Finance Ministry denies discussion on capital gains tax: Report
1 min read . Updated: 18 Apr 2023, 04:17 PM IST
Premium- The finance ministry said that the reports on tweaks in capital gains tax is ‘baseless’, reported news agency ET Now
The finance ministry on Tuesday said that there is no discussion on capital gains tax.
The finance ministry said that the reports on tweaks in capital gains tax is ‘baseless’, reported ET Now, citing sources.
India is preparing an overhaul of its direct tax laws to replace a byzantine matrix of rules and help Prime Minister Narendra Modi reduce widening income inequality if he returns to power next year, according to people with knowledge of the matter, reported Bloomberg.
For instance, while India levies a tax of as much as 30% on income, it taxes gains on certain asset classes such as equity funds and stocks at a lower rate.
This isn’t progressive and goes against the principle of equity, said one of the people. A panel may be appointed to build on proposals submitted to the Finance Ministry in 2019 with an eye to implement in 2024, though no final decisions have been made, the people added.