In FY24, India’s net direct tax collections reached Rs 19.58 lakh crore, marking a 17.7% increase, slightly surpassing revised estimates by 0.7%. Personal income tax saw significant growth, contributing 53.3%, while corporate taxes’ share decreased to 46.5%. Personal income tax collections stood at Rs 10.44 lakh crore, growing by 25.23%, and corporate tax collections reached Rs 9.11 lakh crore, indicating a 10.26% increase. Despite a rise in refunds, the government remains optimistic about fiscal discipline and economic growth.