Wednesday, Oct 22, 2014

Ramdev pushes for banking transaction tax to replace all taxes

Written by Surabhi | New Delhi | Posted: January 17, 2014 2:08 am

Yoga guru Baba Ramdev on Thursday outlined his policy prescription that involves replacement of most direct and indirect levies with a banking transaction tax and de-monetisation of currency notes of Rs 500 and Rs 1,000.

While calling on political parties to support his proposals, Ramdev, however, ruled out contesting the general elections.
“I am only seeking political will and honesty from all to parties to implement this alternative economic and taxation policy,” he said.
The yoga guru also said that the BJP has not retracted its support from his tax proposals. “It is still principally in agreement but has said that some of the tax proposals are not possible or progressive enough,” said Ramdev, adding that he has discussed his proposals with BJP leader Arun Jaitley.

Ramdev is also set to meet chartered accountants, industry chambers and economists to discuss his economic and taxation agenda and also seek comments to fine tune his proposals. The crux of his vision is simple: replace all taxes except import duty with a banking transaction tax that would be levied on all transactions received into bank accounts at rates varying between 0.10 per cent and 30 per cent. He has also proposed differing tax slabs for different industries.

Farmers and labourers would be exempt from tax and the burden on tax payers would ease by about 30 per cent, he said. This, in turn, would also help lower prices, improve employment opportunities and thereby eradicate poverty, he said.
Ramdev also called for doing away with large cash transactions and instead using electronic payment to curb money laundering and corruption. He said that Brazil had also tried a similar experiment.

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