Vivek Gupta speaks on the Appropriation Bill & Finance Bill | Full Transcript

Full Transcript

Sir, I thank you for giving me this opportunity. Sir, I stand here today to speak on these Bills and I can’t help but remember two ladies in my life. One is Mother Teresa and the other one is our Chief Minister. I start with a short quote from Mother Teresa.

 “It is not how much we give, but how much conditions we put into giving.”

Hon. Finance Minister, Arun Jaitley ji, was very kind and gracious enough to include Bengal in the category of Special Package. We were all very happy in Bengal. But this happiness turned into gloom when we realised that these companies will have to pay MAT on it.

So, in effect, there will be no cash left in their hands which they can then reinvest in the business or reuse. The next point that I want to make is this. In Bengal, the Government is the biggest litigant and frequent changes in tax laws are not helping matters at all. In fact, even the international community says that frequent changes in tax laws is one of the biggest problems which they find when they want to either invest in India or come to India. There is always this uncertainty about India.

Sir, my next point would be that we are concerned about some sections in the Finance Bill and also reports in the media that the Government now proposes to tax all subsidies and incentives received. We don’t receive the subsidy or incentive, but the taxman is ready to take money, so we have to put money from our pocket. I would request the hon. Finance Minister, through you, if it is possible, to please clarify the stand on whether this tax on subsidy and incentive is applicable to individuals as well.

Sir, the last point is about giving powers to income tax people whereby they can send the people to jail. It is like stepping into dangerous waters, especially when there is no reciprocal arrangement. When they harass taxpayers, they do not face similar action. I would request that even harsher penalties be imposed on them when it is proven beyond reasonable doubt that they have harassed taxpayers.

With this, I thank you, Sir.