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 corporate tax collections during FY 2022-23 (till 31st July, 2022) register a robust growth of 34% over the cor… https://t.co/FLSav9V2Xz
— Income Tax India (@IncomeTaxIndia) 1660321276000
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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.