EPX Tax: FM Jaitley Would Respond To Every Concern

Finance Minister Arun Jaitley said on Wednesday that he would respond to all the concerns that have been raised and followed by the row that erupted over the government’s proposal to tax the Employee Provident Funds (EPF).

An unexpected strike upon the EPF had issued a row in media and the social media for a couple of days following the announcement by Jaitley. The Finance minister had proposed in the budget that 40 percent of the withdrawals from the National Pension Scheme would be tax free and bring the EPF on a par with this. According to the finance ministry officials, the decision made by the ministry would make 60 percent of the EPF subject to tax. The deducted amount would not be withdrawn unless invested in an annuity.

According to reports, the nation will see a growth of 7 to 7.5 percent in the next fiscal year. EPF and GST (Goods and Services Tax) being the two developmental tools it is necessary to beat the target. Labor minister Bandaru Dattatreya said in context to the finance ministry confirmed their concern about the EPF tax during the question hour in the Rajya Sabha.