Government is expected to earn additional revenue of close to Rs 19,610 crore from various tax proposals put out by Finance Minister Arun Jaitley in Budget 2016-17.
"My direct tax proposals would result in revenue loss of Rs 1,060 crore and my indirect proposals are expected to yield Rs 20,670 crore," he said while presenting Budget in Lok Sabha today.
"Thus, the net impact of all tax proposals would be revenue gain of Rs 19,610 crores," he said.
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During an interaction with media after the Budget, Revenue Secretary Hasmukh Adhia said, the target for tax revenue is absolutely realistic.
"We are expecting a growth rate of 17 per cent in the tax revenue in the current fiscal as per the revised estimate. As against we have set target for next fiscal is 11.76 per cent only. So it is very modest target that we have set for ourselves," Adhia said.
In terms of absolute number, he said, the Revenue Department has set a target of Rs 16.25 lakh crore for tax revenue.
"We expect 10.8 per cent growth in indirect tax rate and direct tax 12.63 per cent," he said.
In absolute term, the government would mop up Rs 8.46 lakh crore from direct tax while Rs 7.79 lakh crore from indirect taxes.
"We are expecting a lower growth of 9.07 per cent in the corporate income tax. In case of personal income tax we are expecting a growth rate of 18 per cent," he said.
The government would be able to mobilise Rs 4.9 lakh crore in 2016-17 as against 4.5 lakh crore in the current fiscal revised estimate, representing an increase of 9 per cent.
With regard to personal income tax, the government would mop up a 18 per cent higher income of Rs 3.5 lakh crore from Rs 2.9 lakh crore for the ongoing financial year's revised estimate.
