Corporate Tax Revenue Foregone at Around ₹99K Cr in Fiscal 2023-24

Corporate tax revenue foregone in FY24 stood at Rs 98,999 cr, followed by Rs 88,109 cr & Rs 96,892 cr in FY23 and FY22, respectively

- 

NEW DELHI: The government is estimated to have forgone around Rs 99,000 crore in revenue in the 2023-24 fiscal on account of tax incentives extended to corporates, Minister of State for Finance Pankaj Chaudhary said on Tuesday.

Corporate tax rates have been gradually reduced since 2016 while phasing out the exemptions and incentives.

In a written reply in the Rajya Sabha, Chaudhary gave the estimated revenue forgone due to the tax incentives by way of various deductions in corporate tax, from FY20 to FY24.