The government on Monday said the total tax revenue in 2011-12 would be up 18.50 per cent at Rs 9,32,439.88 crore, on the back of projected rise in revenue from taxes on income, services, customs and excise duties. The total tax revenue for the current fiscal was originally pegged at Rs 7,46,651 crore, which was subsequently revised to Rs 7,86,887.91 crore.
"My proposals on direct taxes are estimated to result in a revenue loss of Rs 11,500 crore for the year. Proposals relating to indirect taxes are estimated to result in a net revenue gain of Rs 11,300 crore, leaving a net loss of Rs 200 crore in the Budget," Finance Minister Pranab Mukherjee said while presenting the Budget.
This is likely on account of the increase in income tax slabs on the one hand which will reduce revenue, while expansion of the ambit of service tax will have the contrary effect in indirect tax.
As per the Budget, the total corporation tax in 2011-12 is projected at Rs 3,59,990 crore, up 21.46 per cent from the revised estimate of Rs 2,96,377 crore in 2010-11.
Taxes on income are projected to fetch revenue of Rs 1,72,026 crore in the next fiscal as against the revised estimate figure of Rs 1,49,066 crore for 2010-11.
This is an increase of 15.40
per cent. The government's revenue from wealth tax is pegged at Rs 635 crore in 2011-12, a growth of 14 per cent from the revised estimate of Rs 557 crore in the current fiscal.
Total revenue from customs in the next fiscal are projected at Rs 1,51,700 crore as against the revised estimate of Rs 1,31,800 crore in 2010-11, a growth of 15.10 per cent.
Revenue from union excise duties is projected to increase by 19.12 per cent to Rs 1,64,115.66 crore in 2011-12 from the revised estimate of Rs 1,37,777.52 crore in this fiscal. The Budget also put the revenue projection from service tax at Rs 82,000 crore in the next fiscal from the revised estimate of Rs 69,4000 crore in 2010-11, suggesting an increase of 18.16 per cent.
Besides, union territories are projected to have a total tax revenue of Rs 1,973.22 crore in 2011-12, up from Rs 1,910.39 crore as per the revised estimate for the current fiscal.
