(Weekly Organ of the Communist Party of India (Marxist)
May 13, 2012
Oppose Retrograde Announcements by Finance Minister
The Polit Bureau
of the Communist
made by the finance
minister in parliament deferring the implementation of the
Anti-Avoidance Rules (GAAR) by one year and diluting many of
its provisions is
a meek surrender to finance capital, MNCs and the US
The GAAR are meant
Other retrograde announcements made by the finance minister yesterday include the cut in capital gains tax on private equity, cut in withholding tax on foreign borrowings and withdrawal of tax on property transactions. These are all meant to favour big financiers and real estate players. The government’s excuses on lack of resources to fund subsidies and social welfare scheme ring hollow in the face of such tax largesse for the big businesses.
The CPI(M) opposes these retrograde announcements made by the finance minister.