It's 'payback time' for BJP: Left on Budget

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New Delhi, Feb 28: It is "payback time" for BJP and a "very 'suit'-able budget" of its government as the entire tax structure has been well organised to give sops to the rich to get richer, CPI(M) leader Sitaram Yechury said today.

Terming the budget as "pro-rich and anti-poor", he said "the entire tax structure has been so well organised to give benefits to the rich and burden the common man.

It's 'payback time' for BJP: Left on Budget.
The total direct taxes have been reduced by Rs 8,050 crore and indirect taxes, paid by the people, raised by Rs 23,383 crore." In an apparent reference to Prime Minister Narendra Modi's pacesetter pinstripe suit which was recently auctioned, he said "it is payback time and a very 'suit'-able budget for corporates and big business who have been supporting them."

The volume of revenue to be earned from indirect taxes was nearly three times higher than the concessions given to direct tax payers in terms of slashing corporate tax, which meant direct benefits to the rich and imposing greater burden on poor, Yechury told a press conference here.

"The budget proposal will lead to the widening of the gap between the rich and poor," he said and pointed out that subsidies for the social sector have also been curtailed, which was "another attack on the poor."

Maintaining that wealth tax has been abolished and corporate tax reduced from 30 to 25 per cent, Yechury said "so they are now legally giving greater avenues for profit maximisation to the big business.

Therefore, there is no wonder that the Sensex has started rising sharply." Taking a dig at Jaitley, the CPI(M) leader said when the Finance Minister is saying the economy is poised to fly for common man, "this flying may result in crash-landing. The result of this flying is greater burden and more misery."

Yechury said the actual expenditure of the government has declined by seven per cent compared to the last fiscal, which meant a contraction in government expenditure. In the same vein, CPI National Secretary D Raja said "It is a pro-corporate budget.

While corporate tax has been reduced, several more concesions have been given to the corporates. What else can be expected from the BJP government." CPI-ML (Liberation) said the budget was "full of sops for the rich while the common people have been burdened with more taxes and cuts in social sector spending."


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