Record surge in Advance Tax collection for Direct Tax signals economic growth

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In a noteworthy development, the advance tax collection for direct taxes has witnessed a remarkable uptick, showcasing a robust 19.76% growth compared to the figures recorded last year.

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The data for December 2023 reveals a staggering collection of Rs 6,24,329 lakh crore, a substantial increase from the previous year’s Rs 5,21,302 lakh crore.

The surge in advance corporate tax stands out with a growth rate of 21.11%, marking a notable rise from Rs 3.97 lakh crore last year to Rs 4.81 lakh crore in the current fiscal year.

This surge in corporate tax contributions underscores the resilience and vitality of the business sector in the face of economic challenges.

Read more at: ZEEBUSINESS

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