tax collections: corporate tax collection increases by 34% between April and July

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The Income Tax Department said Friday that corporate tax collections in the first four months of the current fiscal year were up 34% from a year earlier.

In the financial year 2021-22, corporate tax recoveries amounted to Rs 7.23 lakh crore, a growth of 58% compared to 2020-21.

Even compared to collections in fiscal year 2018-19 (pre-COVID period), collections in fiscal year 2021-22 are higher by more than 9%, the IT department tweeted.

“Corporate tax recoveries in fiscal year 2022-23 (through July 31, 2022) show robust growth of 34% compared to corporate tax recoveries in the corresponding period of fiscal year 2021-22,” he said without giving absolute numbers.

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The positive growth trend continues, except for the overall impact of the COVID-19 pandemic in fiscal year 2020-21, when corporate tax recoveries were temporarily hit.

“This indicates that the simplified tax regime with low rates and no exemptions has delivered on its promises,” he added.

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