Corporate tax collection grows 34 pc between April and July

August 13, New Delhi: Corporate tax collection increased by 34% in the first four months of the current fiscal year compared to the same time in Fiscal Year 2021-2022.

According to a series of tweets from the Income Tax Department, corporate tax receipts in FY 2021-22 were Rs 7.23 lakh crore, representing a 58% increase over tax collections in FY 2020-21.

“Even when compared to FY 2018-19 (pre-COVID era), receipts in FY 2021-22 are more than 9% higher,” it stated.

The IT Department stated that the favourable growth trend is continuing, save for the overall impact of the COVID-19 pandemic during FY 2020-21, when corporate tax receipts were temporarily impacted.

“This shows that the streamlined tax regime with low rates and no exemptions delivered on its promise,” claimed the department.