Tax collection beat target in July. The composition is the story.

Direct receipts grew faster than indirect ones for the first time in six quarters, on a base that flatters the number.

Receipts came in above target for the month, but the headline figure hides a shift worth watching.

Direct taxes grew faster than indirect collection for the first time in six quarters. Part of that is a base effect from a weak comparable period.

Officials attribute the improvement to filer enforcement rather than rate changes. Independent analysts are more cautious until a second month confirms the trend.

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