India's direct tax collections jumped over 3-fold to Rs 20 lakh crore in last 10 years

New Delhi: India's direct tax revenues have increased from Rs 5.59 lakh crore to Rs 20 lakh crore a year over the last 10 years while the tax-to-Gross Domestic Product (GDP) ratio has increased to 6 per cent from 5.6 per cent over this period, according to Revenue Secretary Sanjay Malhotra.

In his address on Income Tax Day, he also said that the Income Tax Department's focus on the use of technology was comparable with global practices to improve taxpayer services.

Highlighting the faster pace at which the tax department was functioning, he said that of the over 7.28 crore income tax returns for Assessment Year 2024-25 that were filed till July 31, 2024, as many as 4.98 crore ITRs (income tax returns) have already been processed, and intimations sent to taxpayers.

 Also Read: New Delhi: Union Finance Minister Nirmala Sitharaman Heaps Praise On New Tax Regime (sentinelassam.com)

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