New Delhi, In the first eight months of the current fiscal, net direct tax collection reached 58.34% of Budget Estimates, totaling Rs 10.64 trillion. The Ministry of Finance reported a substantial 23.4% increase compared to the same period last year. Gross collections before refunds grew by 17.7% to Rs 12.67 trillion, with Rs 2.03 trillion issued in refunds from April to November.
The government aims to collect Rs 18.23 trillion in direct taxes and Rs 15.38 trillion in indirect taxes (GST, customs, excise) this fiscal year. Despite challenges, officials indicate a commitment to the budgeted estimate of total tax collection at Rs 33.61 trillion for the current fiscal.
By Press Trust of India
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Indian Oil Product Demand Growth to Slow Ahead: International Energy Agency
The International Energy Agency (IEA) notes a slowdown in Indian oil product demand growth. While deliveries edged higher in November, they fell short of the usual seasonal rise. According to the IEA, the annual gains for 2023 are projected to be 220,000 barrels per day. In November alone, deliveries increased by 40,000 barrels per day.
By Reuters
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