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.