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 of total direct tax, gets locked in litigation every year, leading to huge amount of arrears.
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