Ahilya Chamber of Commerce and Industry
Date : 31st August 2020
Smt. Nirmala Sitaraman,
Minister of Finance,
Government of India,
PROVISION OF TCS
We wish to submit that the provision for collecting Income Tax at source (TCS) which is going to be implemented from 1st October, 2020, will add to the already existing enormous compliance burden of taxpayers.
2. The twin provisions for its applicability being sellers having turnover of above Rs. 10 Crores, and buyer’s volume from any seller of Rs. 50 lacs, will require updating of software of all assesses having a turnover of Rs. 10 Crore or above. With the present value of goods, 10 Crores is not a very large turnover.
3. On the other hand, it will mean uploading of huge data on the Income Tax portal, which, though, working satisfactorily so far, may also lead to glitches.
4. Most importantly, it goes against the avowed target of our Hon’ble Prime Minister Shri Narendra Modi to bring India in the first 50 rankings of “Ease of Doing Business”.
5. Whilst at this, we may please be permitted to add that almost all the initiatives taken so far for increasing” Ease of doing Business” have been keeping in mind large corporate and multinationals. The life of MSMEs and middle and small level businesses have only become all the more miserable with provision after provision increasing their compliance burden and cost of doing business; both in direct and indirect taxes. The above provision will only add to the hassles.
Madam, we, therefore, earnestly request you not to postpone it to some further date but to please shelve this provision permanently.
We do trust that our submission will be found meritorious and you will kindly take requisite action.
With anticipatory thanks,
Very truly yours,
Ahilya Chamber of Commerce and Industry
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