India’s Central Board of Excise and Customs has issued notices to 350 of the nation’s largest firms in a new tough stance on the collection of back taxes.
The country's tax departments have been asked by the Indian government to collect at least R100 billion (US$2.1 billion) in undisputed recoverable arrears arising from both direct and indirect taxes.
The move follows a directive from Finance Minister P Chidambaram for the tax authorities to redouble their efforts in the collection of outstanding arrears.
Among the 350 targeted firms are the Indian Oil Corporation, the Maharashtra State Electricity Board, Hindustan Zinc, and a number of steel firms.
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