Nifty99000 100%

Sensex99000 100%

Article rating: No rating
Article rating: No rating
Article rating: No rating
Article rating: No rating
Article rating: No rating
Article rating: No rating
Article rating: No rating
Article rating: No rating
Article rating: No rating
Article rating: No rating
Article rating: No rating
Article rating: No rating
Article rating: No rating
Article rating: No rating
Article rating: No rating
Article rating: No rating
RSS

News

No plans to recall long term capital gains tax in coming fiscal: Jaitley

Author: IANS/Friday, February 9, 2018/Categories: Tax

No plans to recall long term capital gains tax in coming fiscal: Jaitley

New Delhi, Feb 8 - Defending the ruling NDA's management of the economy as compared to the previous UPA government's record in this regard, Finance Minister Arun Jaitley on February 8 ruled out any rollback of the Long Term Capital Gains (LTCG) tax reimposed for the coming fiscal.

Presenting his last full budget before the general elections due in early 2019, Jaitley proposed to tax LTCG on equities exceeding Rs 1 lakh at 10%, which is expected to bring in revenue of Rs 20,000 crore. 

"There was a time when LTCG was not imposed because we wanted to get money into the stock markets," Jaitley said replying to the discussion on the budget in the Lok Sabha.

"That is no longer the situation. We did an assessment and found that the exempted income from Long Term Capital Gains last year amounted to Rs 3,67,000 crore," he said in defence of the exchequer's search for revenue at a time when he has announced a rise in the fiscal deficit targets for the current and the next year. 

"Only a fraction of this amount is accounted for by small investors. Most of them are large corporates, high net worth individuals, foreign institutional investors and LLPs (limited liability partnerships)," he added. 

A day after the Union budget was presented in Parliament, Indian equity markets witnessed the steepest fall since November 2016 leading the Sensex to shed over 800 points and the Nifty50 over 200 points in a single day.

Jaitley said the downslide in the bourses was not caused by the reintroduction of LTCG and attributed negative global cues.

"It is not due to the budget or the LTCG that (US-based) Dow Jones had been falling for five days dragging the Asian markets down," Jaitley told the Lok Sabha. 

He also took on the criticism of Congress MPs on the government's handling of the economy, saying structural reforms such as GST, Aadhaar and consequent improvement in India's global rankings had been accomplished under the National Democratic Alliance regime.

"I don't remember a single structural reform taking place between 2010-14, while the fiscal deficit during the Congress was at 6%. We inherited a deficit of 4.5% and have been bringing it down steadily ever since.

"In a matter of months we have managed to stabilise GST (Goods and Services Tax) with the help of the states and started rationalising rates," he pointed out, noting that only those categories that were paying cumulative pre-GST taxes of 31% had been transferred to the highest GST slab of 28%.

Print Rate this article:
No rating

Number of views (203)/Comments (0)

Kavita Giridhar Mallya

IANS

Other posts by IANS
Contact author

Leave a comment

Name:
Email:
Comment:
Add comment

Name:
Email:
Subject:
Message:
x

Videos

Ask the Finapolis.

I'm not a robot
 
Dharmendra Satpathy
Col. Sanjeev Govila (retd)
Hum Fauji Investments
 
The Finapolis' expert answers your queries on investments, taxation and personal finance. Want advice? Submit your Question above
Want to Invest
 
 

Categories

Disclaimer

The technical studies / analysis discussed here can be at odds with our fundamental views / analysis. The information and views presented in this report are prepared by Karvy Consultants Limited. The information contained herein is based on our analysis and upon sources that we consider reliable. We, however, do not vouch for the accuracy or the completeness thereof. This material is for personal information and we are not responsible for any loss incurred based upon it. The investments discussed or recommended in this report may not be suitable for all investors. Investors must make their own investment decisions based on their specific investment objectives and financial position and using such independent advice, as they believe necessary. While acting upon any information or analysis mentioned in this report, investors may please note that neither Karvy nor Karvy Consultants nor any person connected with any associate companies of Karvy accepts any liability arising from the use of this information and views mentioned in this document. The author, directors and other employees of Karvy and its affiliates may hold long or short positions in the above mentioned companies from time to time. Every employee of Karvy and its associate companies is required to disclose his/her individual stock holdings and details of trades, if any, that they undertake. The team rendering corporate analysis and investment recommendations are restricted in purchasing/selling of shares or other securities till such a time this recommendation has either been displayed or has been forwarded to clients of Karvy. All employees are further restricted to place orders only through Karvy Consultants Ltd. This report is intended for a restricted audience and we are not soliciting any action based on it. Neither the information nor any opinion expressed herein constitutes an offer or an invitation to make an offer, to buy or sell any securities, or any options, futures or other derivatives related to such securities.

Subscribe For Free

Get the e-paper free