India will tax investments in debt mutual funds as short-term capital gains, according to amendments to the finance bill passed in parliament on Friday, a move that could strip investors of the long-term tax benefits that made such investments popular.
The change could spur growth in bank deposits, which have been struggling to keep pace with the demand for credit over the past 12 months that led to a higher cost of funding for lenders.
The mutual fund industry is likely to request the finance ministry to take a relook at the decision, said two mutual fund executives on condition of anonymity. The new tax rules would apply to investments made on or after April 1, 2023, impacting new inflows into these funds. Mutual funds provided liquidity to debt investors, and the move is counter-productive to efforts for deepening bond markets in India, said Edelweiss' Gupta.
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