India’s corporate tax collection this year has grown by a ‘robust’ 34% till July 31 as compared to a year ago, the Income Tax Department said on Friday, without sharing the exact tax revenue during the period.
Noting that the simplified tax regime with lower rates and no exemptions had lived up to its promise, the department cited corporate tax collections during 2021-22, which grew 58% year-on-year to ₹7.23 lakh crore was. This collection, it noted, was 9% higher than the pre-COVID levels of 2018-19.
“The positive growth trend continues but for the overall impact of the COVID-19 pandemic during FY 2020-21, when corporate tax collections have declined temporarily,” the department said in a series of tweets. The statements assume significance amid allegations by opposition parties of the government in favor of corporates, demanding a debate on freebies announced by state governments.