Following the cut in corporation tax rate for companies in September 2019, the government faced a revenue loss of Rs 1,00,241 crore in the financial year 2020-21, Minister of State for Finance Pankaj Chaudhary said on Tuesday.
“…neglecting the impact of non-availability of exemptions under this regime, the estimated revenue loss in FY 2020-21 has been re-estimated to be Rs. 100,241 crore,” Chaudhary said in a written reply in Rajya Sabha. For FY21, around 61 per cent of the reported aggregated total income of all companies opted for the new concessional tax scheme, he said.