India’s net direct tax collections soared by 17.7% year-on-year to reach Rs 19.58 trillion in the fiscal year ending March 2024, surpassing both Budget and revised estimates. Gross tax collections for the same period amounted to Rs 23.37 trillion, reflecting an 18.48% increase. Corporate tax collections saw a notable rise of 13.06%, reaching Rs 11.32 trillion. The net corporate tax collection also showed significant growth, reaching Rs 9.11 trillion, a 10.26% increase over the preceding year. Refunds totaling Rs 3.79 trillion were issued during FY 2023-24. The robust collections signal economic buoyancy and rising income levels among individuals and corporations.