Corporate Tax Mop, Up Grows 34% Between Apr-July

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.

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.

(PTI)