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Tripura Left Front suggests 4% extra corporate tax to plug revenue shortfall due to I-T waiver

The CPM-led Left Front, while terming the Union Budget as being ‘irresponsible and without any specific direction for the country’s future’, warns of a food and social security crisis in the event of the shortfall resulting from the income tax relief remaining unaddressed.

Left Front convenor and communist veteran Narayan Kar stated, "we feel that this is an irresponsible, unplanned budget without any specific direction for the country’s future. We vehemently protest against it."

Tripura’s Opposition Left Front on Tuesday protested against the Union Budget’s proposals and suggested a 4 per cent tax hike on large corporate houses to counter the revenue deficit resulting from income tax cuts made for the middle class, warning that the country could otherwise face a food and social security crisis.

Speaking to reporters at the CPM state headquarters, Left Front convenor and communist veteran Narayan Kar stated, “Parliament is currently in session for the Union Budget. Debates are ongoing. Our MPs will present their views in Parliament. CPM and other left parties are also taking to the streets against this budget. However, we feel that this is an irresponsible, unplanned budget without any specific direction for the country’s future. We vehemently protest against it.”

While the Centre talks up the income tax rebate, for up to Rs 12 lakh, the country faces a grave future regarding food security, social security and employment opportunities, as the revenue shortfall from these relaxations remains unaddressed, he said.

“We are offering an alternative to overcome the ongoing economic distress in the country. The main focus of this budget was tax relaxation. But what about the revenue deficit caused by this tax relaxation? We object to balancing this deficit by diverting funds from resources meant for MGNREGS, urban employment schemes, ICDS, agriculture and industry sectors. Instead, we suggest imposing a 4 per cent additional tax on large corporate houses, which can counter the revenue deficit caused by tax relaxations for the middle class. This extra money can also open up new avenues for employment, infrastructure, and industry.”

Citing examples from the newly launched Pradhan Mantri Dhana Dhanya Krishi Yojana, the communist party leader pointed out that farmers do not have any extra fund allocation, while the budget proposal has reduced allocations for the agriculture and farmer welfare ministry by 2.5 per cent and for the chemicals and fertilisers ministry by 13 per cent, among others.

Kar also said that various government, semi-government and public sector undertakings were being shifted to the public-private partnership (PPP) mode across the country.

Leaders from the Left Front partners—the CPI, Revolutionary Socialist Party, Forward Bloc and CPIML—were also present at the media briefing.

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