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finance | IST

Govt believes hike in income tax surcharge a right thing to do, says revenue secretary Ajay Bhushan Pandey

The Narendra Modi government on Tuesday said auto parts and cement Goods and Services Tax (GST) rates can be brought down only when revenues stabilise.

The finance ministry had proposed in the Budget to increase the income tax surcharge on people or an individual earning more than Rs 2 crore or Rs 5 crore only after the government was convinced that it was the right thing to do, said Ajay Bhushan Pandey, revenue secretary.
"When we take any proposal to the parliament, we are fully convinced that this is the right thing to do. Therefore when we have imposed the surcharge on the people or on an individual or the association of person or the trust earning more than Rs 2 crore or Rs 5 crore, so this is the surcharge which has been imposed, there is very solid reasoning behind it," he said in an interview with CNBC-TV18.
The Narendra Modi government on Tuesday said auto parts and cement Goods and Services Tax (GST) rates can be brought down only when revenues stabilise.
In an interview to CNBC-TV18, Pandey said, "Anti-profiteering provisions are contained in the law itself. There is a National Anti-Profiteering Authority whose term also has been extended further for two years beyond November 2019. As far as the guidelines and other things of the working of the anti-profiteering authority are concerned, they are also clearly laid down."
Talking on revenue surcharge, Pandey said the government has expressed a proposal which will go to the Parliament and there is a solid reason behind the surcharge announced in Union Budget 2019-20.