TDP MP Lavu Sri Krishna Devarayalu Calls for Repeal of Retrospective Tax

TDP MP Lavu Sri Krishna Devarayalu has urged the removal of the retrospective tax, citing its adverse effects on various industries. Addressing the Lok Sabha, he highlighted the challenges faced by the mineral development industry and rice exporters. Despite his criticisms, he praised the Finance Ministry's steps to reduce corporate tax and support startups with the angel tax.

TDP MP Lavu Sri Krishna Devarayalu has called for the removal of the retrospective tax, emphasizing the challenges it poses to industries.

Speaking in the Lok Sabha during the Finance Bill 2024 discussion, Devarayalu urged Finance Minister Nirmala Sitharaman to reconsider the tax's application, pointing out its detrimental impact on the mineral development sector and rice exporters.

Despite pointing out the tax's negative effects, Devarayalu praised the Finance Ministry for cutting the corporate tax rate and introducing the angel tax to aid startups.