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'No proposal to replace income tax with transaction tax'

IANS  |  New Delhi 

There is no proposal to replace with the tax, was informed on Friday.

"In the present there is no such proposal under consideration," Minister of State for Finance Santosh Kumar Gangwar said in a written reply in the Lok Sabha, in reply to a query as to whether the government was considering replacement of with a

tax of 0.1 per cent was introduced in 2005 on cash withdrawals above a certain limit -- this was withdrawn on April 1, 2009.

The collection from banking cash transaction tax was significant as compared to tax collections, Gangwar said.



(This story has not been edited by Business Standard staff and is auto-generated from a syndicated feed.)

First Published: Fri, March 17 2017. 18:48 IST