Moneycontrol
Feb 17, 2017 10:06 AM IST | Source: CNBC-TV18

Domestic, multinational firms owe Rs 6.9-lakh crore to I-T dept

News from the north block, the latest data from the finance ministry shows that domestic and multinational companies owe a staggering Rs 6 lakh 89 thousand crore to the tax department in outstanding arrears. The tax department has already sent a missive to the companies asking them to pay up.


The latest data from the Finance Ministry shows that domestic and multinational companies owe a staggering Rs 6.89 lakh crore to the tax department in outstanding arrears. The Income Tax Department has already sent a missive to the companies asking them to pay up.


The 7 lakh crore figure includes central excise duty service tax arrears and corporate tax dues as on December 31, 2016.

India Inc owes around a whopping Rs 4.71 lakh crore to the government exchequer. This figure is not unusual. Every year,large number of tax demands are challenged and as a result close to 5 percent oftotal direct tax, gets locked in litigation every year, leading to huge amount of arrears.

Meanwhile, tax department sources tell CNBC-TV18 that efforts to collect the pending dues are ongoing and that the tax department aims to reduce the pending dues by the end of next fiscal.

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