Careful on that banking transaction tax proposal

Given that over R1,000 lakh crore—that’s 10 times India’s GDP—is transacted electronically through banks each year, over 95% though RTGS transactions, a 2% tax on this would add up to more than the total taxes collected across the country by both the Centre and the states. It is not surprising, then, that the BJP’s brains trust should veer in favour of this. 

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