Although there was an increase of 2.4 percent in the total tax collection in 2008-09 as compared to 2007-08, the loss of revenue also saw an increase of 46.7 percent. This amounts to 69 percent of the aggregate tax collected in 2008-09. The loss is excluding export related exemptions and exemptions given to neutralize customs duties of importing countries. If included, the total revenue foregone will amount to more than two-third of the total collection.
The lost revenue also called tax preferences reflects the policies of the government. The biggest contributor to this loss has been the different exemptions given to customs duty which came to around Rs 2.3 lakh crore. Excise duty rebates led to Rs 1.3 lakh crore as loss. Exemptions in personal income tax and corporate tax meant a loss of Rs 39600 crore and Rs 6,900 crore respectively.
--~--~---------~--~----~------------~-------~--~----~
Safe Harbor:
The information contained and provided on this Website provides Investment advice for the education of investors. The posts are an information service only. Recommendations, opinions or suggestions are given with the understanding that readers acting on this information assume all risks involved. We do not assume any responsibility or liability resulting from the use of such information, judgment and opinions for Trading or Investment purposes.
You received this message because you are subscribed to the Google Groups "Investors Please Listen !" group.
To post to this group, send email to investorspleaselisten@googlegroups.com
To unsubscribe from this group, send email to
investorspleaselisten+unsubscribe@googlegroups.com For more options, visit this group at http://groups.google.com/group/investorspleaselisten?hl=en
-~----------~----~----~----~------~----~------~--~---
No comments:
Post a Comment