BJP is working on a ‘Vision Document 2025’, and as part of this, it is mulling the abolition of income tax and service tax altogether, as per reliable sources. The party had a meeting in the national capital yesterday, with it’s most important leaders like LK Advani, Leaders of Opposition Sushma Swaraj and Arun Jaitley, party president Rajnath Singh, former chief Nitin Gadkari, former Finance Minister Yashwant Sinha and senior leader Subramanian Swamy. Sources say that the proposal has the go ahead from the party’s PM candidate Modi too.
According to the Budget proposals for 2013-14, Income Tax is expected to be over Rs 2.47 lakh crore while Service Tax is estimated to be over 1.80 lakh crore.
Another unbelievable proposal within the plan is to revamp the taxation system on petro products which will result in bringing down the petrol price to Rs. 40-50 per liter. There would be a considerable reduction in LPG prices too as a parallel effect.
All the deficit for the government due to this aggressive policy could be recovered through banking transaction taxes, and total revamp of other existing tax structures, the BJP vision planners feel.
We can surely witness all major parties jumping into doling out these soaps sooner than later, but who will emerge winner at the poll and who will most likely keep their words in this regard will be the big game changer for the Indian Populace.