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Of the full, pending company tax dues quantity to ₹56,000 crore, ₹16,500 crore is private earnings tax and ₹50 crore is undisclosed earnings from international belongings, mentioned a senior official.
“Now we have recovered about ₹73,500 crore and the quantity could go up additional,” the official instructed ET on situation of anonymity. The division had collected over ₹52,000 crore in FY23.
The official mentioned whereas it was troublesome to offer year-wise particulars of excellent dues, the gathering averaged 8% of annual excellent until 2021-22, which went as much as 10.78% in 2022-23 and is about 17% on this fiscal thus far. Pending tax arrears, which had crossed ₹21.94 lakh crore in January 31, 2023, from ₹15 lakh crore in April 2021, have been a key space of concern for the tax division.
The division had drawn up a roadmap to assist it recuperate excellent dues extra effectively, together with identification of instances the place restoration was doable, use of know-how to trace untraceable defaulters and handing out zone-wise targets to subject formations.
“This 12 months the restoration is a lot better and within the final two-and-a-half months solely we’ve got recovered ₹37,000 crore,” mentioned the official cited earlier. In some instances, arrears date to evaluation years 2003-04 and 2004-05, for which the division tracked defaulters by using know-how. In some instances, although taxes had been paid, they weren’t reflecting of their system and energy was on to replace the database, the official mentioned.
