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Income tax collections more than doubled since FY15

18 Oct 2024

Personal income tax collections spiked by 294.3% from ₹2.66 lakh crore in FY15 to ₹10.55 lakh crore in FY24, with Maharashtra leading the pack.

Improved compliance, better awareness, and reduced corporate tax led to India’s income tax reserves filling up. Compared to 5.7 crore taxpayers in FY15, 10.41 crore Indians paid taxes in FY24. The number of IT returns increased more than twice from ₹4.04 crore in FY15 to ₹8.61 crore in FY24. Corporate tax collections also rose by 112.85% from ₹4.28 lakh crore to ₹9.11 lakh crore in this duration.


The tax-to-GDP ratio was boosted by 6.64% in the current financial year FY25 compared to 5.55% in FY15. However, the direct tax contribution to the overall tax collection increased slightly from 56.16% to 56.72% in the same period.


Leading the pack in terms of contributions to direct tax collections were Maharashtra, Karnataka, New Delhi, Tamil Nadu, and Gujarat, accounting for more than 72% or ₹14.19 lakh crore of the total ₹19.61 lakh crore. Maharashtra contributed ₹7.61 lakh crore to the direct tax collections.

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