Tuesday, September 27, 2022

Corporate tax collection rises 34% in Apr-July

Corporate tax collections in the first four months of the current financial year have risen 34 per cent year-on-year, the Income Tax Department said in a tweet on Friday.
“During 2021-22 fiscal, corporate tax collections stood at Rs 7.23 lakh crore, a 58% growth over 2020-21 mop up.
“Even when compared to collections of FY 2018-19 (pre-COVID period), the collections of FY 2021-22 are higher by over 9%,” it tweeted.
“The corporate tax collections during FY 2022-23 (till 31st July, 2022) register a robust growth of 34% over the corporate tax collections in the corresponding period of FY 2021-22,” it said without giving an absolute figures.
The positive trend of growth continues, but for the overall impact of the Covid-19 pandemic during FY 2020-21, when the corporate tax collections took a temporary hit.
“This indicates that the simplified tax regime with low rates and no exemptions has lived up to its promise,” it added.