Companies owe over Rs.65,000 crore to Indian exchequer

July 30th, 2010 - 8:04 pm ICT by IANS  

New Delhi, July 30 (IANS) A whopping Rs.75,509 crore ($16.77 billion) was the amount of tax outstanding against companies in India as on April 1, 2009 of which Rs.9,748 crore ($2.16 billion) was recovered last fiscal, parliament was informed Friday.
The amount includes money locked up due to appeals before tribunals and courts, some of which cannot be collected due to stay orders, liquidation, inadequate assets and cases before special courts, Minister of State for Finance S.S. Palanimanickam said.

“No separate database regarding the outstanding demand against multinational companies as separate category or class is maintained,” the minister informed the Lok Sabha, the lower house of parliament, in a written reply.

He said that measures for recovery being taken included attachment of bank accounts and sale of immovable property of the defaulters.

This apart, a task force was monitoring the recovery of large amounts, while designated offices were also identifying cases involving substantial amounts before tribunals, requesting them to dispose off the appeals early.

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