MP govt urges FM Sitharaman to remove separate capital gain tax on assets. See details

Union finance minister Nirmala Sitharaman has been urged to remove the separate capital gain tax on assets managed by the Madhya Pradesh Chief Minister Shivraj Singh Chouhan.

As of now, Madhya Pradesh had been given an incentive of 1,055 crore under the special assistance to states for capital expenditure by the Government of India.

“In Madhya Pradesh, the government has set up a Special Purpose Vehicle (SPV) for public asset management. 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 Finance Minister that even if we are doing it by forming a separate company, we are doing it under our policy. Therefore, there should be no separate capital gains tax.”

While referring to the incentive of 1,055 crore given to Madhya Pradesh, he said the state managed the public assets better by forming the public asset management company. Madhya Pradesh is the first state to do this, he said.

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

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

Chouhan also called on the Union Minister for Consumer Affairs, Food, and Public Distribution Piyush Goyal and discussed various issues related to crop procurement and public distribution system in MP.

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

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

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