Corporate tax collections up 34 pc in first four months of fiscal

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Corporate tax collections up 34 pc in first four months of fiscal

The income tax department said corporate tax collections in the first four months of the current fiscal have risen 34 per cent over the year-ago period. Corporate tax collections stood at 7.23 lakh crore during the year 2021 -- 22 and a 58 per cent increase over 2020 -- 21 mop. The collections of FY 2021 -- 22 are higher by more than 9 per cent compared to the 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 pandemic during FY 2020 - 21, when corporate tax collections took a temporary hit. It added that the simplified tax regime with low rates and no exemptions has lived up to its promise.