New Delhi, Feb 1 (LAB) Rajya Sabha MP and former Finance Minister Subramanian Swamy repeated his stand and said, to give relief to the Pandemic affected economy, Government must abolish the personal income tax, especially for the salaried.
BJP leader Subramanium Swamy has earlier also on many occasions championed the idea for abolishing Income Tax, instead, he says, there are other alternatives to raising revenue besides this.
The revenue from income tax was around 4 lakh crore in 2019, which is nothing and when the BJP government came in power in 2014, at that time, I said there are alternative ways of raising resources without taxation, like auctioning 2G licenses, how much did you get from the first auction? 4 lakh crore — exactly what the income tax was,” he added.
There is no shortage of alternative sources for the government to raise taxes, the former Finance Minister said. The government can raise funds from coal auctions, and many other sources.
Subramanian Swamy’s suggestion comes not only at a time when millions have lost their jobs and come under pressure due to rising inflation and rising medical costs in the wake of Covid-19, but he has been suggesting this move from 2014 onwards.
Subramanian Swamy also says that the interest rate on loans should be reduced from the current 12 percent to 8 or 9 percent and also banks should raise the interest on fixed deposits from 6 percent to 9 percent so that the people save more, he said.
Swamy says that India will see huge growth in the Financial sector this year. Though the GDP of every household has come down due to the pandemic, India will bounce back if tax rebates are given. Abolishing personal Income tax will give much reprieve to the citizens and boost their morale as well, Swamy said./LAB/SNG/