India’s net direct tax collections rise 5.12% to Rs 23.40 lakh crore till March 31

Net direct tax collections rose 5.12% to around Rs 23.40 lakh crore as of March 31, according to official data.

Gross direct tax collections for the financial year increased 4% year-on-year to Rs 28.1 lakh crore, indicating a steady expansion of the tax base. Net collections were supported by a slight dip in refunds, which fell about 1% from a year ago, helping offset the relatively moderate growth in gross receipts. Lower refund payouts typically lift net revenues even when overall inflows rise at a slower pace.