The answer is blowing in the wind
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The Parliamentary Standing Committee on Finance has asked the Government to furnish details of the tax revenues foregone and non-performing assets of banks at the earliest.
The panel, headed by senior BJP leader Yashwant Sinha, in its meeting here on Tuesday, unanimously decided to ask the Revenue Secretary to submit the details of the revenue foregone to the panel within a month.
In the 2013 Budget proposals, the Government had said that the aggregated revenue foregone from Central taxes or the tax that had not been collected in 2012-13 was about Rs 5.73 lakh crore. The committee wanted the details of special tax rates, exemptions, deductions, rebates, deferrals and credits.
Non-performing assets
Noting that every public sector bank had two to three per cent non-performing assets (NPAs), the committee also demanded that the Reserve Bank of India and the Finance Ministry set up a group to study the issue.
“We have asked the RBI and the Ministry that this group can submit a report on each NPA worth more than Rs 1 crore. This exercise should be done within three months,” a member of the panel said.
A report with this recommendation will be submitted to Parliament during the second lap of the Budget session, slated to begin on April 22.
“The people of the country have the right to know the details of the sops given to industries. They should also know the list of defaulters in public banks,” another member said.
The Opposition BJP, Left parties and the Centre’s supporter Samajwadi Party had criticised the ruling United Progressive Alliance over the huge amount of revenue foregone.
“In 2012-13 alone, the aggregate revenue forgone from Central taxes on account of tax concessions to the rich and the corporate sector is projected to be Rs 5,73,627 crore. If one adds the Rs 5,33,583 crore of forgone tax revenue in 2011-12, the total is a whopping Rs 11,07,210 crore.
According to a study, revenue foregone since 2005-06 under corporate income tax, excise and customs is Rs 31,11,169 crore,” senior BJP leader Venkaiah Naidu had said in Parliament.
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