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Excise surcharge may be withdrawn if revenues improve, but no rollback of taxes, says official

The government may do away with special excise duties imposed in the recent Budget when the revenue collections turn buoyant, S D Mohile, chairman, Central Board of Excise and Customs, assured today.

However, there was no such assurance forthcoming on the removal of ten per cent surcharge on individual income tax and corporate tax from Ravikanth, chairman, Central Board of Direct Taxes.

Interacting with industrialists and tax payers in New Delhi at an interactive session organised by the Punjab, Haryana and Delhi Chamber of Commerce and Industry, the top tax officials categorically stated there would be no rollback of taxes, like it happened in the last Budget.

Although Ravikanth gave no hint of even reconsidering the surcharge, CBEC chairman said that obvious anomalies in levy of excise duties would be reviewed in the political circles.

Both officials asked, in a take-it-or-leave-it fashion, the industry to look at the Budget as a ''comprehensive and interlinked package of incentives'' and accordingly plan its corporate strategy.

Ravikanth said income tax legislations must settle down as every Budget cannot be an occasion for fundamental and substantial changes. ''A stable tax regime would help both -- the tax department and the corporates -- in reducing disputes,'' he added.

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