India’s net direct tax collections surged by 17.63 per cent to Rs 16.61 lakh crore in the financial year 2022-23 (FY23), against Rs 14.12 lakh crore in the preceding financial year. The Budget Estimates (BE) for direct tax revenue in the Union Budget for FY23 were fixed at Rs 14.20 lakh crore which were revised and the Revised Estimates (RE) were fixed at Rs 16.50 lakh crore.