'Benchmark To Hong Kong, Singapore, Dubai': Ajay Bagga Makes The Case For LTCG, STT Relief

India should benchmark its capital gains and transaction taxes against Hong Kong, Singapore and Dubai, and aim to be the best in class, market veteran Ajay Bagga said on Wednesday. His remarks came a day after Finance Minister Nirmala Sitharaman said the government would keenly hear views on long-term capital gains tax and securities transaction tax. Indian markets bounced and settled higher on Tuesday after her comments at the Bloomberg New Economy Forum in New Delhi. Speaking to NDTV Profit, Bagga said tax is a real concern, especially for foreign investors. “When your index has given 5% returns in 5 years, and the rupee has gone down sharply, and then you add STT and LTCG, they will wonder what the returns will be,” he said.