Banking Transaction Tax

[Sushubh]

Scrapping Income Tax Will Not Be Easy: Jaitley — www.newindianexpress.comSo BJP is serious about replacing Income Tax with BTT?

However, earlier another BJP leader Nitin Gadkari had favoured abolition of income, sales and excise tax and in place of that levy transaction tax, and said party may include it in its vision document to be unveiled ahead of general elections next year."If we abolish these taxes and if we apply around 1 or 1.5 per cent of expenditure or transaction tax, then we will get revenue to the tune of around Rs 40,000 lakh crore," Gadkari had said."..At present, society is distraught with excessive taxation, complex taxation and Inspector Raj and that's why this proposal looks attractive, but there are many questions in implementation of this. After that, it (has to) be taken to different political parties, states and experts," Jaitley said.At the seminar, Ramdev put forth his proposal for a single tax -- Banking Transaction Tax -- in place of direct tax (income tax) and all indirect taxes -- excise, customs and sales tax.

May support Congress if it accepts 'banking transaction tax': Ramdev — economictimes.indiatimes.comHad no idea Ramdev had a political party too.

"..If Congress accepts our proposal of single window taxation and single tax we will support it... we give Congress support but first they take initiative," Ramdev told reporters on the sidelines of a conference organised by The Institute of Chartered Accountants of India ( ICAI).He also claimed that with implementation of this proposed tax structure the whole movement of money in the economy could be traceable.However, Ramdev added he has talked about it with BJP president Rajnath Singh, and former BJP president Nitin Gadkari and they were supportive.The money provided to the banks could be used for expanding the banking network in the country, he said, adding, such a step would help in promoting financial inclusion.