Centre waived ₹99,000 crore in corporate tax in FY24

The Indian government waived approximately ₹99,000 crore in corporate taxes during Financial Year 2023-24, as informed to Rajya Sabha. This significant revenue foregone is attributed to various tax incentives and rate reductions implemented over the years, aiming to boost economic growth, investment, and employment. Since 2016, corporate tax rates have been progressively lowered, including a major cut in 2019 for existing and new manufacturing companies. While the direct impact on revenue is substantial, the government's long-term strategy is to stimulate industrial activity and overall economic expansion. The data highlights a consistent trend of offering tax concessions to the corporate sector.