Finance Minister Nirmala Sitharaman’s silence on high taxes draws ire at BSE event as critics question her response to broker’s concerns.
Finance Minister Nirmala Sitharaman found herself in hot water recently after her response to a stock broker’s query on taxes at a Bombay Stock Exchange event. The broker, expressing frustration over the heavy tax burden impacting profits, especially in Mumbai’s real estate sector, highlighted the challenges faced by brokers like GST, IGST, Stamp Duty, STT, and LTCG Tax.
Sitharaman’s comment about being a “sleeping partner” in the business received backlash from the Congress party and the public. Social media users also joined in, mocking her response to the broker’s concerns. It seems like the Finance Minister’s attempt to downplay the issue didn’t sit well with many.
Despite the criticism, Sitharaman stressed the importance of strict compliance to enhance investor confidence at the event. She also delved into the repercussions of unchecked trading on household savings, underlining the government’s stance on tax collection.
The broker’s dissatisfaction with the government’s tax policies, which seemingly eat into brokers’ profits at every stage of transactions, resonated with many. The challenges faced in property transactions due to increased taxes like GST further added fuel to the fire.
While Sitharaman’s remarks may not have appeased her critics, it’s clear that the issue of heavy taxation in the financial sector is a matter of concern for many. The Finance Minister’s handling of the situation has sparked a debate online, with many questioning her response to the broker’s valid grievances.
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