Corporate Tax collections in 2021-22 year on year soar by 34%
- IBJ Bureau
- Aug 13, 2022
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.