Replying to the House discussion on the Finance Bill, she said: "Every time we present the Budget...I have gone around the country to various destinations, met tax professionals, industry, traders, and all stakeholders, (have) taken their view and brought in amendments, so that the Budget will be represented to the common people aspirations."
The minister was responding to queries about a new amendment to the Bill that allows taxpayers to choose between a 12.5 per cent LTCG tax rate without indexation and a 20 per cent rate with indexation for property acquired before July 23, 2024.
On multiple amendments (45 in total) introduced soon after the Budget presentation, she remarked "...we heard the people who wanted something to change, and we have the courage and conviction" to bring that change.
The original LTCG tax proposal announced in the 2024-25 Budget, presented on July 23, had removed the indexation benefit, raising concerns over real estate transactions. Defending the move, she explained that it was removed to simplify the regime and not for revenue considerations.
Highlighting the proposed taxation announcements, the Union finance minister stressed: "Without drastically increasing taxes, we have brought in a simplified taxation regime and eased compliance."
This story is from the August 08, 2024 edition of Business Standard.
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This story is from the August 08, 2024 edition of Business Standard.
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