“The noise around weaker tax revenue has marred the government’s fiscal profile four months into FY24. What strikes us here is that the weakness in tax revenue has been led by a 10% contraction in corporate tax collections in 4MFY24 (April-July) vs 11% budgeted growth for the year,” wrote Madhavi Arora and Harshal Patel, economists at Emkay Global Financial Services.
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