Over 1 lakh cr indirect tax left uncollcted: Yechury

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Bangalore, Jan 21 (UNI) Expressing deep concern over the country moving towards economic re-colonisation, Communist Party of India (Marxist) Politburo Member Sitaram Yechury today alleged over Rs one lakh crore indirect taxes have been left uncollected from corporates in the last fiscal.

Inaugurating the 'Seminar of Urban co-op Banks in South India' here, the CPM leader lambasted the UPA Government's economic policies saying the ''country has been drifting towards economic colonisation by international market forces.'' With various concessions and sops offered by the UPA Government, corporate houses in the country were paying only about 19 per cent Corporate Tax against the stipulated 33 per cent, he said.

''Over Rs 54,000 crore worth of concessions have been doled out by the Centre to the corporate sector during last fiscal year,'' Mr Yechury claimed.

Also no taxes were being levied on the huge profits realised in the stock markets, he said.

Stressing the gap between 'Shining and Suffering has been precariously widening at the expense of the interests of poor and the middle-class,' Mr Yechury claimed over 20,000 farmers have committed suicide during last one decade because of wrong economic policies.

Stating that Left parties were trying their best to change the economic policy directions to reduce the gap between 'Shining and Suffering,' Mr Yechury said applying pressure only from top will not help as 'pressure should also come from the bottom.'' Expressing solidarity with the demand of the Urban Co-op Banks in opposing the levy of Income Tax on co-operative institutions Mr Yechuri promised the Left would relentlessly work from within and outside Parliament on the issue.

UNI MV GM SP ND1559

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