India’s Central Board of Excise and Customs (CBEC) is to launch a major initiative aimed at recovering arrears from indirect taxation, following a call by Finance Minister P. Chidambaram to improve collection in this area.
The main focus of the task force, according to CBEC, will be the formulation of effective strategies and the development of innovative approaches to the collection of tax arrears.
The task force will also be responsible for the monitoring and implementation of the arrears collection strategy, whilst overseeing effective coordination between the field formations and the appellate authorities so that the collection targets are achieved.
The Finance Minister recently asked the Chief Commissioners of Customs and Excise to seek new ideas and strategies to boost indirect tax collections and prevent loss of revenues through fraud and corruption.
According to reports, indirect tax arrears are estimated at about Rs 15,000 million (including tax arrears of about Rs 3,000 million).
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