The central trade unions of the country have demanded from Finance Minister Nirmala Sitharaman to increase the corporate tax, wealth tax and introduce inheritance tax in the budget for the financial year 2025-26. The unions have said that instead of burdening the common people by increasing GST rates on essential food items and medicines, the government should resort to corporate tax, wealth tax and inheritance tax to raise revenue.
Raise corporate and wealth taxes to raise revenue
On 6th January 2025, the Finance Minister met the representatives of Central Trade Unions in the last round of Pre-Budget meeting. In the meeting, the unions suggested that corporate tax and wealth tax should be increased and inheritance tax should be implemented to raise revenue without putting tax burden on the general public.
Don’t increase the tax burden on common people
The union believes that corporate tax rates have been steadily cut over the past few decades, while the burden of indirect taxes on the common people has increased. He suggested that a 1% inheritance tax be imposed on the super-rich, which could generate large revenues for the government. This amount can be spent on education, health and other social sectors. Also, GST rates on essential food items, medicines and medical insurance can be reduced.
Demand to increase income tax rebate limit
The unions have demanded an increase in the income tax rebate limit for the salaried class. Apart from this, there has also been a demand to increase the limit of EPFO and ESI contribution and eligibility.
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Call to stop bank robberies
Unions demanded a halt to the loot of public sector banks through loan write-offs and privatisation of the insurance sector. He said loan waivers to corporates should stop as they are neither creating value nor creating employment opportunities. The unions have demanded permanent manpower and expansion of branches to take banking facilities to remote areas.
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