Scrapping ‘outdated and anomalous’ tax will trigger lower borrowing costs, ensure stronger rupee and healthier forex position, and boost economic growth because of lower capital cost.
Long-term capital gains on equity are taxed at 12.5 % and short-term at 15 % provided the transactions are done through stock exchanges on which securities transaction taxes are paid.
Throughout the election campaign, Rahul Gandhi portrayed Modi as a patron of the oligarchs. The Prime Minister did not work too hard to dispel this unflattering caricature.
The govt should have attempted to bring uniformity in taxation before withdrawing tax benefits on long-term capital gains on debt instruments, or at least debated it in Parliament.
Combined sales of urea, DAP, MOP and complex fertilisers rose 25 percent in April even as Modi asked farmers to cut chemical fertiliser use by up to half to save soil and foreign exchange
The young people broke the self-imposed silence among the elite not to speak a word critical of the Modi government, except to whisper on the sidelines, looking left, right and behind.
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