BJP asks FM to scrap FBT

The Bhartiya Janata Party has said that it wants the UPA government to undertake major tax reforms and review the regressive levies FBT and BCCT.

BJP8217;s Jagdish Shettigar said that fringe benefits given to employees are business expenditures to extract better work from them, he demanded that this regressive tax be withdrawn. He also mooted that the BCCT be scrapped since the tax defeats its purpose of tracking black money as the levy deters people to take their money to the banking system and encourages them to keep it unaccounted.