Rising tax arrears a concern: Revenue Secy

The Finance Ministry today expressed concern over huge amount of tax arrears and said it plans to address the issue soon.

"The huge amount of pending tax arrears not under dispute is certainly a matter of concern and one of the issues we will address soon. We will sit together with both the direct and indirect tax officials and local officials in Mumbai to find a solution," Revenue Secretary Sunil Mitra told reporters at a CII function here today.

"The amount under dispute is a concern but the amount which is not under dispute is a bigger concern," he said, without divulging the exact amount of arrears.

On the government's disinvestment plan, Mitra said that the government was confident of achieving the target of Rs 40,000 crore through disinvestment of public sector undertakings in the next financial year.

"I honestly do not think there is a problem going forward with the (disinvestment) projection of Rs 40,000-crore in the next fiscal. It can be achieved," Mitra said.

This year, so far, the government has made disinvestment in four PSUs -- NTPC, NHPC, Oil India and REC and with NMDC issue, it is expected to garner up to total Rs 25,000-crore through the disinvestment of NMDC.