So much tax
What is the Govt doing about reducing taxes. I as an employed earn 10Lakhs a year, pay 3.3 Lakhs in taxes. Then I spend from remaining 5.5 lakhs. Out of which 2 lakhs is spent on computer, mobile upgrade, printer, luxury, once in a while alcohol, snack food, cosmetics with gst at 28% many items including travel, eating out at 18% gst and medicines and basic packaged groceries at 12%. Overall out of 6.6 lakhs I spend 5 lakhs and pay about 20% tax.
So of my 10 lakhs I an paying 4.3 lakh or 43% taxes. I urge Govt to reduce gst rates to 12% and keep 28% only on sin products. more
So of my 10 lakhs I an paying 4.3 lakh or 43% taxes. I urge Govt to reduce gst rates to 12% and keep 28% only on sin products. more
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Salaried persons and honest business units are always the main scapegoats in Indian economic structure, not the other people and rest business class. Majority takes the benefit of the sacrifice done by few. more
Nov 01
Modi Govt. has undoubtedly hit middle class & senior citizens badly. This Govt. has burdened retired people, senior citizens. Majority don't have market investments & survive on bank interest income. Now take just one example - For MEDICLAIM insurance the service tax levied by the Govt. has increased to 18% while complete medical care should be taken care by Govt. as Most countries incl. UK, USA, European etc. for seniors. Citizens there also pay around same 35% tax, but post retirement are taken care of FULLY. MEDICLAIM premiums jump exponentially with age. Modi performance far below expectations - FAILED. more
Oct 21
Dear Madam, Sorry, but I think you should re-calulate the amount that you pay as taxes. On a salary of Rs.10 lakhs, the income tax works out to approx. Rs.1.29 lakhs, assuming no deductions at all on account of tax saving investments, housing loan interest exemption etc. So, you should be left with Rs.8.72 lakhs for spending and not Rs.5.5 lakhs as mentioned in your message. If you spend Rs.5 lakhs and pay 20% indirect taxes, the total tax that you pay would be Rs.1.28 lakhs as income tax + Rs.1.0 lakhs as indirect tax i.e. total Rs.2.28 lakhs. Effectively, this means that you are paying 22.8% tax and not 43%. The tax payment will reduce if you are investing in tax saving instruments. Hope my calculations help you to get the right perspective on your tax payments. more
Oct 21
Tax rates are not so high compared to any developed country. Problem is that not all of us pay taxes. If all pay what is due, the rates are bound to come down, to an extent for sure. When the Govt. tightens system to make tax evaders pay, there is hue and cry like heard for demonitisation and GST. Only way to have reduced rates is to make all pay, otherwise someones else have to continue paying (like happening now) for those who are evading. more
Oct 20
Thanks, Madam for succinctly expressing views! Not only that! the hardships beingundergone by the assessees are inexplicable! Please read this post and your comments are welcome: http://www.gstindia.solutions/uncategorized/gst-irritants-will-the-taxpayers-ever-get-relief/ more
Oct 23
All taxes of all STATE, CENTRE and LOCAL BODIES have been added and there total has been cumulative. Hence, we see 28% GST. Though there may be some items on which total do not come to 28%. more
Oct 20
