India Inc owes Rs 2.46 lakh cr in taxes: Govt

India Inc owes Rs 2.46 lakh cr in taxes: Govt

Adding to an already lower revenue collection and stifled economic growth, India’s corporate sector owes a whopping Rs 2.46 lakh crore towards taxes to the government, the finance ministry told the Lok Sabha on Friday

In a written reply, Minister of State for Finance J D Seelam said, no separate data of outstanding demand from big corporates, as a separate category or class, is maintained.
"However, the amount of total corporate tax demand outstanding, as on December 31, 2013, is Rs 2,46,416 crore," he said.

Seelam said that there are 45 corporates cases where direct tax demand above Rs 500 crore is outstanding.

The minister further said that apart from statutory measures taken for recovery of outstanding tax dues, the Income Tax department had devised an elaborate strategy to recover the outstanding taxes.

The strategy includes strict monitoring and review of actions for the recovery, taking assistance of investigation wing in important cases and early disposal of appeals especially in high demand cases.

Replying to another question, Seelam said that during the April-December 2013 period, the income tax department executed 3,139 search warrants and assets worth Rs 565.4 crore were seized.

In financial year 2012-13, the income tax department had executed approximately 3,890 search warrants and assets worth Rs 575.08 crore were seized.

Narendra Modi or Rahul Gandhi? Who will win the battle royale of the Lok Sabha Elections 2019


Get real-time news updates, views and analysis on Lok Sabha Elections 2019 on Deccanherald.com/news/lok-sabha-elections-2019 


Like us on Facebook or follow us on Twitter and Instagram with #DHPoliticalTheatre for live updates on the Indian general elections 2019.

Liked the story?

  • 0

    Happy
  • 0

    Amused
  • 0

    Sad
  • 0

    Frustrated
  • 0

    Angry