Finance secretary Hasmukh Adhia said the government has reintroduced the LTCG tax to ensure stability in the economy and to ensure that there is tax liability in every sector. Photo: PTIAhmedabad: Finance secretary Hasmukh Adhia on Sunday said that the returns from demonetization and other “anti-evasion measures” have generated revenue to the tune of Rs90,000 crore from direct taxes. So we have started with 10% to begin with and we also said that for small investors LTCG tax is only for over Rs1 lakh per annum,” he said. Indirect tax revenue for the current year is expected to be less by about Rs50,000 crore in the first year, he added. A second reason, according to the finance secretary, was that there was a shortfall in the non-tax revenue side.

Source: Mint February 04, 2018 18:11 UTC