BJP to consider proposal of abolishing taxes
Nitin Gadkari said his party, if it comes to power, will consider a proposal of abolishing a host of taxes.
Chandigarh: Former BJP President Nitin Gadkari today said his party, if it comes to power, will consider a proposal of abolishing a host of taxes including Income tax, Sales tax, Excise in order to eliminate black money and "Inspector Raj" in the country.
"We have received a proposal (under India Vision policy 2025) in which Income tax, Sales tax, Excise and octroi should be eliminated. A transaction tax should be levied (instead)," Gadkari said while addressing a gathering of traders here on Wednesday.
Citing an example, he said if somebody buys a car and visits a restaurant, then two per cent tax will be imposed on such transactions.
"If these transactions are carried out through banks, then our total revenue should go up to Rs 40 lakh crore as against current revenue of Rs 14 lakh crore," he said, adding, that it would also curb the practice of black money and provide relief to traders from "Inspector Raj".
However, he said, "This proposal is under consideration and no decision is taken yet. But when BJP comes to power then we will consider it. We also want a debate on this issue."
Gadkari, who is incharge of party`s India Vision document, said the party is in the process of preparing India Vision Document 2025 incorporating all issues relating to trade, industry, agriculture, transport, power etc.
"We have received about 10,000 suggestions so far on different issues from public on India Vision document," he said.
He further said the party has received another proposal in which 3.29 crore tax payers could be exempted from filling income tax returns.
About fake currency issue, he said there is a proposal to grow special fibre made of plastic or jute at over 1,000-1,500 acres of land which would be used in making currency thus help in dealing with the fake currency in the country.