Personal income and corporate tax collections are likely to rise to more than ₹19 lakh crore in 10 years of Prime Minister Narendra Modi-led Government, providing more leeway to come out with people-friendly tax measures.
Driven by the increasing income of individuals, net direct tax collections after adjusting for refunds increased from ₹6.38 lakh crore in FY 2013-14 to ₹16.61 lakh crore in FY 2022-23.
In the current financial year, the collections from net direct taxes -- personal income tax and corporate tax -- have so far grown by 20% and at this pace, the mop-up is likely to be around ₹19 lakh crore in the fiscal ending on March 31, 2024.
