Revenue gain projected at Rs 15K cr after tax rejig in FY16

The net impact of all direct and indirect tax proposals in the next fiscal will result into a revenue gain of Rs 15,068 crore for the government, Finance Minister Arun Jaitley said today.
While, direct tax proposals will lead to a revenue loss, indirect taxes will be in surplus.
"My direct tax proposals would result in revenue loss of Rs 8,315 crore, whereas the proposals in indirect taxes are expected to yield Rs 23,383 crore. Thus, the net impact of all tax proposals would be revenue gain of Rs 15,068 crore," Jaitley said.
Segment-wise, gross tax revenue in 2015-16 is estimated to rise by 15.83 per cent to Rs 14.49 lakh crore, up from Rs 12.51 lakh crore in 2014-15 (as per revised estimate).

From non-tax revenue sources, the total mop-up is estimated to rise 1.79 per cent to Rs 2.22 lakh crore. As per the revised estimate for current fiscal FY15, it is pegged at Rs 2.18 lakh crore.
Jaitley, among others proposals, abolished wealth tax while replacing it with an additional surcharge of 2 per cent on super-rich with a taxable income of Rs 1 crore and more.
"This will lead to tax simplification and enable the Department (Revenue) to focus more on ensuring tax compliance and widening the tax base. As against a tax sacrifice of Rs 1,008 crore, through these measures the Department would be collecting about Rs 9,000 crore from the 2 per cent additional surcharge," he added.

For the current fiscal, wealth tax is estimated at about Rs 950 crore.