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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.
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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."

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