CBDT releases Updated Time Series data upto FY 2023-24

The Central Board of Direct Taxes (CBDT) has released updated Time-Series data up to FY 2023-24, available on the Income Tax Department’s website. This data provides comprehensive insights into direct tax collections and administration over the years. Key highlights include a significant increase in net direct tax collections, which have grown by 160.52% from Rs. 6,38,596 crore in FY 2013-14 to Rs. 16,63,686 crore in FY 2022-23. The gross direct tax collections for FY 2022-23 stood at Rs. 19,72,248 crore, marking a 173.31% increase compared to FY 2013-14. The direct tax to GDP ratio has also improved from 5.62% in FY 2013-14 to 6.11% in FY 2022-23. The updated data aims to provide valuable information for academicians, researchers, and the public, facilitating a better understanding of the trends and effectiveness of direct tax administration in India.