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Govt revenue from cess in FY17 so far amounts to Rs 2.66 lakh crore, says Jaitley

Govt revenue from cess in FY17 so far amounts to Rs 2.66 lakh crore, says Jaitley
Finance Minister, Arun Jaitley, addressing the financial advisers of various ministries. Image Source: IANS
Written By: ZeeBiz WebTeam
Updated: Fri, Mar 17, 2017
01:11 pm
Mumbai, ZeeBiz WebDesk
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In a reply to a Lok Sabha question, Finance Minister, Arun Jaitley on Friday said that so far the government has received revenue from cesses of Rs 2.66 lakh crore in FY17.

“The total revenue generated through Cess and Surcharge during financial year 2014-15 was Rs 1,19,276.65 crore which has increased to Rs 2,65,661.61 crore in financial year 2016-17,” Jaitley said.

The actual revenue for the fiscal year FY17 was yet to be realised.

WATCH: Government's motive is to increase number of tax payers in India: Arun Jaitley

Jaitley further added, "The estimated revenue likely to be generated through Cess and Surcharge in the financial year 2017-18 is Rs 2,82,211.98 crore (Rs 2.82 lakh crore)." 

Junior Finance Minister, Arjun Ram Meghwal, on Friday said in a separate reply to Parliament that the government raised Rs 39,370 crore from stake sales in state-run companies until February 28.

Speaking about incentives to the sugar industry, Jaitley said, “Sustained surplus production over domestic consumption since 2010- 11 sugar season had led to subdued sugar prices, which had stressed the liquidity position of the industry throughout the country leading to build up sugarcane price arrears, reaching to a high of Rs 21837 crore as on 15.04.2015 for sugar season 2014-15.”

Jaitley named the measures in the past three years to improve the liquidity condition in the sugar industry and then said, “These measures have improved liquidity position of the sugar industry, enabling them to clear sugarcane price dues.”

“The sugarcane price arrears of farmers reduced from its peak level of Rs 21,837 crore to Rs 481 crore in sugar season 2014-15 and for sugar season 2015-16, about 98% of sugarcane dues have been cleared. Further, domestic sugar price has improved above their operational viability level strengthening the financial position of sugar mills. In view of the above, there is no proposal presently under consideration of the Government to provide any tax incentive to the sugar industry,” Jaitley added.