Ace investor Vijay Kedia, on Sunday, posted a witty yet pointed song aimed at Finance Minister Nirmala Sitharaman, questioning the rising tax burdens on individuals and businesses.
Titled “FM ji FM ji, itna tax main kaise bharun”, the song mirrors the investor’s frustration with the tax system. Kedia took a creative spin by repurposing the melody of AR Rahman’s classic “Tu Hi Re” from movie
Bombay.
A Musical Protest
The song doesn’t hold back. Through tongue-in-cheek lyrics, Kedia raises concerns over taxes such as STT (Securities Transaction Tax), STCG (Short-Term Capital Gains), and LTCG (Long-Term Capital Gains). One line sums it up:
“FM ji, FM ji, itne tax mein kaise bharun, STT, STCG, LTCG, badha, kya kahun. Upar se, dividend pe, do-do tax bhi pay mein karun.”
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He goes on to lament the pressures of running a business in a taxing environment, saying:
“Mushkil hai ye business, kitne risk uthata hoon, diabetes aur BP, badle mein pata hoon.”
The track has struck a chord with many investors navigating the pressures of India’s evolving tax regime.
While the song may be humorous, Kedia’s message highlights the broader challenges faced by the investing and business community.
Kedia’s musical protest comes in the wake of tax hikes announced in the Union Budget 2024. The government introduced a 20% tax on short-term capital gains, up from 15%, on certain financial assets. Similarly, long-term capital gains on all assets will now be taxed at 12.5% from the financial year 2024-25.
Adding to the woes, the Securities Transaction Tax on futures and options has also been increased—by 0.02% and 0.1% respectively. While these moves are intended to support middle and lower-income groups through higher exemptions, they’ve left investors and traders like Kedia feeling the pinch.
With rising taxes and increased compliance burdens, the debate around finding a balance between revenue generation and fostering economic growth remains alive.
