Arun Jaitley defends a Budget proposal, says wealthy should pay more

There is equity in the wealthy paying more, Finance Minister Arun Jaitley said while defending a Budget proposal to impose a 10% surcharge on the tax payable by those earning between Rs. 50 lakh and Rs. 1 crore.

“The data I have given shows how much of a non-compliant society we are. If you do not count the salaried people, then there are only 20 lakh voluntary filers who report an income of over Rs 5 lakh a year! This, I think, is incredible,” Mr. Jaitley said at an interactive session.

“I think there is equity in the wealthier paying more,” he added. “And so we decided to benefit all the honest tax payers, especially those in the bottom bracket.”