Financial Daily from THE HINDU group of publications
Thursday, Jun 05, 2003
Financial Daily from THE HINDU group of publications Thursday, Jun 05, 2003 |
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Industry & Economy
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Taxation Implementation of tax collection of source on IMFL postponed Our Bureau
NEW DELHI, June 4 THE Finance Ministry has postponed the date of implementation of the new Income-Tax provision that required dealers in Indian-made foreign liquors (IMFL) to collect 10 per cent tax at source at the time of sale. Against the earlier set date of June 1, the collection of tax at source from dealers of IMFL would now become effective from September 1. An official release said that the decision follows representation from various quarters including State Government authorities in the matter of various aspects of the scheme, as the Ministry felt that it is necessary to look into all these representations before the scheme is made applicable to dealers in IMFL. The Finance Act 2003 extended the scheme of collection of tax at source u/s 206C of Income-Tax Act, 1961 to dealers in Indian made foreign liquor (wholesaler as well as retailer). Under the scheme the seller whether it is the government, corporation, manufacturer, distributor of wholesaler is required to collect from the buyer, tax at the rate of 10 per cent of the amount payable by the buyer at the time of sale of goods and deposit the same to the credit of the Union Government. Similar provisions existed for country liquor since 1988.
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