Published on 20/03/2017 9:38:14 AM | Source: Dion Global Solutions Ltd.
Around Rs 2,82,212 cr revenue to be generated through cess: Minister
The Finance Minister has said that an estimated Rs 2,82,212 crore revenue will be generated through cess and surcharge in 2017-18. Commenting on the issue, Finance Minister Arun Jaitley told the media, “The total revenue generated through cess and surcharge during 2014-15 was Rs 1,19,276.65 crore, which increased to Rs 2,65,661.61 crore in 2016-17.” "The estimated revenue likely to be generated through cess and surcharge in the financial year 2017-18 is Rs 2,82,211.98 crore," he added.
The Minister said under the Income Declaration Scheme 2016, a surcharge under the name of Krishi Kalyana Cess was levied at the rate of 25 per cent of the tax, that is at the rate of 7.5 per cent of the undisclosed income declared under the scheme. As per reports, the Taxation and Investment Regime for Pradhan Mantri Garib Kalyan Yojana (2016) has been introduced under which a surcharge under the name of Pradhan Mantri Garib Kalyan Cess at the rate of 33 per cent of tax is levied.