Corporate Reporter

CHENNAI: Gems and Jewellery Federation (GJF), the national body of jewellery trade, is seeking some modifications in the Direct Taxes Code (DTC).

Addressing presspersons here, Anantha Padmanabhan, Director, said “the federation objects to three key issues of the DTC —search and seizure provisions, tax on gross assets and TDS on all payments.”

He said the seizure of the entire stock in trade, when there is any difference found during a raid, was unacceptable. It would create difficulties for the assessees of the GJF as it would result in cessation of manufacturing operations.