Speaking at a BSE event, the broker emphasized that despite their investments and risks, the government gains substantially from various taxes, including GST, IGST, Stamp Duty, Securities Transaction Tax (STT), and Long-Term Capital Gains (LTCG) Tax.
“Today Government of India is earning more than the broker. So I am investing everything, I am taking a whole lot of risk and government of India is taking away entire profit of mine. You are my sleeping partner, I am a working partner with my finance, my risk, my staff, everything,” the broker said.
The broker also questioned the heavy taxes involved in purchasing a house, encompassing Stamp Duties and GST, and inquired about the government’s plans to assist individuals with limited resources in buying homes. Additionally, the broker raised concerns about the feasibility of conducting operations under such a heavy tax burden.
While attempting to deflect the question, the Finance Minister requested the host to move on to the next question. However, she couldn’t resist responding to the “sleeping partner” remark, smiling as she remarked, “A sleeping partner cannot answer sitting here.”
During the event, Sitharaman urged the Bombay Stock Exchange (BSE) to collaborate closely with the Securities & Exchange Board of India (SEBI) to enhance investor confidence through stringent compliance and robust regulatory standards.Furthermore, she cautioned retail investors about the risks associated with the derivatives market, emphasizing that an “unchecked explosion” in the riskier futures & options (F&O) segment could potentially lead to problems in household finances.
