India, March 24 -- Indias direct taxes have experienced a significant and sustained increase in growth over the time. The Gross Direct tax collection for the year 2023-24 (as on March 17, 2024) registered an increase of 18.7% over the corresponding period last year (2022-23).

The gross collection of Direct Taxes (before adjusting for refunds) for the Financial Year 2023-24 stands at Rs. 22.2 lakh crore compared to Rs. 18.7 lakh crore in the corresponding period of the preceding financial year.

The gross collection of Rs.22.2 lakh crore includes Corporation Tax (CIT) at Rs. 10.9 lakh crore and Personal Income Tax (PIT) including Securities Transaction Tax (STT) at Rs. 11.2 lakh crore.

Direct taxes are levied on the taxable income earned...