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Jul 25, 2014
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Industry against mandatory deposit clause in tax disputes
The Budget has proposed to make it mandatory for an indirect tax assessee will have to deposit a sum while he files an appeal before the commissioner (appeals) or the appellate tribunal, infuriating a section of business. However, the finance ministry said the provision has been inserted to help business.
The Finance Bill seeks to insert a clause in the Customs and Excise Act for the purpose, asking the assessees to pay 7.5-10 per cent of the demand raised or penalty imposed or both, with a cap of Rs 10 crore, while filing the appeal at a pre-high court level. This would also be applicable to service tax assessee.
Source -
http://www.business-standard.com
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