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regular-article-logo Sunday, 03 November 2024

Corporate tax mop up grows 34% between Apr-July

When compared to collections of FY 2018-19 (pre-COVID period), the collections of FY 2021-22 are higher by over 9 per cent

PTI New Delhi Published 12.08.22, 11:03 PM
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Representational image File photo

The income tax department on Friday said corporate tax collections in the first four months of the current fiscal have grown 34 per cent over the year-ago period.

During 2021-22 fiscal, corporate tax collections stood at Rs 7.23 lakh crore, a 58 per cent growth over 2020-21 mop up.

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Even when compared to collections of FY 2018-19 (pre-COVID period), the collections of FY 2021-22 are higher by over 9 per cent, the I-T department tweeted.

"The corporate tax collections during FY 2022-23 (till 31st July, 2022) register a robust growth of 34 per cent over the corporate tax collections in the corresponding period of FY 2021-22," it said without giving the 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.

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