Govt loses Rs 4.18 lakh crore to tax cuts, concessions
New Delhi, Aug 7 (PTI) The government has incurred an estimated loss of about Rs 4.18 lakh crore due to tax rebates and exemptions in 2008-09.
Asked if tax rebates and other concessions to corporates and non-corporates would result in an estimated loss of Rs 4,18,096 crore, Minister of State for Finance S S Palanimanickam replied in the affirmative in the Lok Sabha.
However, the government would add about Rs 20,000 crore to its kitty, on account of the minimum alternate tax (MAT) that was raised from 10 to 15 per cent in the budget, Minister said in a written reply to another question in the Lok Sabha.
"The rate of minimum alternate tax has been increased from 10 per cent of the book profit to 15 per cent of the book profit with a view to progressively reduce the impact of tax exemptions/incentives," the Minister said.
New Delhi, Aug 7 (PTI) The government has incurred an estimated loss of about Rs 4.18 lakh crore due to tax rebates and exemptions in 2008-09.
Asked if tax rebates and other concessions to corporates and non-corporates would result in an estimated loss of Rs 4,18,096 crore, Minister of State for Finance S S Palanimanickam replied in the affirmative in the Lok Sabha.
However, the government would add about Rs 20,000 crore to its kitty, on account of the minimum alternate tax (MAT) that was raised from 10 to 15 per cent in the budget, Minister said in a written reply to another question in the Lok Sabha.
"The rate of minimum alternate tax has been increased from 10 per cent of the book profit to 15 per cent of the book profit with a view to progressively reduce the impact of tax exemptions/incentives," the Minister said.
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