India hopes to resolve the retrospective tax cases by the end of the fiscal year, said revenue secretary Tarun Bajaj on Wednesday.
“We are hopeful of resolving all these cases before the end of the financial year,” he told CNBC-TV18.
Two of the companies have already submitted their form one, there are a total of four forms, Bajaj said. It has already appeared in the newspaper — Cairn is one amongst those two, he further said, while adding that the remaining eight are yet to come.
“We are hopeful that in the next seven days, we should have six to seven submitting their forms. They've already submitted their draft forms for us to check whether there is any shortcoming in that. And Vodafone still has a little time because that came up to the Finance Act. So we amended the finance act a little later. So, Vodafone still has times till the end of the month perhaps. So we are hopeful that all of them would actually come on board and Cairn was the elephant in the game. So that has already come and we are hopeful of resolving all these cases before the end of the financial year,” the revenue secretary said.
There's a process. After the legislation, we had to have the rules in place. So the rules came up a little while ago. And the rules have prescribed time limits for each of the steps to be taken. So there are four steps before the refunds can be given, he explained.
When asked about the total quantum that would be refunded within this fiscal year, he replied, “The total would be about Rs 8,100 crore — the maximum going to Cairn about Rs 7,800-7,900 crore. The remaining basically our litigation or issues that would be closed.”
For more, watch the accompanying video.
Catch all market updates here.