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The Finance Ministry has disclosed to the Public Accounts Committee (PAC) headed by Murli Manohar Joshi that the UPA Government paid Rs 37,365 crore in interest on refunds of excess taxes it collected from 2006-07 to 2010-11. “The lucrative rate of interest on refunds makes it a win-win for large tax payers and tax authorities,” highly-placed Finance Ministry sources told The Hindu.




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