New Delhi: Alarmed by the depleting industrial growth and fear of the impact of the increasing global crisis on the domestic economy, the Central government has decided to augment collection of tax arrears, with special focus on those having arrears over Rs 10 crore.

The Government has fixed a target of collecting Rs 30, 000 crore as direct tax in the current fiscal.

A joint team of Central Board of Direct Taxes (CBDT) and the Directorate of Income Tax (DTI) has been formed to conduct the entire drive. The team has started to identify the taxpayers who have a tax liability of more than Rs 10 crore.

The team is also reviewing the 15,500 cases pending with Income Tax Appellate Tribunal, which has been asked to expedite the disposal of cases.

The data shows that the CBDT has managed to recover only 27 percent of tax collection targets by July 2011.
Despite that the Centre has increased the Direct Tax collection targets from Rs 5, 32,000 crore to Rs 5, 85,000 crore in the current fiscal.

According to the data available up to March 31, 2011, tax arrears of individuals over the last two years computes to 3,33,077 crore.
In addition, companies are liable to pay Rs 1, 36,177 crore as corporate taxes for the same period, sources said. 

JPN/Bureau