- Corporation Tax (tax on profits of companies) and Income Tax (tax on income of individuals) are direct taxes. Customs Duty and Union Excise Duty are indirect taxes (before GST). - In the years leading up to 2007-08, India's economy experienced significant growth, which led to robust growth in corporate profits and, consequently, Corporation Tax collections. - Corporation Tax collections surpassed Income Tax collections to become the single largest source of central government tax revenue around the mid-2000s and held that position in 2007-08.