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PM favours more taxes from markets

Yatheendradas C.k. at 10:56 AM - Dec 25, 2016 ( ) Views: 472

PM favours more taxes from markets

PTI  MUMBAI, DEC 24:  BUSINESS LINE

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)



(1 to 2 out of 2) - Latest Replies on Top | First | << Previous | Next >> | Last |
Maoojh Kumar at 06:32 PM - Dec 25, 2016 ( )

I think zero longterm tax may be abolish.

K.chandrasekaran K at 11:43 AM - Dec 25, 2016 ( )

Surely there will be additional tax on Stock Market gains in the Feb 17 Budget. I have one suggestion.

Instead of plethora of taxes like STT, Stamp Duty, Kisan Levy, ST etc etc how about abolishing all these 

chota mota taxes and replace it with one common tax like say Tax on total turnover and that too can

be deducted at source so that there will be no evasion of tax. They can fix min turnover to attract tax

like say 10 lakhs or 1 crore  etc. Anyway PM is thinking of abolishing Income Tax altogether and

replace it with Banking Transaction Tax. Members views are welcome. This proposal will also

minimise speculative transactions to some extent.

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