Tax dues from companies at Rs 4.85 lakh crore

Corporates owed over Rs 4.85 lakh crore approximately to the exchequer as outstanding tax demands, under direct and indirect taxes, towards the end of fiscal 2014-15, Parliament was informed on April 28. "The total outstanding tax demand pending collection under the head corporate tax under the Direct Tax laws as on February 28,2015 is over Rs 3.20 lakh crore," Minister of State for Finance Jayant Sinha said in a written reply in Rajya Sabha.

As on March 31, 2015 the total amount of about Rs 1.65 lakh is outstanding under indirect taxes, which include central excise, customs and service tax, said Sinha. There are 77 companies with an outstanding tax demand of Rs 500 crore or more as on March 2015