Mr. Sharad Bhandari Expectation From Budget 2010-11

Excise duty (Cenvat) and Income Tax are subject to surcharges like Educational Cess and Higher education cess.

I have no quibble with the cesses or the rates of tax. In any case, no finance minister will listen to
reasons for any sort of reductions.

 

My only desire is to see that the RATE is made into a consolidated rate and that we do not have to account for each of the surcharges separately.

For example, in CENVAT, the three taxes make for three entries in Invoices, and then three in the
accounts, and then three further in challans used to pay the duty and then three in the CENVAT Returns.

This is simply making the work three times more tedious. It wastes a lot of paper, time and expense. All that needs to be done is to have a single rate -- for example CENVAT is presently 8%
EDU CESS is 2% and H. EDU CESS is 1% making a total of 8.24%  -- so the CENVAT rate
could be 8.24% with a single entry of 8.24% everywhere and the division amongst the various heads can be done at the Government's end. In one stroke, we will shorten the return and reduce accounting for each invoice substantially.

Why subject the assessee to unnecessary pain and needless work which is totally unproductive.

From

Mr Sharad Bhandari

Business Man