
Corporate tax collection up 55% to ₹7.1 lakh cr in FY22
The percentage of net corporate tax to GDP, at current prices, was 3.01% in FY22, shows FinMin data.
The percentage of net corporate tax to GDP, at current prices, was 3.01% in FY22, shows FinMin data.
From tax collections to credit outflow, capex, sectoral growth, inflation, interest rates, rupee devaluation and external factors, there are challenges to sustaining growth.
Revenue secretary Tarun Bajaj says gross tax collections soared to a record high of ₹27.07 lakh crore in FY22.
The net direct tax collection as on March 16 stands at ₹13,63,038 crore, up 48.4% from ₹9,18,430.5 crore in the corresponding period of the previous financial year.
Expected growth in corporate tax collections during FY22 indicates a strong economic revival in spite of Covid-19.
Advance tax collection in April-December FY22 is up 49.76% over the corresponding period in FY 2018-19 when the advance tax collection was ₹3,07,096.3 crore.
After the spike in crude oil price, the US Fed’s rate cut hurts equity indices and investor sentiments.