But despite a population of 1.4 billion, only about 80 million people and companies pay direct taxes in India.
Most people earn below the income tax threshold, and tax under-reporting remains a major issue.
Despite the tax cut, Sitharaman said India’s budget deficit would come down to 5.9 percent of GDP from 6.4 percent earlier.
Finance Secretary T.V. Somanathan told reporters that the government’s expectations were based on growth projections and net tax increases.
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