HLL may file highest number of declarations under KVSS

MUMBAI, JAN 15: Hindustan Lever Limited (HLL) may well be the company to file the highest number of declarations under the Kar Vivad Sama...

MUMBAI, JAN 15: Hindustan Lever Limited (HLL) may well be the company to file the highest number of declarations under the Kar Vivad Samadhan Scheme (KVSS). HLL has filed 62 declarations with the Central Excise department, totally involving disputed duty of Rs 6 crore.

Reliance Industries Limited has filed 17 declarations, involving duty amount of Rs 16 cr while HPCL has filed seven declarations involving duty over Rs 5 crore.

With two weeks for the scheme to close (it was extended on December 31, 1998 for another month), 2,086 declarations have been filed in Central Excise, while the duty involved is Rs 2,002 crore. The amount that may finally be collected out of this is only Rs 131 crore, since the scheme gives waiver of penalty and interest.

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In direct taxes, 5,300 declarations have been filed till December 31. The disputed income involved is Rs 1,010 crore, and the tax collected out of this is likely to be over Rs 300 crore. Income-Tax officials however, refused to identify the names of companieswhich have come under the scheme.

Figures of declarations filed in the Customs department were not available.

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