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Useful articles for your finance management by our team of experts

BJP looking at Abolition of Income, Sales and Excise Tax

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BJP said it favoured abolition of income tax, sales tax and excise tax. It may include this in its vision document, which would be unveiled ahead of General Elections. The party president, who is in charge of this document, said that there were deliberations going on.

“We were talking about tax and although we have not decided as yet but a good presentation came before us. There is a suggestion of complete abolition of Income, Sales and Excise tax,” he said, addressing a function on political agenda of political parties.

The total revenue of the country is around Rs 14 lakh crore and 1.5 lakh bank branches are operating in the country presently. He said the income lost due to abolition of taxes could be compensated through revenue from 1 or 1.5% expenditure or transaction tax. Revenue from this is expected to be about 40,000 lakh crore.

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