Tax Disparity needs a discussion
Approximately 64% of the total Rs 14.83 lakh crore in GST came from the bottom 50% of the population in 2021-22, while 33% of GST comes from the middle 40% and only 3% of GST from the top 10%, the report says. The bottom 50% of the population pays six times more on indirect taxes as a percentage of income compared to the top 10%,
The report also stated that top one percent of wealthy people in India owned more than 40% of the total wealth created in the country from 2012 to 2021, while only 3% of the wealth has gone to the bottom 50%. It also said that Just five percent of Indians own more than 60 percent of the country’s wealth.
The members of this circle who may be in all different brackets must discuss how ultra rich who mostly operate their life as a company expense and have several shell companies should be made to pay more taxes. more
The report also stated that top one percent of wealthy people in India owned more than 40% of the total wealth created in the country from 2012 to 2021, while only 3% of the wealth has gone to the bottom 50%. It also said that Just five percent of Indians own more than 60 percent of the country’s wealth.
The members of this circle who may be in all different brackets must discuss how ultra rich who mostly operate their life as a company expense and have several shell companies should be made to pay more taxes. more
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Such incidence clearly indicates the wide disparity in our socio economic status. Once essential items are brought under GST such pattern of tax collection is inevitable. Govt. also in in no mood to give a relief to the people of bottom of the pyramid. Perhaps the right time to impose tax on people of upper strata. more
Jan 28
Many a people do not pay any Direct Tax but earn a lot. What is the way out to Tax them? Example Rich Agriculturists, People doing Sundry Jobs, Many a Businessman etc. more
Jan 28
Direct taxes are progressive in nature while indirect taxes are regressive in nature An element of progression In indirect taxes can easily be introduced by heavily taxing those goods and services which are in the regular consumption pattern of rich people and slowly but surely this trend is being observed in GST system.See the tax rates for star hotels bars restaurants aviation entertainment etc.The hidden tax burden on poor people is definitely getting compensated by subsidies.We are having food fuel and fertilizer subsidies which are respectively meant for poor middle class and agriculturalists.The fuel subsidy is nearly phased out but food and fertilizer subsidies are still occupying a major part on revenue expenses.The real indication of heavy taxation is to be seen in social unrest.Do we have this? more
Jan 17
What is the source of this information? Nowadays, a lot of so called internatioal NGOs are involved in sensational and anti Indian propaganda. The instance of 'hunger index' is a case in point. Let us not get carried away by such pseudo intellectual analysis. Even if the lower income people are paying more tax, they are the ones who get benefitted maximum too by way of freebies eg as in Tamil Nadu. On the other hannd, there is a large population getting incomes of more than 10 lakhs not paying a single paisa of tax. If you go to Richie street in Mount Road or any of the small business streets in Parrys corner area of Chennai, you will get a small idea of the enormous tax evasion that takes place day after day. All cash transactions, no receipts or receipts without GST etc. more
Jan 17
Enough comments on the disparity of collection of GST.....just to have the holistic idea, please discuss with super rich income tax, 80% loan default with in the PSBs only by the common people (includes agri loan waiver), etc. all together.....there is a tendency to address issues in isolation by many renowned people, eg. some people talk about hunger index without including the issues of regional weakness, corruption, lack of jobs, digital divide, security in the villages, water sources, healthcare systems, illegal influx and not but the least about population??? more
Jan 17
