 "Nitin Gadkari favours abolishing income, sales, service taxes")
Former Bharatiya Janata Party (BJP) president Nitin Gadkari’s take on taxes would be music to the ears of India’s 35-million income tax payees.
Gadkari said he was contemplating to include a proposal to abolish income, sales and excise taxes in the vision document of his party. “A Pune-based institute has done a study and has recommended abolishing these taxes. I am thinking about this proposal,” he said. Gadkari is heading the team that is preparing the vision document for the general election. Gadkari was addressing an interactive session with industrialists, organised by the PHD Chambers of Commerce and Industry (PHDCCI). He was accompanied by former commerce minister Subramanian Swamy. Swamy is the convenor of the vision document committee.
According to reports, Swamy had in the past suggested abolishing income tax. But then, he had qualified this as his personal view.
Swamy had argued that abolishing income tax would boost savings. Gadkari said instead of these three taxes, it was better to have expenditure and transaction taxes.
He said if the latter were introduced at a rate of 1-1.5 per cent, the country could expect a revenue of Rs 40,000 crore. Also, in this tax regime, there “will be no need for (tax) tribunals and (tax) commissioners”.
The former BJP president also had an innovative way of solving the problem of corruption. He suggested the government ban high denomination currency. “If Rs 500 and Rs 1,000 denomination currency notes are banned, then corruption money will have to be delivered in trucks,” he said. Interestingly, Yoga guru Baba Ramdev had also made such a suggestion.
Kejriwal visit
Aam Aadmi Party (AAP)’s leader Arvind Kejriwal and member of the national executive Kumar Vishwas would leave for Ralegan Sidhi on Thursday to meet Hazare. The Facebook page of the political party said they are going “not to sit on the stage but to express support and solidarity for their mentor and the cause of a strong Lok Pal.”
Gadkari said he was contemplating to include a proposal to abolish income, sales and excise taxes in the vision document of his party. “A Pune-based institute has done a study and has recommended abolishing these taxes. I am thinking about this proposal,” he said. Gadkari is heading the team that is preparing the vision document for the general election. Gadkari was addressing an interactive session with industrialists, organised by the PHD Chambers of Commerce and Industry (PHDCCI). He was accompanied by former commerce minister Subramanian Swamy. Swamy is the convenor of the vision document committee.
According to reports, Swamy had in the past suggested abolishing income tax. But then, he had qualified this as his personal view.
Swamy had argued that abolishing income tax would boost savings. Gadkari said instead of these three taxes, it was better to have expenditure and transaction taxes.
He said if the latter were introduced at a rate of 1-1.5 per cent, the country could expect a revenue of Rs 40,000 crore. Also, in this tax regime, there “will be no need for (tax) tribunals and (tax) commissioners”.
The former BJP president also had an innovative way of solving the problem of corruption. He suggested the government ban high denomination currency. “If Rs 500 and Rs 1,000 denomination currency notes are banned, then corruption money will have to be delivered in trucks,” he said. Interestingly, Yoga guru Baba Ramdev had also made such a suggestion.
Kejriwal visit
Aam Aadmi Party (AAP)’s leader Arvind Kejriwal and member of the national executive Kumar Vishwas would leave for Ralegan Sidhi on Thursday to meet Hazare. The Facebook page of the political party said they are going “not to sit on the stage but to express support and solidarity for their mentor and the cause of a strong Lok Pal.”