History would describe it as a spendthrift government as all norms of fiscal prudence have been thrown out of the window and the money wasted, said former Finance Minister P. Chidambaram in the Rajya Sabha on Thursday. Opening the debate on General Budget, the Congress leader attacked the NDA government, stating that it had failed on all key economic fronts. The government’s philosophy of taxation was to burden the poor and pat the rich.
Corporate tax
Mr. Chidambaram quoted the Chief Economic Advisor saying that two things worried him: fall in savings and fall in investments.
“Corporate Tax is expected to grow next year by only 10.15%. Income tax is expected to grow by 19.88%, but GST is expected to grow by a whopping 67%. You have taxed income tax, individual households, but you have given relief to the corporate sector,” he said.
