Budget 2019: Tea Industry Seeks Exemption From TDS On Cash Withdrawal
Imposition of 2 percent TDS on cash withdrawals would compromise liquidity position of tea estates, says Indian Tea Association.
Tea industry body Indian Tea Association on Saturday sought from the Union Finance Ministry exemption from imposition of 2 percent Tax Deducted at Source on cash withdrawals exceeding Rs 1 crore from banks in a year—as proposed by Finance Minister Nirmala Sitharaman’s Union Budget 2019-20 on Friday.
The Indian Tea Association in a statement said that there are inadequate banking facilities in tea-growing areas, due to which workers are largely paid in cash.
The tea body said that the imposition of 2 percent TDS on cash withdrawals would compromise with the liquidity position of the tea estates.
The Indian Tea Association also sought a modification to the budget proposal that multiple labour laws in India would be streamlined in a set of four labour codes.
"The code on wages has proposed a national minimum wage. It is urged that due recognition be given to wages paid in kind to the workers by the management," it said.