Pre-Budget Memorandum submitted by SIRC on behalf of the Institute of Chartered Accountants of India (ICAI).
Coimbatore: The Southern India Regional Council (SIRC) of the Institute of Chartered Accountants of India (ICAI) Chairman, K Jalapathi stated in a press release that on behalf of the ICAI, 'SIRC' has submitted Pre-Budget Memorandum to the Finance Minister of Tamil Nadu, Palanivel Thiaga Rajan.
"In the Pre-budget Memorandum, we have mentioned various points. Some of them are:
1. Property guideline values can be increased and stamp duty plus registration charges are reduced, so as to increase revenue.
2. One-time condonation scheme may be brought in for societies to regularise themselves by updating the financials, AGM minutes and Amendment of the Act to be brought in to provide for the validity of e-notices, e-meetings etc., and all the filing of returns should be made online.
3. For all the pending VAT cases, Samadhan scheme may be introduced for a certain period, wherein waiver of penalty and interest along with payment of disputed tax due is at 50 percent. If the case is pending in appeal, the assessee may be asked to withdraw the appeal and pay the taxes at 25 percent (50%-25% paid at the time of appeal). This will help to generate immediate revenue for the Government.
4. Old VAT refunds were pending in many cases for want of trivial information. Processing of such refunds may be expedited and SOPs issued for such cases.
5. Awareness programs for dealers can be conducted by the GST Department once in a month about online, technical, system and subject clarification, and the services of Chartered Accountants can be utilized for such programs.
6. District-wise industrial parks may be established with a focus on specialty products of that district/place.
7. An Independent Committee may be formed district-wise consisting of Chartered Accountants, Economists and renowned Industrialists and Trade bodies of that district to discuss issues and means of development for the districts, and periodical inputs may be submitted to the Government with solutions.
8. Diploma/ITI holders/students can be offered practical training in MSMEs enlisted for such purpose in addition to training at big industries.
9. NREGA labourers can be utilised partly for agricultural purposes. One part of the wages for the same can be collected by the Government from the employer-farmers.
10. To augment the finances, loss-making PSUs may be identified and Government stake may be partially offloaded retaining controlling interest in those companies
11. Extensive exercise for weeding out non-BPL families should be done to reduce/prevent subsidy leakage," elaborated K Jalapathi.
"In the Pre-budget Memorandum, we have mentioned various points. Some of them are:
1. Property guideline values can be increased and stamp duty plus registration charges are reduced, so as to increase revenue.
2. One-time condonation scheme may be brought in for societies to regularise themselves by updating the financials, AGM minutes and Amendment of the Act to be brought in to provide for the validity of e-notices, e-meetings etc., and all the filing of returns should be made online.
3. For all the pending VAT cases, Samadhan scheme may be introduced for a certain period, wherein waiver of penalty and interest along with payment of disputed tax due is at 50 percent. If the case is pending in appeal, the assessee may be asked to withdraw the appeal and pay the taxes at 25 percent (50%-25% paid at the time of appeal). This will help to generate immediate revenue for the Government.
4. Old VAT refunds were pending in many cases for want of trivial information. Processing of such refunds may be expedited and SOPs issued for such cases.
5. Awareness programs for dealers can be conducted by the GST Department once in a month about online, technical, system and subject clarification, and the services of Chartered Accountants can be utilized for such programs.
6. District-wise industrial parks may be established with a focus on specialty products of that district/place.
7. An Independent Committee may be formed district-wise consisting of Chartered Accountants, Economists and renowned Industrialists and Trade bodies of that district to discuss issues and means of development for the districts, and periodical inputs may be submitted to the Government with solutions.
8. Diploma/ITI holders/students can be offered practical training in MSMEs enlisted for such purpose in addition to training at big industries.
9. NREGA labourers can be utilised partly for agricultural purposes. One part of the wages for the same can be collected by the Government from the employer-farmers.
10. To augment the finances, loss-making PSUs may be identified and Government stake may be partially offloaded retaining controlling interest in those companies
11. Extensive exercise for weeding out non-BPL families should be done to reduce/prevent subsidy leakage," elaborated K Jalapathi.