Government's Clarification on the Reports that Finance Ministry Pays interest on Excess Tax Refund

Last updated: 10 February 2014

This is with reference to the news report appearing in certain section of media that the Finance Ministry pays Rs.37, 365 cr. in interest on excess tax refund and similar reports. The emphasis of these reports is that huge interest was paid by the Government on refund of excess taxes during 2006-2007 to 2010-2011 and that as per the Public Accounts Committee (PAC) Report of January 31, 2014; such interest is without the authorisation of Parliament. In this regard, it is stated that these
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Finance news reporter covering taxation, GST, income tax, business compliance, and economy updates. I simplify complex financial topics into easy-to-understand articles for professionals, taxpayers, and business owners on leading finance and tax platforms.

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