Finance Minister, NITI Aayog Say No Plan To Tax Farm Income
Finance Minister Arun Jaitely denied any plan to tax farm income even as the government's policy think tank NITI Aayog distanced itself from its member Bibek Debroy's proposal.
“I categorically state that the central government has no plan to impose any tax on agriculture income”, reads a statement put out by the finance minister. Jaitley, who is overseas, issued the clarification within 24 hours of Debroy's suggestion.
FM @arunjaitley : I categorically state that the Central Government has no plan to impose any tax on agriculture income .
April 26, 2017The finance minister said the Indian Constitution gives individual states the power to impose taxes on agricultural income. Debroy, in a statement, had also said that taxing farm income was under states' purview.
FM @arunjaitley :As per the Constitutional Allocation of Powers, the Central Govt has no jurisdiction to impose tax on agricultural income.
April 26, 2017NITI Aayog, in a statement, said neither the think tank nor its draft three-year action agenda recommended that farm income be taxed to expand the existing tax base.
This is not the first time a suggestion to tax farm income has been made by a policy maker. The government's chief economic adviser Arvind Subramanian had made a similar proposal in the 2016 Economic Survey. “Reasonable taxation of the better-off, regardless of where they get their income from—industry, services, real estate, or agriculture--will also help build legitimacy”, Subramanian had argued in February 2016.
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