Various Tax sops to the SEZs (Land Banks) in India will cost the central exchequer a whopping $22 Billion. The finance ministry has said that over a four year period they will stand to lose in various taxes amount to the tune of Rs100,000 crores or $20 Billion.
Loss by means of Direct Taxes - Rs53,740 crores. [$11.5 Billion]
Loss by means of Indirect Taxes - Rs48,881 crores. [$9.5 Billion]
Ultimately the ordinary and middle class citizens of India will have to make up for the loss of these taxes that are directly pocketed by Land Sharks developing these SEZs.
Via [FE]
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