India faces first fall in direct taxes in at least two decades: Report

The govt was targetting direct tax collection of 13.5 trillion rupees for the year ending March 31 - a 17% increase over the prior fiscal year. However, a sharp decline in demand has stung businesses, forcing companies to cut investment and jobs, denting tax collections and prompting the government to forecast 5% growth for this fiscal year - the slowest in 11 years.

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