Boom in tax collections continue

The boom in tax collections continue. On the back of solid GST numbers, the corporate tax collections in FY 2022-23 till July 31 registered a robust growth of 34 per cent over the corresponding period of FY 2021-22.

The corporate tax collections during FY 2021-22 at Rs 7.23 lakh crore registered a growth of over 58 per cent as compared to the tax collections of FY 2020-21.

Even when compared to collections of FY 2018-19 (pre-Covid period), the collections of FY 2021-22 were higher by over 9 per cent.

This indicates that the simplified tax regime with low rates and no exemptions has lived up to its promise.

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