Govt forgoes Rs 17.15 lakh cr revenue in past 3 FYs

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.


Dear Reader,


Business Standard has always strived hard to provide up-to-date information and commentary on developments that are of interest to you and have wider political and economic implications for the country and the world. Your encouragement and constant feedback on how to improve our offering have only made our resolve and commitment to these ideals stronger. Even during these difficult times arising out of Covid-19, we continue to remain committed to keeping you informed and updated with credible news, authoritative views and incisive commentary on topical issues of relevance.

We, however, have a request.

As we battle the economic impact of the pandemic, we need your support even more, so that we can continue to offer you more quality content. Our subscription model has seen an encouraging response from many of you, who have subscribed to our online content. More subscription to our online content can only help us achieve the goals of offering you even better and more relevant content. We believe in free, fair and credible journalism. Your support through more subscriptions can help us practise the journalism to which we are committed.

Support quality journalism and subscribe to Business Standard.

Digital Editor

Business Standard is now on Telegram.
For insightful reports and views on business, markets, politics and other issues, subscribe to our official Telegram channel