India’s company tax collections this yr have grown by a ‘sturdy’ 34% by July 31, in contrast with a yr earlier, the Earnings Tax Division stated on Friday, with out sharing the precise tax revenues throughout the interval.
Noting that the simplified tax regime with low charges and no exemptions had lived as much as its promise, the division cited company tax collections throughout 2021-22 which had grown 58% year-on-year to ₹7.23 lakh crore. These collections, it famous, had been 9% larger than pre-COVID ranges of 2018-19.
“The optimistic development of progress continues, however for the general affect of the COVID-19 pandemic throughout FY 2020-21, when the company tax collections took a short lived hit,” the division stated in a sequence of tweets. The statements assume significance amid Opposition events’ fees of the federal government favouring corporates whereas in search of a debate on freebies introduced by State governments.
By- The Hindu