Mumbai I-T Dept Nears Targeted 17 Percent Rise In Direct Tax Mop-Up
Advance tax is a system of staggered payment of taxes by high earning corporates and individuals spread across four quarters. In the second quarter, corporates pay 30 per cent of their year's overall tax outgo. It is generally taken as a barometer of a company's performance for a particular period.
After two years of sub-5 per cent growth, industry watchers are keenly looking for the promised green-shoots to emerge.
Even though the first quarter growth came in at a healthy 5.7 per cent, data releases like last Friday's IIP numbers, which slipped to four-month low in July at 0.5 per cent as against 3.4 per cent in the previous month, and today's tepid growth in exports at 2.35 per cent in July, have led many to question if the momentum is sustainable. The Reserve Bank Governor Raghuram Rajan today said this is an "uneven recovery".
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