Nirmala Sitharaman faces criticism for brushing aside concerns over high taxes on brokers
Mumbai: During the "Viksit Bharat 2047 - Vision for Indian Financial Markets" event in Mumbai, Finance Minister Nirmala Sitharaman found herself in hot water after a stock exchange broker raised concerns about the heavy taxes imposed by the Government of India on various transactions.
The broker expressed frustration over the multitude of taxes levied on stock market transactions and real estate deals, likening the government's role to that of a "sleeping partner" who reaps significant profits through taxes at every stage. He highlighted taxes such as GST, IGST, Stamp Duty, STT, and LTCG Tax, emphasizing their detrimental impact on the earnings of brokers and investors.
In addition to the challenges faced in stock market dealings, the broker also pointed out the difficulties in purchasing property due to increased taxes, particularly the 11% GST imposed on property transactions conducted via cheques. He lamented that even after paying hefty taxes, individuals are burdened with additional expenses such as stamp duty.
In response to these grievances, Finance Minister Sitharaman's comment that she "didn't have a response" and that "a sleeping partner cannot answer sitting here" sparked criticism online. Many argued that her dismissive tone failed to address the legitimate concerns raised by the broker and called for a more proactive approach to addressing taxation issues in the financial sector.
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KKR defeat LSG via Super Over
Lucknow (PTI): Kolkata Knight Riders edged Lucknow Super Giants via Super Overs in a battle between two bottom-placed teams in the IPL, here on Sunday.
Chasing a modest 156, LSG suffered a batting collapse and managed to tie the contest and take it to Super Over with No. 9 Mohammed Shami striking a last-ball six against a wayward Kartik Tyagi, who leaked 16 runs in the final over.
But Sunil Narine bowled a stunning Super Over conceding just one run and taking two wickets to give KKR an easy target.
Rinku Singh then finished the chase with a boundary off first ball from Prince Yadav.
Earlier the KKR were in deep trouble with 93/7 in 15 overs but Rinku smashed a sensational 83 not out from 51 balls including four sixes in a row in the final over to lift them to 155/7.
Cameron Green (34) was the only other batter to reach double-digit scores as KKR suffered a familiar batting meltdown with Mohsin taking his maiden fifer.
In reply, LSG continued their dismal show with the bat to succumb to their fifth loss in a row.
Brief Scores:
Kolkata Knight Riders 155/7; 20 overs (Rinku Singh 83 not out, Cameron Green 34; Mohsin Khan 5/23). Lucknow Super Giants 155/8; 20 overs (Rishabh Pant 42). KKR won via Super Over.
