Industry body Ficci today demanded speedy tax refund and said government should not make any move towards inheritance tax in the upcoming Budget.
Tax payers are indeed concerned about the substantial refunds pending at the tax office on account of both Direct and Indirect taxes. All pending refunds need to be granted forthwith, even when a case is chosen for scrutiny assessment, Ficci president RV Kanoria said.
In its pre-budget recommendation to the Revenue Secretary Sumit Bose, Ficci demanded improving dispute resolution mechanism and immediate implementation of Goods and Services tax.
To impose a tax which could potentially require a promoter to dilute his shareholding in a company merely to pay incidence of Inheritance Tax is likely to prove to be completely counter-productive. We strongly oppose any imposition of Inheritance Tax, Kanoria said.