New Delhi: A decision to set up National Tax Tribunal, which was deferred by the Cabinet on August 23, would be taken soon, Finance Minister Jaswant Singh said.

"It (the decision) will be taken soon," Singh said but declined to say whether the matter will be taken up in the next Cabinet meeting.

He indicated that the basic framework of the tribunal was in place but it has to be approved by the Cabinet.

Singh had announced last month that the government was planning to set up National Tax Tribunal for daily settlement of large number of disputes on taxation matters pending in various courts.

The number of pending cases in various courts have gone up to 3.15 lakh, locking up over Rs 42,860 crore in revenue.

PTI