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Opposed your view just before election, politics apart. Now on Tax System, I must say you are doing wonderful job by suggesting these very much needed improvement. Government is literally sucking corporate tax payers blood on the name of development.
I was paying more taxes in India then I am right now in another country, and was getting absolutely nothing in return. India definitely needs to reduce taxes.
It's important to consider the broader economic context also.. India faces significant income inequality, which limits the taxable income base. As a result, the burden falls disproportionately on a smaller segment of the population. To improve public services for all taxpayers, we need to address income inequality, expand the tax base, and tackle the issue of black money. Only then can we ensure that tax revenues are sufficient to provide high-quality public services to everyone...
@@curiosity_fanbro public service here absolutely fantastic, no tussle , no long queue in government offices, no bureaucracy.. zero intervention by government on day to day life . Come and Experience bro ..
Even BCCI earns several thousands of crores in revenue every year but pay zero taxes claiming to be a 'charitable organisation '. Something needs to be done about this.
🙌 Its time the next ministers of our country should be picked on social media based on transparency so competent people like Akshat should become part of solution.. part of Govt.. This will bring the revolution India needs right now 🙏
@@bssatya Well our FM has Masters in economics. Education wise she is qualified but cant say much about actually doing the job. One more thing I noticed is that democracy is affecting India badly. There is always disaggrements between State and central government no matter what leading to inefficiency.
Paying 30 percent income tax, extra taxes for everything that I use including health insurance and education. You tax like Switzerland and give services like ......
Does Switzerland have neighbors like Pakistan, China and Bangladesh? Do Switzerland has army to maintain or Political system so complicated to maintain the 1.4 billion people ? Do they multiple religion to fight among themselves?
You nailed it bro , I wanted to start a business in India but the bureaucracy and tax is so high in India that I decided to do it outside India , India really needs to reframe the tax system so that it encourages people to do business and pay tax with some benefits.
+1, I know so many people who have moved their base to UAE just for taxes. Many new age startups are doing that too. Many are registered in UAE and Singapore
Open an on-road/footpath stall, it will be free of any legal fees, income taxes and even if you earn in crores people will consider you as a poor. And if you try to open a business (legally) which can be setup on road, then you're gone, within few months you fail shutdown
@@chiki1303 i can’t give you the exact figures here but registration with visa costed me less with a bank account without the bureaucracy and bribe. In the coming years I will know how much I save because no personal income tax or corporate tax.
Well I agree with your analysis. One point I would like to highlight is the fact that we are paying 18% GST on already taxed income. So effectively our total tax outgo is much higher than the 20%, 30% etc. bracket. While the salaried people have no way to go, every unorganised businesses I know of do not pay taxes inspite of having many times higher incomes than an average salaried professional.
@mridulnath1 GST is not a new tax as you think. It was there previously also, in the form of Sales Tax, where the seller used to collect the tax from us on every purchase and remit the same to the Govt. At that time also we used to pay this, after paying income tax.There was no transparency regarding tax rates at that time. Atleast we have transparency on tax rates in GST. But some GST rates are illogically high and need some rationalization.
We are paying taxes on savings and even on returns on investment. Mind it there is already gst been paid while you were purchasing the investment asset.
They also squander tax earning from other avenues to appease their interest groups. And offset it by taxing personal income. Latest land acquisition in Ayodhya is an example where govt never bothered to increase circle rate
BJP own Dr. Subramanian Swami also advocated for abolishing many form of taxes and lower the other since years but the government increased taxes instead. No hope from this government, they are not people or business friendly except their crony capitalist friends.
@@BilboBaggins-dn7vl Let’s talk about the government who has been in ruling from past 15years out of 25years. That is BJP and you are still believing that opposition is only giving freebies. How should they come in power otherwise based on Non-Hindutva agenda?
@@publicvoice2360 All political parties in India give freebies to get votes. The population is mostly poor so provide them with money and ask them to vote. How did Cong. manage to get so many seats this time? By giving a guarantee card of Rs. 8500 to people (which won't ever be fulfilled even if they had won)
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What you think Economics and IAS officer present in parliament when sanctions, budgets, projects are placed? They exactly comes up with these ideas. But what use FOR VOTE BANK will be their 5 year strategy. This is same for every country. Things we can try change is more scrutiny, regulatory techniques and more opportunities for business development. Let goverment become lesser and people become more responsible.
Do you think Politicians Don't know this Fact????? Politician's 1st and Last Priorityy is to win election.... And to keep their votebank intact...... Taxation is one of the best legislation to keep people poor...
