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The Hyderabad Chamber of Commerce and Industry has submitted proposals to the government for incorporation in the Budget 2018-2019 in order to bring maximum numbers of the business community into the tax net with provision of required facilities for improvement in trade and industry.
Senior Vice President HCCI Turab Ali Khoja in the proposals suggested the enrolment of new malls of the city by field officers of Inland Revenue. Besides, he said that parameters must be announced before carrying out random balloting and the time limit should also be fixed for completion of audit and same should be completed within the tax year.
He also suggested that the Commissioner Income Tax should be empowered for selection for the audit and those cases should be selected in which there are hundred percent proof of concealment.
The refund cases have been pending for many years and they should be finalized with facilitation to those tax payers who wanted to adjust the refund in the next return, he said.
He was of the view that withholding tax is no tax but the same is being increased every years and such tendency needs to be discouraged. Every sales tax registered person is made with holding agent and are required to file the returns by 15th of every month failing to file are subjected to a penalty of Rs 5000/- which he said too high and also have to pay penalties for depositing the amount late.
He said that every taxpayer whose sale is Rs 10 million or the above should be paid one percent turnover tax which should not be mandatory. Immunity must be given to the turnover taxpayers, he suggested and added that those tax payers who come under the final tax regime should be given immunity from audit.

Copyright Business Recorder, 2018

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