India's net direct tax collections exceed FY24 target, driven by advance tax payments.
India's net direct tax collections are expected to surpass the revised target of Rs 19.45 trillion for FY24, driven by advance tax payments. As of March 15, corporates have paid Rs 6.72 trillion, while individual advance tax payments reached Rs 2.37 trillion, signaling increased corporate profits and personal income. The government has issued record refunds of Rs 3.33 trillion, which is over 10% higher than the corresponding period in FY23.
March 16, 2024
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