Advance tax kitty swells nearly 20% to Rs 6.2 lakh crore

Advance tax collections have increased by nearly 20% to over Rs 6.2 lakh crore, sustaining the growth momentum of the current fiscal year. The data shows that corporate tax accounts for nearly 77% of the advance tax collections. The good festival season and expected good third quarter performance for companies have contributed to the positive corporate performance. The government is on track to achieve the fiscal deficit target of 5.9% of GDP and has restricted spending to meet higher spending requirements ahead of the Budget.

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