Robust Tax System
No proposal under consideration to reintroduce wealth tax, says govt
This story was originally published at 14:44 IST on 10 March 2025
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NEW DELHI – There is no proposal under consideration to reintroduce the wealth tax or implement a taxation system on the "super-rich", Minister of State for Finance Pankaj Chaudhary told the Lok Sabha in a written reply on Monday.
"India has a progressive direct taxation regime wherein a person in the higher bracket pays income-tax at higher rates as compared to a person in the lower income bracket," Chaudhary said. "Further, surcharge on income-tax is applicable to persons having income above a certain level. Thus a robust taxation system is already in place vis-a-vis taxation of higher brackets of income-earners."
The government had abolished the wealth tax in the 2015-16 (Apr-Mar) Budget saying that this tax lead to high cost of collection and had a low yield. End
Reported by Shubham Rana
Edited by Akul Nishant Akhoury
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