"We have received a proposal (under India Vision policy 2025) in which Income tax, Sales tax, Excise and octroi should be eliminated. A transaction tax should be levied (instead)," Gadkari said on Wednesday. (Agencies)
Citing an example, he said if somebody buys a car and visits a restaurant, then two percent tax will be imposed on such transactions.
"If these transactions are carried out through banks, then our total revenue should go up to Rs 40 lakh crore as against current revenue of Rs 14 lakh crore," he said, adding that it would also curb the practice of black money and provide relief to traders from ‘Inspector Raj’.
However, he said, "This proposal is under consideration and no decision is taken yet. But when BJP comes to power then we will consider it. The party also wants a debate on this issue."
Gadkari, who is in-charge of BJP’s India Vision document, said the party is in the process of preparing India Vision Document 2025 incorporating all issues relating to trade, industry, agriculture, transport, power etc.
"We have received about 10,000 suggestions so far on different issues from public on India Vision document," he said.
He further said the party has received another proposal in which 3.29 crore tax payers could be exempted from filling income tax returns.
About fake currency issue, he said there is a proposal to grow special fiber made of plastic or jute at over 1,000-1,500 acres of land which would be used in making currency thus help in dealing with the fake currency in the country.
Gadkari also accused the Congress-led UPA government of its wrong economic policies, visionless leadership and poor governance.
"The country is facing big problems like corruption, unemployment and inflation and the Congress-led UPA has failed miserably on addressing these issues," he said.
Comparing the performance of the Atal Bihari Vajpayee-led NDA government with the current UPA government at the Centre, Gadkari said that the country's GDP, which was 8.5 percent during the NDA rule, has come down to 4.5 percent under the prime ministership of Manmohan Singh.
Biggest scams like coal scam, 2G scam and Commonwealth Games scam were unearthed during the UPA rule, he alleged.
He also compared key factors of growth in the BJP-ruled states with the UPA government at the Centre.
"We have received a proposal (under India Vision policy 2025) in which Income tax, Sales tax, Excise and octroi should be eliminated. A transaction tax should be levied (instead)," Gadkari said on Wednesday.