DIRECT TAXES
| FM calls for concrete steps to recover Rs 38K cr tax arrears Wed, 01 Sep 2010 15:11:41 GMT |
| The Economic Times FM calls for concrete steps to recover Rs 38K cr tax arrears Concerned over Rs 38,000 crore in tax revenue being locked up in legal disputes, Finance Minister Pranab Mukherjee on Wednesday asked the authorities to step up efforts to realise the taxes. "Rs 28,046 crore is blocked in appeal before CIT (Appeal) and Rs 10,010 crore before Income Tax Appellate Tribunal (ITAT)," Mukherjee said after meeting Revenue Department officials here. "The major area of concern on the direct tax side is the revenue locked up in appeal... Department should take concrete steps to realise the revenue locked up before the appellate authorities," he said. Last month, the Finance Minister had called the Income Tax Department the biggest litigant in the Indian government and asked it to re-examine the way it handles tax disputes. "One area of concern is litigation with taxpayers. The department is filing appeals in a routine manner, without careful thought and examination, leading to the Department earning the dubious distinction of being the biggest litigant in the Government of India," Mukherjee had said. Later, the Central Board of Direct Taxes (CBDT) set up a committee to monitor and minimise litigations and asked its officials to look into the merits of cases before moving courts. Mukherjee also said April-July direct tax revenue has grown 15.75 per cent from a year earlier. While corporate tax revenue was up 20.9 per cent, personal income tax revenue rose 8.51 per cent during the period. "The overall direct taxes growth is satisfactory," he said. According to CBDT data, direct tax collection shot up by 15.75 per cent to Rs 85,647 crore in the first four months of the fiscal from Rs 73,990 crore in the previous fiscal. |
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