@@Rohan-wn4nw This is major set back when we look upon mixed and communist economies. Well we cant just like that adopt capitalist economy too because still above 50 percent indians are bpl, below poverty line. They loose entirely. However we must need a steady transition to business modules, population control, natural resource management and more and more investment , domestic as well as FDIs. Lets see whether this goverment focus on these
@@Megaminddominator Absolutely. The solutions are right there but it is impossible to implement this if we thinking about how to win elections and with indian janta busy with freebies and caste what good will it come to do the betterment for the country if you lose elections in the first place and some other guy from other political party says,bijli free pani free cycle free,reservations 90%. Imagine fighting against that party,you are guaranteed to lose against him with your ideal plan for this country. Bottom line is,just leave this wretched place if you can,because noone loves this country...No politician
finance minister is just holding a portfolio. she has got a team of high quality burarcrats who are quite well qualified with economics and everything. i don't know who to blame now.
High taxes and no services for all the tax, we still need money for education, healthcare, old age social support. All other countries that have high taxes give their citizens good services. Our government sucks cash out of the system as taxes and wastes it on random useless things plus uncontrolled corruption, even our new roads are not from our taxes, we need to pay high tolls for that too.
@@arrao633 People are the same all over the world, if corruption exists, they have no way but to participate. We need to vote for politicians who will focus on ensuring fairness, our current political system is not conducive to getting such politicians in.
@@rahuldb People are not the same all over the world. There are people who are fighting against corruption. Why should anybody participate in corrupt practices? One should avoid corrupt practices.
Multiple reasons dude. With the massive support of caste-based politics, non-commitment toward secularism, food terrorism, Brahmavad, irrationality and poor women's rights, India is a very developing and third-world country.
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Some more minor points to highlight: - if you are living in Mumbai, you can see bmc car coming to take away street vendors' things. The next day you can see their setup again. If the vendor is going to occupy same place n do business, local government needs to work on some solution instead of the vendors paying illegal haftas. - Many people while buying gold take a non-gst bill, it benefits seller n buyer both. - It's impossible to imagine but there are many unorganised businesses/profession (like doctors etc) where they ask to pay fiat money hence preventing showing their actual income. Why do only the people working in systemized organizations need to pay taxes on behalf of such people?
its about doing business and doing job. your employer is saving monye, you employee giving tax. business is tough, job is easy. do tough thing and ripe the fruits.
The sad part about the country is Finance Influencers can give these many suggestions to improve the economy but the finance minister or the govt cant do it.....
Well taxpayers cant block roads and create ruckus on public properties as they need to do their 9-5 job. Toh chalo chupchap tax bharo majdooro. Jai jawan, jai kisaan, bhaad mei jaye middle class!!
Taxation in India is Like terrorism the authorities target people who are in the net already as they know people who are earning so they can extract them... GST is becoming the nighmare for small scale ..RCM, Three returns, TDS etc are a bad policy thanks to impractical FM who doesn't understand that small business cant employ full time CA
In India, the "Bull Brain" Government has already stopped publications of various data, like Unemployment, GST collection, etc. So please don't think they will ever allow any third party audit of proper utilisation of tax payers money for public goods, not even in Panchayat level. Even as of now, no meaning full discussion is allowed in the Parliament on Budget heads and the Finance Bills are passed by force, may be not called it by bulldozers!
So many expectations from government from past 75 years.. and situation still goes from bad to worse. They will always ensure taxpayers remain poor for ever by sucking tax in every possible ways. Its time comman taxpayers unite and bring reforms on our own... big influencers must unite to bring people. together
@@PradeepPurple Deportation is mild punishment we can say. (Not data entry per say, I mean it's well developed *system* where technology is used as tool. I take system as law)
You have not addressed the elephant in the room... corruption. Conservatively, at least 60-70% of our taxes are diverted through kickbacks in virtually every contract given by the government. If corruption was eliminated like Singapore, our taxes would be used more efficiently and our rates could be reduced by more than half
That's not gonna stop, in 2014 the government was changed to end corruption and bring back the black money. But now PM is not at all talking about black money and corruption. We are stuck with bad leaders and middle class trap.
In a country where 96 to 97% of the population is dependent on taxes, lowering of taxes is never going to happen. I could never blame the politicians as they would lose their votes. No one enters poltics, invests a fortune, travels the whole country giving speeches, distributing flyers and pamphlets, just to lose elections. When the majority voters are dependent on taxpayers money, there really isn't much anyone can do.
This guy which is a youtuber is so much better than our finance minister who doesn't understand anything and is a complete waste. This shows how badly we are positioned right now.
Itna gussa aa raha mujhe, 10 saal se RD kar raha mai 3 lakh interest mila jismein se 1 lakh government lelegi. Bahut gussa aa raha. Jis paise par mai already tax de chuka hu aur bacha khucha paisa invest kiya uspar bhi 30% tax le rahi govt. Aur mere paise ko free mein baat degi.
