The week in charts: Tax share, oil diplomacy, IndusInd Bank sell-off

Subscribe to enjoy similar stories. The Centre’s net tax collections have been robust in the current financial year so far. India is working on a plan to import oil from the US to avoid reciprocal tariffs.

Meanwhile, top mutual funds heavily sold IndusInd Bank shares before the accounting discrepancy was revealed. The Centre has collected ₹21.26 trillion in net direct taxes until 16 March this financial year, reaching 95% of its revised target, according to the data released by the Income Tax Department. Net direct tax revenue grew 13.1% year-over-year, outpacing India’s 9.9% nominal GDP growth estimate, indicating strong buoyancy and increased compliance.

Net corporate tax revenue grew at a slower pace of 7.1%. As such, the share of net corporate tax collections in overall collections fell to 45.6% in 2024-25 compared to 48.1% the previous year. India's oil and gas imports are central to the ongoing trade talks with the US, as it races to prepare a strategy before the reciprocal tariff deadline of 2 April set by Donald Trump.

To ease tensions, India is planning to increase its imports of West Texas Intermediate (WTI) crude, potentially setting a quota, Mint reported. The move aims to reduce trade barriers and avoid reciprocal tariffs. The US is currently India's fifth-largest oil supplier and witnessed a year-on-year increase of 7.6%.

286 days: That’s the number of days NASA astronauts Sunita Williams, Nick Hague, Butch Wilmore, and Russian cosmonaut Aleksandr Gorbunov spent in space before returning to Earth on Wednesday. The crew had reached the International Space Station (ISS) in June 2024, with plans to return in a week. However, issues with their spacecraft, Boeing’s Starliner, made it unsafe for their return.