06 Jan, 2014 6:55p.m.

Will Modi abolish Income Tax?

For the first time, the BJP's prime ministerial candidate has spoken directly on an economic issue. Speaking at function organised by yoga guru Baba Ramdev in Delhi yesterday (5 January 2014), Narendra Modi promised a substantial reform of the tax system which "is a burden on the common man. There is need to reform it. It is the need of the time."

Is the promise for real? After all, don't all governments and budgets tinker with the tax system and call it “rationalisation” or “reform”? The hint that Modi gave to indicate that he may be doing more than just the usual fiddling came when he said: "If the present system is to continue, what is the point of my coming here?"

Quite. The BJP's top brass has been making radical noises about the abolition of income, excise and sales taxes in its vision document, but it is highly unlikely that we can expect so many drastic changes in a July budget, assuming the BJP comes to power. Moreover, changes in excise and sales taxes need the concurrence of states, while income tax is entirely the centre's domain.

Read more at FirstPost



Latest in Important News
Latest in Other News Sections
RBI cuts repo rate by 25bps. EMIs likely to get cheaper 🕑 07 Feb,19 1:02p.m.
Budget 2019 expectations : IT exemption limit likely to be hiked to Rs 5 lakh 🕑 17 Jan,19 9:29p.m.
Researchers develop plants that can remove cancer-causing pollutants 🕑 27 Dec,18 12:59p.m.
6 months of aerobic exercise reverses brain ageing by 9 years 🕑 24 Dec,18 2:31p.m.
All you need to know about NPS changed withdrawal norms 🕑 24 Dec,18 11:47a.m.
Scientists succeed in destroying HIV-infected cells 🕑 22 Dec,18 10:22p.m.
Johnson and Johnson talcum powder samples seized across country for testing 🕑 19 Dec,18 1:26p.m.
Govt. for levy on petrol and diesel cars to push to push e-vehicles 🕑 19 Dec,18 1:20p.m.
Tax changes in 2018 that will affect you 🕑 19 Dec,18 1:09p.m.
Google maps now shows auto-rickshaw routes with estimated fares 🕑 19 Dec,18 11:53a.m.