@@onceajordan abye yaar think about the long run, free handouts won't help anyone. Lowering the tax will encourage more businesses to start in India, more foreign investment which will cause more jobs and the people that need the free handouts won't anymore as the will be able to pay for it themselves.
Real estate black money is mainly working due to circulation of liquid cash. If all the denominations above 100 are demonitised and make all the real estate transactions via digital transactions on a government platform that anyone can buy and sell without any third party requirement for transferring the ownership, then it can be addressed to some extent.
Current scenario of Direct Tax : The amount of Direct Tax that I am paying, had I paid EMI for Home Loan, I would have a 2 BHK in metro city. Despite paying such high direct taxes, I have to pay high indirect taxes and suffer from poor govt services. There have been incidences of bridges falling and no government employee is jailed for this loss of time, money, lives and progress. There needs to be a law for punishing these bureaucrats who do not do their duties !!
As a salaried person I think I work for the government for 5 months The TDS and the rest for my family. Which contains remaining 7 months, from which another 3 months are for The INDIRECT TAX and the situation gets worse when there are hospital expenses, then you have to pay the income tax by taking a loan 😢😭😢 My real story. Happened to me last year. And when my salary was less, then government did not even come to ask me, son did you eat food today? As well no relief in education for open category considering we are born rich 😢😢😢 now who should explain them whether we completed our studies by working hard and what not for money. I don't know who will hear my voice. Just government want TDS first as they want their cut (for freebies) and then we spend the money for our basic needs. Just because we are salaried and have no fair voice for expenditure of our TAX. This is injustice to the entire salaried middle class. You Study hard, You work hard, You sacrifice your life and pay them the TAX.
dont cry about paying taxes..cry about HOW these taxes are used..cry about how your ward councillor/MLA/MP is swindling the money..cry about the crony capitalism and politician-builder-businessman nexus
All things said and done... Why do i see a Pringles, Chocolate cupcakes and some sweets neatly tucked away on the top-shelf in the cupboard? Daya, Kuch toh Gadbad hai..
Dear Akshat, your content is always honest, one important feedback on your latest video there's something seriously wrong with India map shown in the first minute of your video, kindly correct it immediately.
This all sounds good in theory but you are missing: 1) Dubai is small country with monarchy - they can make laws without street riots/protests about taking laws back 2) Corruption and stealing in Dubai is dealt with chop chop square worst case or deportation and severe financial punishment and jail time 3) We have huge population that is totally dependent on government to survive and basic needs - food 4) Money is used by our politicians to buy votes from the population in 3 - they are 98% of population 5) Tax breaks for farmers and other appeasement vote bank policies 6) Ancient government system with lots of useless bureaucracies with bureaucrats who are focusing on keeping this useless system Comparison to Dubai, China etc is useless. They have government that can dictate laws. They have populations who are compliant and not troublemakers - our population is filled with thousands of people who are always looking to create trouble. Law and order is supreme, chop/chop and quick trials is the norm - not our useless judiciary. Their leaders and people want their country to progress and go ahead. We have lots of groups who are interested in their own agendas which are against interest of country and tolerated because of vote banks. Only way anything will improve is strict military dictatorship with iron fist that is business oriented and says enough socialism/communism. Also for the China lovers, it is not communist, it is full capitalist dictatorship.
3) Let the people eat beef then and stop government funding of cow shelters. It does not make sense from any angle. 5) Because people are voting for appeasement.
Akshat in reality: 1. Even if you make corporate tax zero, stil they won't give any benefits to employees, instead keep that money in swiss banks for their children 😂😂 2. People well aware that even they pay 50% of their earnings in the name of taxes, still they don't get anything (services like health and education, standard living)... 3. India has great FM where she doesn't eat onions hence she doesn't bother about its prices...
I m working in Finland (which many claim as highly taxed country). I pay approx. 28% income tax, and I was sad to learn that I am heavily taxed based on the perception of people from other countries (not India). I feel happy now to know that I am doing great. The services here are great.
They are taking from mintority population not everyone. No govt is ready to woo working class populations as Indians vote based on mostly caste not based on what they get out of govt..
Who stops people from putting wrong real estate price on block chain? People buy on circle rates on paper, but price is 10x or sometimes 50x of circle rate. Difference is paid in cash. Technology can't solve this unless cash is removed from economy.
Welfare schemes (or freebies) drive people (masses) to vote a certain manner. Even I want taxes to be lowered, but this is a going to be a long tug of war between "VOTE POLITICS" & "Long-Term GROWTH FOCUSED POLICIES". BJP has realised this after the Lok Sabha elections, and therefore even they have started khatakhat scheme of their own, promising Rs 1,500 monthly cash fund for poor women in Maharashtra. BJP will play very safe, as they cannot afford to loose support from rural poor people. Remember, it was shocking to most people how badly BJP lost in poor rural constituencies. I don't have high hopes.
