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« Indirect Tax »

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s 86k crore indirect tax revenue locked up in litigation: Government

September, 07th 2012
The government today informed Parliament that Rs 86,000 crore in indirect taxes is locked up in litigation. "An amount of Rs 86,000 crore indirect tax revenue of Central Board of Excise and Customs has been locked up in litigation," Minister of State for Finance S S Palanimanickam said in a written reply in the Lok Sabha. He said the board continuously monitor recovery of tax arrears. Legal action to recover arrears of revenue from defaulters and bunching of all cases involving same issue for expediting decision are among the steps taken to ensure speedy recovery, he added.