As the Union Budget for FY21-22 nears, stockbrokers have sought rationalisation and streamlining of the structure for the capital market.
The industry body stockbrokers Association of National Exchanges Member of India (ANMI) has written to Central Bank Direct Taxation (CBDT) on doing away with the multiple classification system for calculating tax on capital market income.
In a statement, ANMI noted that financial markets worldwide play an important role in garnering growth capital for the economy. In the years following the coronavirus pandemic, catalysing equity market participation will hold the key to reviving India’s GDP growth, it added.