India’s Direct Taxes Surge to 14-Year High, Capture 56.72% of FY24 Revenue, Driving Economic Growth

In a significant milestone for India’s economy, direct taxes have emerged as a cornerstone of the nation’s financial framework. Direct taxes those levied on income and property, paid directly by individuals and corporations have played a vital role in India’s economic evolution. Historically, the shift toward direct taxation marks an effort to ensure a more progressive and equitable tax system, as these taxes are directly tied to an individual’s or business’s ability to pay. Today, this framework is reaching new heights, as the latest data shows the contribution of direct taxes to the overall tax revenue has surged to a 14-year high.