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Home / Business / Tax collected on income of companies surges 34 per cent

Tax collected on income of companies surges 34 per cent

According to income tax department, it indicates that a simplified tax regime with low rates is yielding results
Representational image.
Representational image.
File photo

PTI   |   New Delhi   |   Published 14.08.22, 03:37 AM

Tax collected on the income of companies surged 34 per cent in the first four months of the current fiscal, indicating that a simplified tax regime with low rates is yielding results, the income tax department said.

Corporate tax collections at Rs 7.23 lakh crore in fiscal 2021-22 (April 2021 to March 2022) were 58 per cent higher than the mop-up in the previous financial year.

The tax department tweeted about the collection growth in an apparent attempt to counter criticism of the 2019 reduction in tax rates for companies which was alleged to have dented the Centre’s revenue collections.



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