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Our Bureau

New Delhi , Oct. 21

THE PHD Chamber of Commerce and Industry (PHDCCI) has said that the proposal under the concept paper on Company Law to levy 0.005-0.1 per cent cess on the turnover or gross receipts of companies should be withdrawn keeping in view the commercial and economic implications besides the principles of equity.

The proposed cess will have to be paid by every company irrespective of whether it is a profit or loss making company.

"This by itself is against the principle of equity and will have wide implications for the corporate sector," the PHDCCI has pointed out.

Although in terms of percentage the amount of cess proposed is small, in absolute terms it can be substantial, depending on the size of the company.

In the present times, when there is stiff competition, providing such assistance to the sick companies by the Government would be grossly unfair to the companies that have more efficient management, it said.

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