'Govt Earning More Than Stock Market Brokers...': Man Stumps Finance Minister Nirmala Sitharaman In BSE Event

Amidst the session, a question by one of the stock market brokers to FM Nirmala Sitharaman has gone viral on the internet where the stock broker asked the finance minister on the number of taxes imposed by the government on the brokers.
FM took questions from the audience at the event which was attended by many including stock brokers from Mumbai.

FM took questions from the audience at the event which was attended by many including stock brokers from Mumbai.

Union Finance Minister Nirmala Sitharaman attended an event ‘Viksit Bharat 2047 - Vision for Indian Financial Markets,’ which was organised by the Bombay Stock Exchange (BSE) in Mumbai recently. In her keynote address while commending on the BSE for its significant contribution to the Indian financial markets, Sitharaman noted their remarkable performance, surpassing expectations amidst global uncertainties.
She also took questions from the audience at the event which was attended by many including stock brokers from Mumbai. Amidst the session, a question by one of the stock market brokers to FM Nirmala Sitharaman has gone viral on the internet where the stock broker asked the finance minister on the number of taxes imposed by the government on the brokers. His question on high taxes imposed on stock brokers by the government of India resonated well with the audience present at the event eliciting huge laughter and applause.
The broker in his question to Finance Minister, said "As a broker when we are putting a trade for a retail investor, we are attracting number of taxes which includes Goods and Services Tax (GST), Central Goods and Services Tax (CGST), Securities Transaction Tax (STT), Integrated Goods and Services Tax (IGST), Stamp Duty and Long-term capital gains (LTCG) tax. So, today the government of India is earning more than the broker."
"I am investing everything, taking a whole lot of risk and government of India is taking away all profit of mine. You are my sleeping partner and I am a working partner with my finance, risk, staff and everything," he added.
In this second question to the FM Sitharaman, the broker raised the struggles of a common man while buying a property in Mumbai, saying "The government has removed the cash component from buying a house. In present times, buying a house in Mumbai is a nightmare because i am paying tax and i have white money now we have to pay everything be cheque so my bank balance is everything that i have left after paying taxes to government of India, now again when I am going to buy a house I have to pay stamp duty, GST, which amount to about 11 per cent."
Meanwhile, Sitharaman emphasized that both the BSE and NSE should reduce systemic risks and maintain market stability, and he pleaded with the BSE to collaborate closely with the Securities and Exchange Board of India (SEBI) to assist foster investor trust through strict compliances and strong regulatory standards.
End of Article
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