Will the billionaires tax be imposed on the rich in India?

The idea of levying a separate tax on the wealthy in order to reduce economic inequality has been discussed for many years. This discussion is becoming more heated over time in india as well. This topic gained attention during the recent lok sabha elections as well. This time, the topic is again in the spotlight before the fiscal year 2024–25's entire budget. congress, the largest opposition party, has demanded that the government clarify its position and impose a billionaires tax on billionaires.

1.5 lakh crore can be acquired annually.

Speaking on Friday, Jairam Ramesh, the spokesperson for the main opposition party congress, clarified the party's position on the matter by stating that the government treasury could easily get Rs 1.5 lakh crore year if a billionaires tax was implemented in India. That sum can be used by the government to start new hospitals, construct additional schools around the nation, and implement other social development initiatives.

A 2% Billionaires Tax is being proposed.

A spokesman for congress said that there appears to be global agreement on the billionaires tax. Countries including France, Spain, South Africa, and germany have endorsed a proposal that Brazil, which is presently chairing the G20, produced addressing this. The world is heading toward taxing billionaires at a rate of two percent. This month is going to be the G20 gathering. prime minister Narendra Modi ought to make clear where his government stands on this idea in such a circumstance.

Additionally, two thirds of indians support it.

The idea of levying a separate tax on India's wealthy has been discussed previously. The results of a recent survey done just after the lok sabha elections indicate that the majority of Indians support the Super Rich Tax, popularly known as the Billionaires Tax. According to a survey by Global Commons Alliance and Earth For All, 74% of indians think that the wealthy should pay a Super Rich Tax in order to end economic inequality. That indicates that three out of four Indians are in favor of a super affluent tax. In contrast, 68% of persons in G20 countries are of this type.