Govt hopes to resolve retro tax case by end of fiscal: Revenue Secretary

Cairn accepts $1 billion refund offer, to drop cases against India within days: CEO

“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.

Also Read: Retro tax settlement: Companies must indemnify govt; wait 5 months to get refund

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.”