministry on Thursday.

As per the data, gross direct tax collections also witnessed a massive 173 per cent rise to Rs 19,68,780 crore in 2022-23 from Rs 7,21,604 crore in 2013-14.

Direct tax buoyancy, at 2.52 in 2021-22, was the highest ever recorded over the last 15 years, official sources said, adding that direct tax to GDP ratio increased from 5.62 per cent in 2013-14 to 5.97 per cent in 2021-22.

Cost of collections though has come down from 0.57 per cent of total collections in 2013-14 to 0.53 per cent of total collection in 2021-22, the data indicated.