'Sleeping partner can't answer sitting...': FM Sitharaman on broker's poser for 'You Are My Sleeping Partner'
Nirmala Sitharaman found herself in a tricky situation at an event when a broker raised concerns about the high taxes imposed on stock market brokers and real estate transactions. The broker pointed out the significant tax burden on stock market operations and real estate transactions, labeling the government as a «sleeping partner» that reaps benefits from these taxes without sharing the operational burdens.
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
