Corporate tax collection grows 34 pc between April and July

NEW DELHI: The corporate tax collection in the first four months of the current fiscal year has seen a growth of 34 per cent as compared to the corresponding period of the Fiscal Year 2021-2022.

Income Tax Department, which made a series of tweets, said the corporate tax collections during FY 2021-22 at Rs 7.23 lakh crore registered a growth of over 58 per cent as compared to the tax collection of FY 2020-21.

"Even when compared to collections of FY 2018-19 (pre-COVID period), the collections of FY 2021-22 are higher by over nine per cent," it said. The IT Department said that 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," the department said.