Industry & Economy
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Taxation
Chidambaram may address Settlement Commission members today
K.R. Srivats
New Delhi
,
Aug. 10
THE Finance Minister, Mr P. Chidambaram, is likely to address members of the Settlement Commissions here on Wednesday.
Sources said that the meeting might lead to discussions on the status of large revenue yielding cases that are pending before the two Settlement Commissions — one for income-tax and the other for Customs and central excise.
The Finance Minister had held a round of discussions with the Chief Commissioners' of Income Tax, Director-General of Income Tax (DGITs) and Chief Commissioners' of central excise and customs during the last week of July. Action plans have been devised to quicken the collection of the tax arrears, especially the recoverable undisputed arrears, due to the exchequer. Total direct tax arrears, including those under dispute at various stages, are estimated at about Rs 87,800 crore. In the current fiscal, the centre is hoping to recover a "tidy sum" (about Rs 7,000 to Rs 8,000 crore) from the recoverable undisputed tax arrears on the direct tax front. On the indirect tax front, the total tax arrears is estimated at about Rs 15,000 crore (including the recoverable undisputed arrears of Rs 3,000 crore).
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