Jayant Sinha: Government Owes Tax Arrears Worth Rs 2.14 Lakh Crore From 17 Individuals

The Logical Indian

August 2nd, 2016

Source: NDTV | Image Courtesy: assets.bwbx.ioibtimes

Individuals owe massive amount of money
A written reply to Rajya Sabha questions from Minister of State for Finance Jayant Sinha has revealed that in India, 17 individuals have whopping outstanding tax arrears worth Rs 2.14 lakh crore with each of them owing more than Rs 1,000 crore. The parliament has been informed that this amount is more than double the amount of total tax dues worth Rs 90,568 crore outstanding against 35 companies in this category.


8 lakh crore and counting
These individuals and the companies together hold direct tax arrears (including the demand not fallen due) worth Rs 827,680 crore, as on April 1, 2015. The number of taxpayers who owe over Rs 10 crore to the government rose by 69% to 4,692 in three years. The number in 2012-13 and 2013-14 were at 2,777 and 2,367, respectively.

Jayant Sinha has said that a large amount of this outstanding tax arrears may not be collected due to various reasons as the demand has been raised in March 2015 and has not fallen due or the demand may have become difficult to recover. Rs 36,593 crore was collected from the arrears demand in 2014-15.


The way forward
The Logical Indian thanks the government for making these numbers public. We request the government go on a war footing to recover the tax money which individuals owe to the government.

 

Share your thoughts..

Art Has The Power To Transform Lives

Related Stories

Government Owes Rs 325 Crore To Cash Strapped Air India With Bills Pending For VVIP Chartered Flights

Karnataka Accounts For 44% Of India’s Investment Plans: Union Commerce Ministry

Budget 2017-18: Income Tax Reduced To 5% For Rs 2.5-5 Lakh Slab

Political Fundings

Political Parties Received Rs 7,833 Crore Funding From Unknown Sources In Last 11 Years: ADR

Unnamed Taxpayer

An Unnamed Taxpayer Owes The Government Rs 21,870 Crore For The Assessment Year 2014-15

57 Borrowers Owe Rs 85,000 Crore To Banks

57 Borrowers Owe Rs 85,000 Crore To Banks: SC Asks Why Can’t Their Names Be Revealed

Latest on The Logical Indian

Awareness

Increase In The Wealth Of Political Parties Coincides With Their Hold Over Power

Awareness

World Debt Reaches All Time High Of $164 Trillion

Fact Check

Did NDA Govt Recover Rs 4 lakh Crore Of NPAs As Claimed By BJP And PM Modi’s App?

News

Fugitive Economic Offenders Ordinance, 2018 Gets Passed; Allows Authorities To Attach And Confiscate The Properties

News

11-Yr-Old Rape & Murder: Victim & Mother In Surat Sold For Rs 35,000, Tortured For 8 Days

Fact Check

Post-Mortem Report Of Kathua Victim Contradicts Dainik Jagran’s Front Page Splash