Business

Finance Ministry Denies Any Proposal on Capital Gains Tax, According to Report

On Tuesday, the finance ministry clarified that there are no talks regarding the capital gains tax. They further stated that the Government has not received any proposals related to this matter.

Also Read: Mixed Earnings in Netflix Amidst Password Crackdown Expansion Plan

Reportedly, individuals familiar with the matter have stated that India is planning to revamp its direct tax laws. The purpose of this action is to simplify the complex set of regulations and aid Prime Minister Narendra Modi in reducing the gap between the rich and poor in the event of his return to power next year.

According to sources, although India imposes a tax rate of up to 30% on income, it applies a lower rate of tax to gains made on specific assets like equity funds and stocks. This approach is deemed regressive and not equitable.

The source further mentioned that a committee might be established to improve the recommendations presented to the Finance Ministry in 2019. However, no conclusive determinations have been made, as per the source. The implementation of any new measures could occur in 2024.

Also Read: Government Revised Windfall Tax and Scrapped Export Duty on Diesel

Economists frequently attribute India’s neglect of direct taxes on capital and emphasis on indirect taxes – taxes on consumption – as the primary reason behind the exclusion of the country’s impoverished citizens, despite the creation of 70 new millionaires each day between 2018 and 2022. Oxfam International has estimated that the wealthiest 10% of India’s populace possesses 77% of the country’s total wealth, while government records indicate that merely 6% of the population pays income tax.

Shruti Rag

Recent Posts

Gautam Adani Hails Puri Lifeguards As Unsung Heroes During Rath Yatra Visit

Gautam Adani, Chairman of the Adani Group, visited Puri in Odisha during the annual Rath…

1 hour ago

Acharya Pramod Krishnam Slams Congress Over ‘Internal Emergency’ Allegation

Acharya Pramod Krishnam, stirred political debate by claiming an 'internal emergency' still exists within the…

2 hours ago

MRM Meeting: Pledge for Global Peace, Green India, De-addiction & Democratic Integrity

Taking a crucial step toward positive transformation, social reform, and global peace, the Muslim Rashtriya…

2 hours ago

India To Host 2029 World Police & Fire Games; Amit Shah Hails Global Recognition

India has been chosen to host the prestigious 2029 World Police and Fire Games in…

2 hours ago

Seeing The Lord Among Devotees Is The Pinnacle Of Humility: Gautam Adani At Rath Yatra

Gautam Adani, along with his wife and Karan, participated in the Rath Yatra in Puri,…

4 hours ago

PM Modi Interacts With Group Captain Shubhanshu Shukla Aboard The ISS

PM Narendra Modi interacted with Group Captain Shubhanshu Shukla, the first Indian to reach the…

6 hours ago