Follow the Bengal model of tax collection: Derek O`Brien tells Union Finance Minister in Rajya Sabha. July 30, 2014 WATCH VIDEO : youtu.be/Ft8EjLr3LMc Click here for the full transcript of Derek OBriens speech : https://aitmc.org/news_details-rajyasabha.php ============================================= Chief Whip of the party in the Rajya Sabha, Derek OBrien today spoke on the Finance Bill, 2014. In his speech he said that the party has already raised five important issues - Finance Commission recommendations for debt-stressed states, debt moratorium for West Bengal, the issue of black money, sharing of taxes between the Centre and the States and 33% of Indians belonging to the poorest of poor - during the debate on the Union Budget. In his speech, Derek OBrien said that there was hardly any difference between BJP and Congress and described this syndrome with the PC = AJ equation. He said that the Finance Minister could have got more fiscal space to hold the hand of the suffering middle class who have been battling double digit food inflation and jobs drying up for 2 years. He advised the Government to re-look at the number of super-rich. Mr OBrien also asked the Finance Minister to take into consideration the recommendations of the Standing Committee that suggested hiking the tax exemption limit to Rs 3 lakh and 80 (C) exemption to Rs 2 lakh from the current Rs 1.5 lakh limit. Mr OBrien also asked the Finance Minister not to penalise individuals in the capital gains in 12 months and rather put a cap. In the sector of Corporate Social Responsibility (CSR) he suggested that to encourage smaller companies to do welfare the 2% tax should be waived. He also argued that the pre-condition for making appeals in case of Central Excise and Service Tax could make income tax officers greedy and was hence dangerous. There has to be a tax culture. You need to reward high profile tax payers, you need to award corporate. Please look at the tax culture and remove this fear psychosis, Mr OBrien advised the government regarding tax reforms. Before concluding, Derek OBrien cited the whopping 87% growth in revenue collection in Bengal between 2011 and 2014 and asked the Centre to follow the Bengal model of e-taxation and better compliance. This has worked in a State and I am sure this would work if put to test at the Centre, he said.
Posted on: Wed, 30 Jul 2014 15:10:33 +0000
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