Direct Tax
Various tax concessions in
the form of exemptions/ deductions etc. have been provided under the Income-tax
Act, 1961 which have been availed by different sectors of Commerce and Industry
also. Cumulative figures of revenue impact of direct tax incentives for the
last five years are as follows :
(Amount
in Cr.)
|
Financial Year
|
2011-12
|
2012-13
|
2013-14
|
2014-15
|
(projected) 2015-16
|
|
Corporate Incometax
|
61,756
|
68,720
|
57,793
|
65,067
|
68,711
|
|
Personal Incometax
|
39,375
|
33,535
|
35,254
|
53,526
|
59,928
|
|
Total
|
1,01,131
|
1,02,255
|
93,047
|
1,18,593
|
1,28,639
|
No sector wise details of
industry are however maintained and section wise details of revenue impact of
direct tax incentives is presented before Parliament with Budget in the form of
document titled, “Statement of Revenue Impact of Tax Incentives under the
Central Tax System”.
Various tax incentives in
the form of exemptions/deduction/special rates of depreciation/rebates, etc are
provided under the Income-tax Act,1961 to promote exports; balanced regional
development; creation of infrastructure facilities; employment; donations for
charity and rural development; scientific research and development; and the
cooperative sector.
Indirect Tax
Customs and Central excise
duty exemptions are extended to goods in general, considering inter alia the
public interest. The revenue impact of tax incentives on account of exemptions
/ concessions from customs and excise duty for last five financial years is as
under:
(Amount
in Cr.)
|
Financial Year
|
2011-12
|
2012-13
|
2013-14
|
2014-15
|
(projected) 2015-16
|
|
Customs Duty
|
2,36,852
|
2,54,039
|
2,60,714
|
2, 38, 967
|
2, 57, 549
|
|
Excise Duty
|
1,95,590
|
2,09,940
|
1,96,223
|
1, 96, 789
|
2, 24, 940
|
|
Total
|
4,32,442
|
4,63,979
|
4,56,937
|
4, 35, 756
|
4, 82, 489
|
Tax concessions are provided
as a part of overall fiscal incentives provided by the government to realize
macroeconomic objectives and achieve policy goals of development and growth of
various sectors of economy. No such quantitative exercise for the outcome of
reliefs provided to industry and commerce sectors is done.
This information was given by Minister of State for Finance Shri. Santosh
Kumar Gangwar today in written reply to a Rajya Sabha question.
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DSM/AR