NEW DELHI, NOV 5: With tax collections continuing to remain stagnant, the ministry of finance now appears to be clutching at straws. Revenue secretary N K Singh said that his department hoped to get at least a few thousand crores from a quick settlement of old dispute cases, as well as from the scheme to meet dues by selling off the scam-tainted shares.

Singh said that over Rs 7,000 crore of dues to the government was embroiled in cases before the appelate tribunal, CEGAT (Rs 1,500 crore from ITC alone). "We're pushing for early resolution in these cases," Singh said. How Singh proposes to do this, however, is an open question.

Singh's hope of getting around Rs 1,500 crore in terms of dues from the sale of the scam-tainted shares is also dependent on several imponderables. The custodian had proposed, to the Supreme Court, that the shares of persons notified in the Harshad Mehta share scam be sold and that this be used to settle dues. Taxes due to the government, according to Singh, were in the region of Rs 4,000 crore.

Copyright © 1997 Indian Express Newspapers (Bombay) Ltd.