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India's corporate tax collection has experienced a massive surge, climbing from Rs 4,57,719 crore in the financial year 2020-21 to Rs 9,86,767 crore in 2024-25. This phenomenal growth of over 115% in four years was officially confirmed in the Parliament on Tuesday by the Minister of State for Finance, Pankaj Chaudhary. The data, shared in the Rajya Sabha, underscores the sharp post-COVID corporate profits rebound and the success of the government's tax compliance and rate-reduction strategies.
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FAQ :
India's corporate tax collection for the financial year 2024-25 has reached Rs 9,86,767 crore.
Corporate tax collection has surged by over 115% from Rs 4,57,719 crore in 2020-21 to Rs 9,86,767 crore in 2024-25.
The surge is attributed to a sharp rebound in corporate profits and the government's tax compliance and rate-reduction strategies, including NUDGE campaigns, expansion of TDS/TCS, and Aadhaar-PAN linking.
No, the significant revenue increase occurred despite the government's policy of gradual corporate tax rate reduction.
Corporate profits surged from Rs 2.5 lakh crore in 2020-21 to Rs 7.1 lakh crore in 2024-25, driven by a rebound in sales and pent-up demand.
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