New Delhi:
At a recent event, the Finance Minister Nirmala Sitharaman’s reaction to a Mumbai broker’s concern about excessive taxes caused laughs. The man had indicated that the government was like a “sleeping partner” for brokers and investors who paid taxes at every opportunity.
The broker remarked at the “Vision for Indian Finance Markets” that although investors were risking their money, the government profited by placing a “heavy tax burden” on them. The Minister of Finance grinned at his comparison.
The broker listed all of the taxes that are levied on every transaction, such as the long-term capital gains tax, stamp duty, IGST, GST, and STT, and highlighted how the government frequently makes more money than the brokers do.
The man asserted, “Today, the Indian government is making more money than the broker.”
He added that although the government does not take significant risks, brokers and investors frequently do.
“The Indian government is keeping all of the profit for itself, and I am assuming a lot of risk. I am the working partner and you are my sleeping partner,” he declared.
“A sleeping partner cannot answer sitting here,” the Finance Minister smiled, causing the crowd to chuckle.
Ms. Sitharaman also emphasized during the occasion how the policies implemented by the Narendra Modi administration had led to a “exponential and unprecedented” increase in infrastructure development over the previous ten years.
According to the Finance Minister, the PM Gram Sadak Yojana has resulted in the construction of an astounding 3.74 lakh km of rural roads since 2014—nearly twice as many as had been constructed previously.
Additionally, Nirmala Sitharaman emphasized that the implementation of metro rail projects has greatly increased the “ease of living” in metropolitan regions by facilitating safer travel, better connection, and less traffic congestion.
Nirmala Sitharaman, the union finance minister, answered a query regarding taxes imposed on real estate and stock market dealers. A stock broker questioned the minister at a function about the amount of taxes the government charges on both purchasing a home and trading stocks. The broker claimed that although he has been making investments and taking on risks, the government is essentially acting as his “sleeping partner” because it continues to profit from levies such as the Long Term Capital Gains (LTCG) Tax, Stamp duty, Securities Transaction Tax (STT), and GST.
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The broker questioned the procedure because a portion of the earnings goes to the government. The broker persisted in questioning the minister on the total amount of taxes, including Stamp Duties and GST, that must be paid when purchasing a home, causing Nirmala Sitharaman and the crowd to giggle. Also Read-https://livendtv.com/billboard-collapse-mumbai-polices-covert-operation/
He asked Nirmala Sitharaman how the government assists persons with low incomes in purchasing a home and how a broker can operate while the government is imposing taxes.
The minister also urged the BSE to collaborate closely with SEBI, India’s capital markets regulator, in order to boost investor trust, during the event.
Family budgets have changed between generations. We want to protect them,” she stated, pleading with the NSE, BSE, and the Securities and Exchange Board of India (Sebi), the market regulator, to collaborate and develop strong compliance and regulatory guidelines to protect the interests of investors.
At the BSE event “Viksit Bharat 2047 – Vision for Indian Financial Markets” in Mumbai, Sitharaman made this statement.
According to a Sebi survey, nine out of ten ordinary investors lose money on their bets in the futures and options markets.
According to her, PSUs are flourishing and gain “much from the increased operational freedom along with the culture of professionalism infused in them.” According to her tweet, the Modi government’s emphasis on capital investment has also significantly increased the performance of their stocks.
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