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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Rickelton's ton in vain as SRH beat MI by 6 wickets
Mumbai (PTI): Ryan Rickelton's whirlwind unbeaten ton was overshadowed by Heinrich Klaasen's unbeaten 65 as Sunrisers Hyderabad defeated Mumbai Indians by six wickets in an IPL match here on Wednesday.
Chasing an imposing 244-run target, Travis Head (76 off 30) and Abhishek Sharma (45 off 24) shared 129 runs for the opening wicket to set the platform for SRH.
Klaasen (65 not out off 30 balls) then displayed his all-round hitting abilities to guide SRH home with the help of Nitish Kumar Reddy (21) and Salil Arora (30 not out off 10) in 18.4 overs.
Earlier, Rickelton's knock powered MI to 243 for five.
MI rode on a 93-run stand between Rickelton (123 not out off 55 balls) and Will Jacks (46 off 22) in 7.1 overs for the opening stand to power the side.
MI skipper Hardik Pandya scored a valuable 31 off 15 balls before being dismissed.
Praful Hinge (2/54), Eshan Malinga (1/29), Sakib Hasan (1/39) and Nitish Kumar Reddy (1/31) were the wicket-takers for SRH.
Brief Scores:
Mumbai Indian: 243 for 5 in 20 overs (Ryan Rickelton 123 not out; Praful Hinge 2/54).
Sunrisers Hyderabad: 249 for 4 in 18.4 overs (Travis Head 76, Heinrich Klaasen 65 not out; AM Ghazanfar 2/51).
