subramanian swamy for doing away with the system of collecting income tax
Mr.Subramanian Swamy, a BJP leader suggest the center to do away with the system of collecting income tax and instead find out other means to raise money to the exchequer.
He said the revenue mainly levied from middle and upper middle class compensate the government cloud compensate the amount, by yearly auction of spectrum and coal fields, while delivering a lecture organised by regional chapter of CII on “Indian economy, past, present, ad future”
Annually there was about Rs. 2lakh crore revenue earned through the collection of incoem tax. He also said that the government can get huge revenue by unearthing the black money stashed away abroad. He is opposing the proposal to hike FDI in insurance sector to 49 per cent.
He also said that, for monitor the financial sector ther is no need for an autonomous super regulatory authority, as there were many authorities to look after various aspects.
On the sidelines of the function he said to the reporters that, a super regulatory authority was not necessary for overseeing the financial sector, because there was already mechanism like RBI and SEBI in the sector.