Concerned over the high outstanding wealth tax and income tax, Finance Minister Jaswant Singh on Tuesday said as against a tax demand of over Rs 70,670 crore (Rs 706.70 billion), the net collectable demand stood at only 35 per cent of the total amount.
Replying to supplementaries during the Question Hour, Singh said the net collectable demand stood at Rs 24,637 crore (Rs 246.37 billion).
He said a sum of Rs 40,000 crore (Rs 400 billion) was also due in the form of compounding arrears.
Singh said a number of steps had been taken for expediting the settlement of tax cases.
He said the government has already announced the setting up of more benches of Income Tax Appellate Tribunal together with National Tax Tribunal for expeditious disposal of cases under litigation.
The minister said the Commissioners (Appeal) have been directed to dispose of pending appeals quickly.