Corporate India Saves ₹7.74 Lakh Crore in Tax Breaks Over 5 Years: Govt Data

Indian corporations have received ₹7.74 lakh crore ($93 billion) in tax rebates between FY2018-19 and FY2022-23, according to recent government disclosures. The massive incentives, including exemptions and deductions, aim to stimulate business growth and attract investments. Key sectors like manufacturing, infrastructure, and renewable energy benefited significantly from these fiscal measures. While boosting corporate savings, the data sparks debates about balancing economic growth with revenue losses. The figures come amid discussions on phasing out "tax expenditure" policies to streamline India’s taxation framework and expand the taxpayer base.
Source: Ministry of Finance, Business Standard