Government may bring back tax on cash withdrawals from banks in attempt to curb black money, says report
Updated : May 27, 2019 10:27 AM IST
The matter was discussed in the pre-Budget consultation and will take shape after the new government is formed and a finance minister is appointed.
Tax authorities are also looking at levying an estate tax on inherited property, in line with the global practices, the report said, citing sources.
On April 1, 2005, then-finance minister in the United Progressive Alliance (UPA) government, P. Chidambaram, imposed the BCTT — which levied a 0.1 percent tax on cash withdrawals — but was withdrawn on April 1, 2009.