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”.
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”.
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