Former Finance Minister Yashwant Sinha today disagreed with his party's former president Nitin Gadkari's views on abolition of income and other taxes, saying it would amount to going back to Vedic days.
"We will have to go back to Vedic days if we abolish income, sales and excise tax," Sinha said at function here.
Recently, Gadkari, who is in-charge of preparing his party's vision document 'India Vision 2025', had said BJP was in favour of abolition of income, sales and excise tax and the party might include this suggestion in its vision document to be unveiled ahead of general elections next year.
"We were talking about tax and although we have not decided as yet, a good presentation came before us. There is a suggestion of complete abolition of income, sales and excise tax," Gadkari had said.
He had said the total revenue of the country was Rs 14 lakh crore and 1.5 lakh bank branches were operating in the country.
"If we abolish these taxes and if we apply around 1 or 1.5 per cent of expenditure or transaction tax, then we will get revenue to the tune of around Rs 40 lakh crore. So, those 3.5 lakh people who are using beacons of various colours now, will not be required anymore as no tribunals or commissioners will be required," Gadkari had said.
