Finance Minister Arun Jaitley Saturday said the direct tax collection is expected to be Rs.14.49 lakh crore for fiscal 2015-16.
Jaitley told the Lok Sabha while presenting the NDA government's first full budget that the budgetary estimates of expenditure for 2015-16 are pegged at Rs.17.77 lakh crore.
Read our full coverage on Union Budget
The finance minister further informed parliament that out of the budgetary estimates of expenditure for 2015-16 non-plan expenditure is pegged at Rs.13.12 lakh crore and planned expenditure is expected at Rs.4.65 lakh crore.
Jaitley further announced a reduction in corporate tax. He proposed to reduce the corporate tax from 30% to 25% over the next 4 years to be accompanied by reducing exemptions.
"This (reduction) will lead to higher level of growth, accompanied by elimination of exemptions, which lead to disputes," Jaitley said.
"High corporate tax with too many exceptions gives us worst of both worlds, we neither get revenues nor investments."
Business Standard has always strived hard to provide up-to-date information and commentary on developments that are of interest to you and have wider political and economic implications for the country and the world. Your encouragement and constant feedback on how to improve our offering have only made our resolve and commitment to these ideals stronger. Even during these difficult times arising out of Covid-19, we continue to remain committed to keeping you informed and updated with credible news, authoritative views and incisive commentary on topical issues of relevance.
We, however, have a request.
As we battle the economic impact of the pandemic, we need your support even more, so that we can continue to offer you more quality content. Our subscription model has seen an encouraging response from many of you, who have subscribed to our online content. More subscription to our online content can only help us achieve the goals of offering you even better and more relevant content. We believe in free, fair and credible journalism. Your support through more subscriptions can help us practise the journalism to which we are committed.
Support quality journalism and subscribe to Business Standard.