Govt is committed for further reforms in sectors such as banking, mining, insurance among others said FM Sitharaman.

Historically, maximum collection of direct taxes happens in the last quarter of the fiscal, she added.

The main objective of the reduction in corporate tax was aimed at attracting fresh investment in the manufacturing sector.

GDP growth slowed sharply to a pace of 4.5 per cent in the July-September, hit by a slump in manufacturing output.

Investors will be closely monitoring foreign fund flows, crude movement and the rupee.

The government, however, said the revenues shot up sharply in November due to festival demand in October.

According to official sources, the number reflects pick up in consumption and improvement in compliance as well.

PM Narendra Modi has taken various measures since 2014 to boost economic growth, including cutting the corporate tax.

The Gross Domestic Product (GDP) growth was registered at 7 per cent in the corresponding quarter of 2018-19.

Output of eight core infrastructure industries had contracted by 5.1 per cent in September, the lowest in the decade.