Nov. 4 (Bloomberg) -- India’s gross direct tax revenue from April to October rose 20.3 percent to 2.84 trillion rupees ($57 billion) from a year ago, the finance ministry said in a statement today.
The increase in the tax collection is a sign that the economy is weathering record interest-rate increases and a faltering global recovery. The Purchasing Managers’ Index, a gauge of manufacturing accelerated to 52 in October from 50.4 in the previous month, HSBC Holdings Plc and Markit Economics said on Nov. 1.
The government raised its direct tax collection target by 10 percent for the year ending March, M.C. Joshi, Chairman of the Central Board of Direct Taxes, said on Oct. 14. Finance Minister Pranab Mukherjee budgeted for revenue of 5.32 trillion rupees from direct taxes for the financial year ending March 31.
Gross tax collections from companies increased 20.4 percent to 1.89 trillion rupees and the income tax revenue expanded 20.2 percent to 937 billion rupees.
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