KOCHI:
The Cochin Chamber has submitted a memorandum to Union Finance Minister Nirmala Sitharaman containing various proposals for consideration in the debate on the Finance Budget in both the Houses of Parliament. The Chamber’s petition seeks a review of two tax proposals that impede the smooth running of business.
Chamber urged FM to withdraw the budget proposal that the employer contributions should be subject to income tax; if there is a delay of even one day in the payment of employee contributions to PF, ESI and other welfare funds. The chamber has also filed a petition seeking a review of the budget proposal that came with the assessment of Goodwill’s depreciation when business acquisitions take place. Apart from these, proposals have also been submitted to simplify the GST and TDS rules.
P.M Veeramani, Vice President, Cochin Chamber of Commerce and Industry, said that clear, simple and long-term business rules are essential to achieve the goal of smooth business management as envisioned by the Central Government.
