Tax revenues foregone by the government | (in Rs crore) |
On various incentives and deductions for export and profit in industry | 57,852 |
On cooperative banks and societies | 1,534 |
On IT benefits for individual taxpayers | 11,695 |
On excise exempt for SSIs | 11,316 |
On excise exempt for fertiliser firms | 4,000 |
The government foregoes huge amounts of tax because of various exemptions and incentives for direct and indirect taxes. This year the budget has quantified them in the receipts budget. | |