Gadkari bats for introduction of transaction tax

Former BJP President Nitin Gadkari today reiterated that even if various existing taxes are scrapped and only transaction tax is levied, India's revenue collection would go up to Rs 40 lakh crore from the present Rs 14 lakh crore.
Gadkari was addressing the golden jubilee year celebrations of the National Organisation of Bank Workers (NOBW), an affiliate of Bharatiya Mazdoor Sangh (BMS) at Reshimbagh here.
"There are 34 different taxes in the country at present and the total revenue collection through it is to the tune of Rs 14 lakh crore. But if all the taxes are scrapped and only transaction tax is introduced, the total revenue will touch Rs 40 lakh crore," he said.

He said if the BJP comes to power, it would get rid of the 'permit raj' to eradicate corruption.
The BJP leader said that his party was concentrating on reforms in terms of administration, judiciary, taxation, police machinery and education.
Gadkari said the BJP is preparing a vision document and a team of experts and young talented people, who have left their lucrative jobs and handsome salaries have joined him to help him on this work.

Giving a piece of of advice to the bankers, he said, "The qualified bankmen should not waste their talent. After putting in 20 years of service, they should opt for voluntary retirement and full time join social work."

"The banking sector is going through a crisis and this should be a concern for every banker. The bank employees organisations are only fighting for wage revision and bonus. These organisations should give a serious thought to the rising non-performing assets (NPAs) and take up the issue with government," he added.
NOBW president Dinkar Kulkarni and general secretary Ashwini Rana were present on the occasion.