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In a meeting with India Inc on Wednesday, Finance Minister Arun Jaitley said the government has taken the first "significant" step to resolve retrospective tax cases by installing a statutory mechanism to handle these and reiterated the need for fiscal discipline to meet economic targets. In his Budget 2016 speech on Monday, the finance minister made a one-time offer to corporates facing tax demands on account of retrospective tax, of waiver of interest and penalty if they pay the principal tax amount. Here are the top Arun Jaitley quotes on retro tax: (PTI)
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Arun Jaitley: "I think what is most important is our desire to resolve all pending disputes. British oil major Cairn Energy is facing a tax demand of Rs 10,247 crore on a nine-year-old business reorganisation it effected in Cairn India, while another British firm, telecom giant Vodafone, is facing tax a liability over its $11 billion stake purchase in 2007 in the mobile phone business of Hutchison Whampoa. (PTI)
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Arun Jaitley: "Fiscal discipline is going to be very important, and I'm sure that if we keep to it, we'll be able to meet the targets set by Chief Economic Advisor Arvind Subramanian in the Economic Survey." (PTI)
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EPF tax rollback: The Union Budget for 2016-17 proposed taxing 60 per cent of withdrawals from the Employee Provident Fund (EPF) on contributions to be made after April 1, 2016 unless the sum is reinvested in pension product such as an annuity. (PTI photo)
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Arun Jaitley: The government said on Tuesday that a total of Rs 4.18 lakh crore of taxes are pending from corporate defaulters as of January-end this year. "The total amount of corporate tax demand pending for collection at the end of January 2016 is Rs.418,399 crore," Minister of State for Finance Jayant Sinha said in a written reply to the Rajya Sabha. The top 50 defaulting companies account for Rs 22,903 crore of the total amount due for recovery, he added.
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