34% increase in corporate tax collection between April and July: Income Tax Department

According to the Income Tax Department, there has been a jump in the collection due to simplification of tax rules, simplification of process and not giving exemption with minimum rates.

Increase in corporate tax collection

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TV9 Bharatvarsh

TV9 Bharatvarsh | Edited By: Saurabh Sharma

Aug 13, 2022 | 4:06 PM




There is a steady increase in tax collection in the country. The Income Tax Department has informed by tweeting that between April and July corporate tax There has been an increase of 34 percent in the collection as compared to last year. According to the data, it has registered an increase of 58 percent as compared to 2020-21. .

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Where did corporate tax collection reach?

According to the tweet, the corporate tax collection between April and July has been Rs 7.23 lakh crore. According to the Income Tax Department, 60 percent of companies with an income of more than 50 crores have opted for the new rules of tax. These companies account for 78 percent of the total tax collection. The central government has reduced the corporate tax rates for domestic companies to 22 percent. For new companies, this rate is 15 percent. According to the department, except during the time of Corona, there is a steady increase in tax collection.