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Expansion
During the financial year 2022-23 (up to 31st July 2022), the corporate tax collection in the country has registered a growth of 34 percent as compared to the previous financial year 2021-22. The Income Tax Department has given information about this by tweeting.
On behalf of the Income Tax Department, it has been told on social media that during the financial year 2021-22, Rs 7.23 lakh crore was collected under the head of corporate tax in the country. It has increased by 58% as compared to the financial year 2020-21.
There was an increase of nine percent in tax collection in the financial year 20-21 as compared to the year 2018-19 before the corona epidemic.
The Income Tax Department has said that there is a positive growth in corporate tax collection, but during the Corona period, there was a temporary effect on corporate tax collection in the financial year 2020-21.
It has been said by the Income Tax Department that the figures of corporate tax collection indicate that
The simplified tax regime and the policy of providing minimum rates and no exemption have served their purpose.