BJP plans uniform banking transaction tax to replace income tax system

BJP leaders have been thinking aloud about a proposal to abolish income, sales and excise taxes and replace them with a tax on every transaction made with a plastic card, which they think can sweep every voter off his or her feet.

The BJP, he said, may incorporate a proposal to abolish income, sales and excise taxes in its Vision 2025 document, which will be released before the polls.

The buzz about the new proposal got louder on Sunday when BJP PM candidate Narendra Modi said
 “The present taxation system is a burden on the common man. There is a need to introduce a new system.”

Narendra Modi said this at an event organised in New Delhi by Ramdev, who demanded abolition of all taxes and pitched for a single banking transaction tax if Modi becomes PM.
“Some problems may appear at first sight but we will find new solutions,” Narendra Modi said.

His remark assumed significance as BJP president Rajnath Singh and leader of the opposition in the Rajya Sabha Arun Jaitley too appeared inclined to give it serious thought