MP’s government urges FM Sitharaman to scrap separate capital gains tax on assets. See the details

Union Finance Minister Nirmala Sitharaman has been urged to scrap the separate capital gains tax on assets managed by Madhya Pradesh Chief Minister Shivraj Singh Chouhan.

From now on, Madhya Pradesh had received an incentive from 1,055 Crores under Special Assistance to States for Capital Expenditure by Government of India.

“In Madhya Pradesh, the government has introduced a special purpose vehicle (SPV) for the management of public assets. Capital gains tax is not levied when a government department is involved in asset management. But if you form a company separately, then capital gains tax is levied,” Chouhan said.

“I urged the Minister of Finance to say that even if we do it by creating a separate company, we do it within the framework of our policy. Therefore, there should not be a separate tax on the gains in capital.”

While referring to the incitement of 1,055 crores donated to Madhya Pradesh, he said the state is better managing public assets by establishing the public asset management company. Madhya Pradesh is the first state to do so, he said.

Additionally, Chouhan took to Twitter to express her gratitude to the Union Finance Minister, saying that she has always shown interest in various programs related to the development and welfare of the people of Madhya Pradesh and discussed it very positively.

“I express my sincere gratitude on behalf of the people of Madhya Pradesh for your continued cooperation,” he said.

Chouhan also visited Union Minister of Consumer Affairs, Food and Public Distribution Piyush Goyal and discussed various issues related to crop supply and public distribution system in MP.

He informed the Union Minister that a special incentive is given for the sowing of pulses in the state for crop diversification. This year’s summer moong production is expected to be 16 lakh metric tons.

The chief minister urged Goyal to release about 6,000 crore pending for several years, for Madhya Pradesh, at the earliest. Goyal assured the Chief Minister to provide his full support.

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