Corporate Tax Collection Grows 34 Per Cent Between April And July


Corporate Tax Collection Grows 34% Between April And July

The Income Tax Department said that the positive trend of growth continues.

New Delhi:

The corporate tax collection in the first four months of the current fiscal year has seen a growth of 34 per cent 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 Rs 7.23 lakh crore registered a growth of over 58 per cent as compared to the tax collection of FY 2020-21.

“Even when compared to collections of FY 2018-19 (pre-COVID period), the collections of FY 2021-22 are higher by over nine per cent,” 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.

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

(This story has not been edited by NDTV staff and is auto-generated from a syndicated feed.)



Supply hyperlink

Leave a Comment

%d bloggers like this: