PM favours more taxes from markets
BUSINESS LINEMUMBAI, DEC 24:
Warning of “ruin” for the “dishonest” after December 30, Prime Minister Narendra Modi today said his government will not shy away from taking difficult decisions in the interest of the country and favoured more taxes from capital markets.
Addressing public events, he also asked the dishonest not to not underestimate the mood of the country against corruption.
“Dishonest people, you should not underestimate the mood of 125 crore people. You will have to be afraid of it... Time has come for ruin of dishonest people. This is a cleanliness campaign,” Modi said just with a week to go for the expiry of the December 30 deadline when the scrapped Rs. 500/1000 notes can be deposited in banks.
“After 50 days (from November 8), the troubles of honest people will start to reduce and the problems of dishonest people will begin to increase,” Modi said at MMRDA ground in the Bandra Kurla Complex (BKC) here after laying foundation of various big ticket infrastructure projects.
Earlier in the day at a Sebi function, Modi promised more “sound and prudent economic policies” which would be “not for short—term political point-scoring” but for “larger national interests.
“Let me make one thing very clear: This government will continue to follow sound and prudent economic policies, to ensure that we have a bright future in the long—run. We’ll not take decisions for short—term political point—scoring.
We’ll not shy away from taking difficult decisions, if those decisions are in the interest of the country,” Modi said.
He favoured increasing the tax contribution from various market participants in a “fair, efficient and transparent way“.
Asking the regulators and taxmen to think about the contribution of market participants to the exchequer, Modi said, “The low contribution of taxes may be due to the structure of our tax laws. Low or zero tax rate is given to certain types of financial income.”
The Prime Minister’s remarks assume much significance ahead of the Budget to be presented on February 1.
“We took a big decision against black money and corruption on November 8 and 125 crore Indians endured pain but did not stop supporting me. I want to assure people of the country that this battle won’t end till we win it,” he said.
Hitting out at parties opposing demonetisation, he said, “This is not a simple battle. Those who have consumed malai (cream) did not leave any stone unturned to foil this (demonetisation).”
(This article was published on December 24, 2016)