Eight days after the Finance Minister Arun Jaitley proposed to tax 60% of the EPF corpus, the Government has decided to scrap the proposal. The Finance Minister announced the rollback in Parliament today saying that government is ordering a comprehensive review of the policy and it stands withdrawn.
With the announcement, a credit war has begun between the opposition and the government.
Congress vice president Rahul Gandhi says that his pressure on the government has worked. The West Bengal CM Mamata Banerjee too has tried to claim credit, saying that it was her party who raised the EPF issue first.