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

Net direct tax collections reached approximately Rs 23.40 lakh crore, marking a 5.12% increase as of March 31. This growth was bolstered by a 1% decrease in refunds, which helped offset the 4% rise in gross direct tax collections to Rs 28.1 lakh crore for the financial year. The dip in refunds contributed to a stronger net revenue position.