India's corporate and income tax collection in 2019-20 fell 8% from the previous fiscal to ₹10.27 lakh crore amid a slowdown and cut in corporate tax rates, according to reports. This is the first fall in direct tax collection in 20 years. This represents a shortfall of ₹1.42 lakh crore from the government's revised target of ₹11.7 lakh crore.