Huge wealth in financial sector remains untaxed: Garg

The former finance and economic affairs secretary said the government needs to introduce a good wealth taxation system as huge wealth generated in the financial sector remains untaxed. “We need to introduce a better wealth taxation system. We have completely done away with wealth taxation. Huge wealth is generated in the financial sector and other sectors. A large part of it remains untaxed. One thing I would also like to say on the revenue side is to revive the privatisation and disinvestment programme and scale it up,” Garg told Fortune India at a pre-Budget roundtable.

“There is a need to abolish the dual personal income tax system. It is time to adopt a single default system,” he added.