Vodafone approaches govt for conciliation in tax dispute

Vodafone has approached the government for a conciliation in its Rs 20,000-crore tax dispute, Revenue Secretary Hasmukh Adhia said on Wednesday.

The government, he said, has held one round of meeting following the British telecom major's move.

"Vodafone has, in a written communication, expressed its desire to go for conciliation for its tax disputes with India," Adhia tweeted.

In response, the government had held one preliminary meeting to explore terms of reference (ToR) of such a conciliation on October 10.

"We have not yet finalised contours of ToR. There would be more follow up meetings required," Adhia said.

The basic tax demand for Vodafone was Rs 7,990 crore but the total outstanding, including interest and penalty, is estimated to have risen to Rs 20,000 crore.

The case relates to the retrospective amendment of the I-T laws carried out by the UPA government in 2012, to overturn the Supreme Court verdict which had favoured Vodafone.