Govt has forgone Rs 17.15 lakh crore revenue due to tax incentives in the last three financial years

"The amount foregone (direct tax) is estimated at Rs 93,047 crore in 2013-14; Rs 1,18,593 crore in 2014-15; and Rs 1,28,639 crore in 2015-16," Minister of State for Finance Santosh Kumar Gangwar.

By: PTI | New Delhi | Updated: July 19, 2016 4:45 pm
Santosh Kumar Gangwar, Minister of state for Finance, revenue, food subsidy tax incentives, news, economy news, India news, Rs 13,03,344.61 crore was allocated for food subsidy in 2016-17.

A total of Rs 17,15,461 crore revenue has been foregone by the government due to tax incentives (direct and indirect taxes) in the last three financial years, Parliament was informed on Tuesday.

The amount foregone (direct tax) is estimated at Rs 93,047 crore in 2013-14; Rs 1,18,593 crore in 2014-15; and Rs 1,28,639 crore in 2015-16, Minister of State for Finance Santosh Kumar Gangwar said in a written reply to Rajya Sabha.

Likewise, the amount forgone (indirect taxes) is estimated at Rs 4,56,937 crore in 2013-14, Rs 4,35,756 crore in 2014-15; and Rs 4,82,489 crore in 2015-16.

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Gangwar said Rs 13,03,344.61 crore was allocated for food subsidy in 2016-17 (Budget Estimate) and so far Rs 57,333 crore has been released.

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