Most Tax Benefits Go to Individuals & HUFs: Govt
The government’s tax exemptions and deductions are increasingly weighted towards individual taxpayers rather than companies, according to the latest data on the revenue the government has foregone due to such measures.
According to data shared on Monday (July 28, 2025) by Minister of State for Finance Pankaj Chaudhary with the Lok Sabha in response to a question, the exemptions and deductions availed of by individuals made up 60% of the total revenue foregone by the government in 2023-24.
he data shows the government gave up on total tax revenue worth Rs.3.7 lakh crore in 2023-24 due to the deductions and exemptions it provided to corporate, non-corporate, individual, Hindu Undivided Family (HUF), and customs taxpayers.
This is up from revenue foregone of Rs.3.4 lakh crore in 2019-20, Rs.2.7 lakh crore in 2020-21, Rs.3.1 lakh crore in 2021-22, and Rs.3.3 lakh crore in 2022-23.
Revenue Foregone
Tax revenue given up by the government as deductions & exemptions provided to different segments of taxpayers.
However, the breakup of this data shows how the exemptions and deductions to individual and HUF taxpayers have become the most dominant portion of the revenue foregone by the government.
