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 past three financial years, the Parliament was informed on Tuesday.
The amount foregone from direct tax is estimated at Rs 93,047 crore in FY 2013-14, Rs 1,18,593 crore in FY 2014-15, and Rs 1,28,639 crore in FY 2015-16, the Minister of State for Finance Santosh Kumar Gangwar said in a written reply to the Rajya Sabha.
Likewise, the amount forgone from indirect taxes is estimated at Rs 4,56,937 crore in FY 2013-14, Rs 4,35,756 crore in FY 2014-15 and Rs 4,82,489 crore in FY 2015-16.
Gangwar said Rs 1,30,334.461 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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