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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Veteran Tamil film producer Rajan dies after jumping into Adyar River
Chennai (PTI): Veteran Tamil film producer K Rajan died after jumping into the Adyar River in the city on Sunday, police said.
Police said it appears to be a case of suicide, though the reason for his extreme step was not immediately known.
The 85-year-old film personality asked his driver to stop the car while crossing the Adyar bridge and suddenly got out and jumped into the river, police sources said.
The driver immediately alerted Fire and Rescue Services personnel, who reached the spot, recovered the body, and sent it for post-mortem.
Police have registered a case, and further investigation is underway.
Rajan entered the Tamil film industry as a producer in the early 1980s. Apart from producing films, he also directed a few movies.
He also served as president of a film distributors’ association.
Top leaders of political parties, including the two Dravidian majors—the DMK and AIADMK—expressed shock and grief over his death and conveyed their condolences to the bereaved family.
Former Chief Minister and DMK President M K Stalin said Rajan had always boldly raised his voice for the welfare of small film producers and the overall development of the film industry.
“He had always urged that Tamil films be titled in Tamil,” Stalin said in a statement, adding that Rajan consistently fought for the rights of ordinary workers in the film industry.
AIADMK general secretary and former Chief Minister Edappadi K Palaniswami said Rajan’s voice was important in securing recognition for small-budget films in the Tamil film industry.
Among others who condoled his death was PMK founder S Ramadoss. Leaders from various parties also expressed their condolences to the bereaved family.
“This is terrible news. Deeply shocked to hear about the demise of our beloved member of the film fraternity, producer K Rajan sir,” actor and BJP leader Khushbu Sundar said in a post on social media platform X.
“He was a very respectful person and someone who never hesitated to call a spade a spade. This is very upsetting. May his soul rest in peace,” she added.
