Tax incentives to corporates to cost Rs 83,492 cr in FY17: Reports

Tax incentives to corporates to cost Rs 83,492 cr in FY17: Reports

02/02/2017 10:31

The Indian Government’s revenue foregone in the form of incentives to corporates in the current fiscal is estimated to grow nearly 8.63 per cent to over Rs 83,492 crore, said media reports.

As per the Budget document 2017-18, the revenue foregone stood at Rs 76,857.70 crore in the 2015-16 fiscal.

As per the budget document, revenue foregone on account of deduction of export profits of units located in SEZs (section 10A and 10AA) is estimated at Rs 20,492 crore in the current fiscal year.

Revenue foregone on deduction of profits of undertakings engaged in generation, transmission and distribution of power would be Rs 12,401.04 crore in 2016-17 compared to Rs 11,416 crore in the last fiscal year, the document said.

According to the Budget document, revenue impact of major tax incentives for corporate tax payers during the financial year 2016-17 is based on the corporate returns filed up to November 30, 2016, which constitute 90 per cent of the expected returns in the financial year.

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