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The Central Government has foregone an estimated Rs 98,999 crore in revenue during the financial year 2023-24 due to corporate tax incentives and deductions, Minister of State for Finance Pankaj Chaudhary informed the Rajya Sabha in a written response, according to a report. Responding to a query by Aam Aadmi Party (AAP) MP Raghav Chadha, the minister provided data on corporate tax revenue foregone over the past five years. The figures reveal a consistent pattern of revenue loss due to tax conc
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FAQ :
The government estimated that it forgone approximately £98,999 crore in corporate tax revenue during the financial year 2023-24.
Corporate tax incentives and deductions are provided to stimulate investment and industrial growth in the country.
In FY 2022-23, the government waived £88,109 crore, while in FY 2021-22, it was £96,892 crore. The figures for FY 2020-21 and FY 2019-20 were £75,218 crore and £8,043 crore, respectively.
Yes, the government's strategy since 2016 has been to reduce corporate tax rates while phasing out exemptions and incentives to spur economic growth and job creation.
Newly incorporated manufacturing firms set up after October 1, 2019, were offered a 15% tax rate, provided they did not avail of other tax exemptions.
These reforms are part of a broader plan to foster a business-friendly environment, drive domestic manufacturing, boost employment, and make the country a competitive investment destination while simplifying the tax regime.
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