New Delhi, Sept. 6 -- India's direct tax buoyancy remained above one for the third consecutive financial year in 2024-25 at 1.39, indicating that direct tax collections continued to grow faster than nominal gross domestic product (GDP), according to government data submitted to a parliamentary panel. The tax buoyancy is a measure of growth in tax revenues as compared to GDP growth, showing responsiveness of tax revenues to changes in overall economic activity. Buoyancy value greater than one implies that tax revenue grows faster than GDP. Direct tax buoyancy has remained comfortably above one in the last three years, rising from 1.27 in 2022-23 to a peak of 1.48 in 2023-24, before moderating to 1.39 in 2024-25-"still well above one"-government said in a note prepared for the Parliamentary Standing Committee on Finance. The government prepared the background note for the standing committee, led by BJP lawmaker Bhartruhari Mahtab, which is currently reviewing reforms in the direct tax regime and their impact. The government has been constantly reforming the direct tax regime that included systemic reforms, ease of compliance and substantial reductions in corporate and personal income-tax rates. In 2019, the government slashed the corporate tax rate for domestic manufacturing companies from 30% to 22%, and for new manufacturing firms from 25% to 15% to attract investments....