Corporate tax collection grows 34% 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 % 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 ₹ 7.23 lakh crore registered a growth of over 58 % as compared to the tax collection of FY 2020-21.

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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. (1/4)@FinMinIndia — Income Tax India (@IncomeTaxIndia) August 12, 2022

"Even when compared to collections of FY 2018-19 (pre-COVID period), the collections of FY 2021-22 are higher by over 9 %," 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.

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"This indicates that the simplified tax regime with low rates and no exemptions has lived up to its promise," the department said.