New Delhi: An estimated Rs 282,212 crore revenue will be generated through cess and surcharge in 2017-18, Finance Minister Arun Jaitley said Friday.
Jaitley said in Lok Sabha that the total revenue generated through cess and surcharge during 2014-15 was Rs 119,276.65 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 282,211.98 crore," he said during Question Hour.
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 percent of the tax, that is at the rate of 7.5 percent of the undisclosed income declared under the scheme.
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 percent of tax is levied.
Jaitley said 'Education Cess on Income Tax' at 2 percent and 'Secondary and Higher Education Cess' at 1 per cent, are levied by the government every year through the Finance Act.
Originally, the education cess was introduced in the tax proposals of budget 2004 and secondary and higher education cess was introduced in the tax proposals of budget 2007.
The Minister said the Finance Bill 2017 has proposed to levy a new surcharge for 2017-18 in case of an individual, Hindu undivided family, association of person, body of individuals or artificial juridical person at the rate of 10 percent of such tax, where the taxable income exceeds Rs 50 lakh but does not exceed Rs 1 crore.
Replying a supplementary, Jaitley said such cess and surcharges were levied so that the government could spend the amount in building roads, schools, hospitals and building and other infrastructure.
Your guide to the latest seat tally, live updates, analysis and list of winners for Lok Sabha Elections 2019 on firstpost.com/elections. Follow us on Twitter and Instagram or like our Instagram or like our Facebook page for updates from all 542 constituencies on counting day of the general elections.
Updated Date: Mar 17, 2017 17:53:47 IST