Business

Corporate tax collection increased by nearly 17% in FY23

Corporate tax collection is witnessing continuous growth in the country. In the last financial year, this tax collection has registered a growth of nearly 17 percent in comparison to financial year 2021-22.

According to the Finance Ministry, over 10 lakh crore rupees were collected as the gross corporate tax in the financial year 2022-23 while over 8 lakh 58 thousand crore rupees had been collected in the financial year 2021-22.

As per the Finance Ministry, the country registered a quantum growth of 56 per cent in the financial year 2021-22 in comparison to financial year 2020-21.

The total corporate tax collection in 2021-22 was seven lakh 12 thousand crore rupees.

According to the Finance Ministry, buoyancy in corporate tax collection is due to economic growth and new investment as a result of reduction in corporate tax.
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