New Delhi, February 22, 2017

The government must ensure there is no tax terrorism and fear psychosis among consumers and review its decision to impose ‘Tax Collected at Source’ on cash transactions above Rs.2 lakh, Assocham said today.

The industry body urged for abundant caution on the part of tax authorities so that no negative signals are sent to industry and consumers.

“It must be ensured that there shall not be any tax terrorism and fear psychosis among consumers, especially of high value products and services, as also trade channels, must be avoided.

“All tax officials should be made accountable for their action and no witch-hunt should be resorted to,” Assocham’s new President Sandeep Jajodia said at a press conference here. He said the economy is still in the re-monetisation stage which should encourage people to start spending again.

[The Hindu Business Line]