Corporate tax collections jump 34 pc in first four months of FY22

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Corporate tax collections jump 34 pc in first four months of FY22

The income tax department said that corporate tax collections in the first four months of the current fiscal have grown 34 per cent over the year-ago period. Corporate tax collections stood at 7.23 lakh crore during 2021 -- 22 fiscal year, a 58 per cent growth over 2020 -- 21 mop. The collections of FY 2021 -- 22 are higher by more than 9 per cent compared to FY 2018 -- 19 pre-COVID period, according to the I-T department. The positive trend of growth continues, but for the overall impact of the COVID 19 epidemic during FY 2020 -- 21, when corporate tax collections took a temporary hit. The simplified tax regime with low rates and no exemptions has lived up to its promise, it added.