Corporate tax collection soars 34% between April and July: I-T dept

Tax dept attributed the robust growth to simplified tax regime, low rates and no exemptions

The Income-tax department on late Friday said that tax collections from corporates soared 34 per cent in first four months of the fiscal over that in the equivalent period in 2021-22, indicating that the “simplified tax regime with low rates and no exemptions” has lived up to its promise, the department said.

       

In a series of tweets, the department highlighted that the corporate tax collections during April and July period stood at Rs 7.23 lakh crore registered a growth of over 58 per cent as compared to the tax collection of FY 2020-21.

An official estimation suggests that companies