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‘No Estimate on Black Money Lying Abroad in Last 5 Years’

There is no official estimation of the black money parked in foreign accounts over the last five years, however, Rs 2476 crore was collected as tax and penalty in 2015 under a one-time, three-month compliance window, the government said in Parliament on Tuesday.

As many as 684 disclosures involving undisclosed foreign assets worth Rs4164 crore were made in the one-time, three months’ compliance window that closed on September 30, 2015 under the Black Money (Undisclosed Foreign Income and Assets) and Imposition of Tax Act, 2015, minister of state for finance, Pankaj Chaudhry, said in a written reply in the Rajya Sabha.

“There is no official estimation regarding the amount of black money in foreign accounts during the last five years, “Chaudhry said. “However, the government has taken various steps against the black money abroad which have led to positive results.”

FUEL TAX

The government earned nearly Rs 8.02 lakh crore from taxes on petrol and diesel in the last three fiscal years, of which more than Rs 3.71 lakh crore was collected in FY21, finance minister Nirmala Sitharaman informed Parliament.

The minister was responding to queries on increase in excise duty on petrol and diesel during the last three years and the details of the revenue earned through taxes on these fuels.

The excise duty on petrol increased from Rs 19.48 per liter as on October 5, 2018 to Rs27.90 a liter as on November 4. 2021.The duty on diesel increased from Rs 15.33 a liter to Rs 21.80 during the same period, Sitharaman said in a written reply in the Rajya Sabha.S-ET

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