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LATEST NEWS UPDATES | Such Incredibly Accurate Revenue Budget Estimates? -Anuj Srivas

Such Incredibly Accurate Revenue Budget Estimates? -Anuj Srivas

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published Published on Feb 4, 2017   modified Modified on Feb 4, 2017
-TheWire.in

Were the budget estimates for corporation and income taxes in 2016-17 a good coincidence or were they supposed to have been be qualified with a note?

New Delhi:
For the first time in at least ten years, the budget estimates (BE) of India’s corporate tax and income tax revenue receipts have exactly matched their corresponding revised estimates (RE) – give or take a couple of decimal points.

A key part of every Union Budget is the receipt budget, a quick summary of how much tax and non-tax revenue the government was able to collect over the last year. It also includes capital receipts.

While tax revenue is further broken down into ten different categories, the two biggest sources of this revenue are ‘corporation taxes’ and ‘taxes on income’. The receipt budget for 2017-18 breaks down the 2016-17’s budget estimates and revised estimates for all tax revenue receipts.

For 2016-17, the budget estimate (BE) for corporate tax revenue was Rs 4,93,923.55 crore. The revised estimate (RE) is Rs 4,93923.50. That’s a difference of less than one crore rupees. Corporation tax revenue is broken down into four categories – collections, surcharge, education cess and miscellaneous receipts.

For 2016-17, the BE for taxes on income – which includes collections and surcharges as well as a whole host of other taxes including the security transaction tax – was Rs 3,53,173.68 crore. The RE for the same category in the same year is Rs 3,53,173.70. Again, a difference of less than one crore rupees.

Please click here to read more.

TheWire.in, 3 February, 2017, https://thewire.in/105502/incredibly-accurate-budget-estimates/


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