Financial sector urges for tax sops

New Delhi: Financial sector players on Thursday made a case for tax sops in the upcoming FY25 Budget for deepening of the market. In a pre-Budget meeting with Finance Minister Nirmala Sitharaman here, some of the players urged the government to fix tax arbitrage wherever it exists. This was the second Pre-Budget Consultation, which was attended by leading experts of the financial and capital markets sector in connection with the forthcoming General Budget 2024-25, the finance ministry said in a post on X.

The full Budget 2024-25 is expected to be presented in Parliament next month. Emerging out of two-hour meeting with the finance minister, Arun Kohli, MD & Country Head, Morgan Stanley India Company, said tax policies need to be stable and long-term oriented.

Participants also made their point on capital gains tax and securities transaction tax. According to George Alexander Muthoot, MD of Muthoot Group, some of the players pitched for deepening the market and provide some tax incentives.