The Central Trade Unions of the country have demanded from Finance minister Nirmala Sitharaman to increase corporate tax, wealth tax and to impose inheritance tax in the budget for the financial year 2025-26. In the list of demands submitted by these trade unions regarding the budget, instead of increasing the burden of tax on the common people by increasing GST rates on essential food items and medicines, corporate tax, wealth tax and inheritance tax should be used to raise money.
Raise revenue by increasing corporate-wealth tax
In the last round of pre-budget meeting for the financial year 2025-26, on 6 january 2025, the Finance minister held a meeting with the representatives of the Central Trade Union, an organization of 10 trade unions, and took their suggestions regarding the budget. In this meeting, the suggestions given by the Central Trade Union said that instead of putting the burden of tax on the common man for resource mobilization, there is a demand to increase corporate tax, wealth tax and implement inheritance tax.
Tax burden should not be put on the common man!
The Central Trade Unions said, in the last decades, corporate tax rates have been continuously reduced and indirect tax has been increased on the common people, which has increased the tax burden. The Central Trade Unions said that one percent inheritance tax was imposed on the super-rich, which can generate huge revenue for the government, which can be spent on education, health and other social sectors. In such a situation, GST rates can be reduced on essential food items and medicines along with medical insurance.
Increase in the limit of income tax rebate
Central trade unions have demanded from the Finance minister to increase the limit of income tax rebate for the salaried class. Apart from this, there has been a demand to increase ESI contribution and entitlement along with EPFO ceiling.
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