Live news , top stories, corporate news, company news, sector news, economy news, results analysis news, ceo interviews, fund manager interview, advisor interview, market news, bazaar talk, hot stocks news, ipo news, commodities news, mutual fund news, insurance news, news wire
02 March, 2021 23:06 IST
Budget has devils in tax details: Assocham Tax Panel
Source: IRIS | 14 Jul, 2014, 10.20AM
Rating: NAN / 5 stars.
Comments  |  Post Comment

Detecting devil in details in the Budget, the Assocham Indirect Tax Committee has said there is no justification for a huge increase in interest rate to 30% from 18% on delay in payment of service tax and for mandatory deposit of 7.5-10% of demand before an appeal is filed for customs and excise claims.

The other major irritants and problems which increase cost and time for compliance depriving the businesses the ease of doing business relate to obligation to furnish information return by assesses, making multiple assessment for the same period and mandatory filing of appeals in the Supreme Court against the tribunal orders.

"Some of the measures in the Budget are retrograde and need to be revisited," chairman of the Assocham Indirect Tax Committee JK Mittal said.

Agreeing with him, the chamber secretary general DS Rawat urged Finance Minister Arun Jaitley to delve into the details and correct the situation.

"Before the Budget is passed, we hope Jaitley given his background of a brilliant lawyer will get rid of some of the irritants which do not bring much revenue to the exchequer but give enough leeway to the officers to misuse the powers."

 Post Comment
Name Email
Security Code type    into this box
Related Articles
RBI imposes monetary penalty of Rs 20 mn on Bank Of Maharashtra - 02-Mar-2021 18:20
TVS Motor sales up 18% in February 2021 - 02-Mar-2021 18:07
Ashok Leyland reports 19% rise in February sales - 02-Mar-2021 17:55
Sterlite Technologies names Chris Rice as CEO for its Access Solutions Business - 02-Mar-2021 16:32
MCX, NSE, India INX to set up market infrastructure institutions in GIFT City - 02-Mar-2021 09:58
Buy Vedanta; target price of Rs 220: Motilal Oswal - 02-Mar-2021 09:29
UPL in long-term collaboration with FMC Corporation - 02-Mar-2021 09:08
Home  |   Shares  |   F&O  |   Mutual Funds  |   Loans  |   Insurance  |   News Centre
Wealth Tracker  |   Newsletters  |   Tax Corner  |   NRI Centre  |   Advertise
© All rights reserved. IRIS Business Services Limited
A Disclaimer