Nirmala Sitharaman’s response on government earning more than broker
Finance Minister Nirmala Sitharaman found herself in a tricky situation when a broker raised concerns over the high taxes imposed on them at an event. The broker pointed out the tax burden on stock market operations and real estate transactions. He named the government as the sleeping partner and stated that the government is earning more than the broker. He pointed out the various taxes imposed by the government such as GST, IGST, Stamp Duty, Securities Transaction Tax (STT), and Long-Term Capital Gains (LTCG) Tax.
I am taking a whole lot of risk and government of India is taking away entire profit of mine. You are my sleeping partner, I am a working partner with my finance, my risk, my staff, everything,” said the broker.
To this Nirmala Sitharaman has nothing to say but smile. But she evaded the tricky question cleverly. She said, “A sleeping partner cannot answer sitting here.” The broker also asked The broker also questioned the heavy taxes involved in purchasing a house, encompassing Stamp Duties and GST.