Enormous wealth in financial sector remains untaxed: Garg

Former finance and economic affairs secretary said the government needs to come out with a good wealth tax regime as enormous wealth being generated in the financial sector is remaining untaxed. “We should bring some better regime for wealth tax. We have completely done away with the wealth taxation. There is an enormous amount of wealth being generated in the financial and other sectors. Much of that remains untaxed. One thing that I would also like to say on the revenue side is to revive privatisation and disinvestment programme, and scale it up,” Garg said at Fortune India pre budget roundtable.

 “There is a good need to do away with the dual personal income tax regime. Time has come to adopt one default regime,” he added.