Corporate Tax collections in 2021-22 year on year soar by 34%

The Income Tax Department on Friday said that Corporate Tax collections in the first four months of the current financial had grown by 34 per cent over the year-ago period. 

During 2021-22, Corporate Tax collections stood at Rs 7.23 lakh crore, 58 per cent growth over the mop-up in 2020-21.  

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

“The Corporate Tax collections during 2022-23 (till July 31, 2022) register a robust growth of 34 per cent over the Corporate Tax collections in the corresponding period of 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 2020-21, when the Corporate Tax collections had taken 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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