New Delhi: A total of 45 proposals for FDI in different states are pending before the Foreign Investment Promotion Board (FIPB), even as 185 FDI proposals were approved in the current fiscal till February.
“Government cleared 185 FDI proposals involving a total amount of Rs 35,844.26 crore during the current fiscal up to February and 45 FDI proposals are pending before the FIPB as on March 9,” PTI quoted Minister of State for Finance Pawan Kumar Bansal as saying.
Minister of State for Finances S S Palanimanickam in a reply to a question in the Parliament said, the Government is constantly investigating and assessing cases related to tax evasion by foreign companies and is taking actions against defaulters.
On some companies obtaining 'No Permanent Establishment Certificate' (PE) to evade taxes, he said no such certificates are issued by the Department of Revenue.
In a reply to another question, Palanimanickam said, during the current fiscal till February, conviction has awarded in 12 cases of violation of Foreign Exchange Regulation Act.
Palanimanickam also said the cost of tax collection has been going up on account of increase in payments towards salaries etc and effect of inflation on other expenditure components.
Besides, it has gone up due to increase in expenditure on advertising and information technology, he said.
Though the expenditure in respect of collection of taxes has been going up, the cost of collection defined as percentage of expenditure has consistently been coming down, he added.
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