Excellent article Akshat and perfect and clear thoughts !! But the root cause of the problem why taxes will never go down in India is not being told outside !! It is over population Over population ...over population .. As long as there is a huge 700 million people at bottom of pyramid depending on state support .. The rest of population will be taxed to death .. Every political party makes mockery of this huge colossal problem by calling it " demographic dividend" It just shows that for politicians the population is always a source of cheap labour and nothing else .. If only our population drops from 1.4 billion to just 500 million we will already be a developed country with first class facilities and opportunities for all !! Hence regardless of so many good people like you advising govt it knows taxing recklessly makes sure people will produce just enough to survive and pay taxes !! This is their " shining India" plan !!!
The course price that Akshat told 14999 (inclusive of 18% GST) My POV bhale hi GST 5% hota still he could structure the course price 14999 (inclusive of 5% GST) thoda zyada kamai ho jati The price been set is irrespective of GST there are no barriers whatever number u can place. If u really want to sell at low price 2999 or 1999 (inclusive of 18%) that still works
Tremendous work @AkshatZayn very well researched content, really like it. 👍 I think One of the major problem in Indian taxation system is the dirty politics played by the leader. Hope this one will reach to a sensible leader in India and magic happens 😊
There is a dire need to hike deposit rates to 10% it will give more money in the hands of people and they can spend and consumption cycle will go on.🙏🙏🙏
Akshat has solved India's economic problem and plugged in his business in 23 minutes. Something his wife who has served at the Government has not ben able to do for over 5 years.
Bhai this is great video please tag or send this information to our finance minister and prime minister and our niti ayog . It help country . Great intatiative to help india to grow .
Very true..They are even taxing Puffed Rice ( Bhel /Muri )..How pathetic is that..Bridges are falling down but still taxes are increasing..Main reason for BRain drain is the Taxation process is India...!
@@thirst-t2653 Have some clarity of mind. In what way are taxes responsible for the poor quality of construction? The quality of construction depends on other things, not on taxes. I am not talking about construction. But the poor quality of it. Taxes are used for building infrastructure, not for the poor quality of it. The quality of it depends on other things. So have some clarity of mind .
@@arrao633 The Tax money used for constructions should be strictly audited...it is not audited...cheap materials are used that are easily deteriorating sooner...I guess u should hv hv clarity of mind and perspective too..pls read basic economics about the country
Having directionless debate is of no use...pls debate with knowledge..win over debate with wisdom..not by writing diarrhoea with no detailed information
In today's scenario, the IT sector is not doing well from employment perspective...and exemption of labour laws is a bummer , with lot of youngsters being laid of in the name of profit generations....which is very disheartening , as India's future is at stake. Your point is very valid that corporate taxes should be outcome based and if IT companies are taxed at substially lesser rates, they can employ larger population and also still keep their profits. Am surprised that with the government machinery we have, nobody has even thought about implemeting this outcome based taxation !! Kudos to you for speaking your mind !
Corporate tax linking to employment is very good idea! Comparing Indian with china is better than UAE. Apple to Apple. Dubai is small and can do lot of things easily. Can't do it in India that easily.
At 15:55 in video the map of India does not have J&K state. I have huge respect to you for your knowledge and aptitude sir. But honestly your video editor did a pathetic job of maintaining your respect. You should also have taken care of this. We don't care what far-fetched logic you or he had but that's just wrong.
@@sanjivagrawal5520 exactly what I meant by far fetched logic. The attitude that since things are not normal rn so you discard it, is really bad for the integrity of the country. Instead of discarding it we could keep the perspective of improving the situation.
@@sanjivagrawal5520 you don't cut off your hand just because it's aching or a few bones are broken. You expect it to heal. That's the healthy attitude.
Whenever India' map was shown on this video, J&K was entirely not shown as part of the map. This is the first time I've seen this on your video. As you also claim to love your country, India,...your video editor has done a disservice to you. Please check. Taxation bhi thik ho sakti hai, corruption bhi remove ho sakta hai... Provided, yeh desh rehna chahiye. Yeh dekhte hi band kar diya, didn't watch it full. Disliked and reported it.
My question to akshat is very simple, how can we compare small countries with india and give policy advise. Hungry, UAE, singapore are tiny countries with population size not even matching delhi NCR
Just like in credit cards, cards like silver, gold, platinum, diamond are made, in which you get a status. Similarly, it is done with taxes. They should also get cards like silver, gold, platinum, diamond. According to the card, they should get high priority and discounts in school fees and medical, so what will happen to them is that their status will increase and it will become a part of their status, then the government will motivate those who do not pay tax to pay tax because it will become a part of their status.
At 3:29 Atleast Get the map of India accurate. Why are even most educated presenting with a map that don't show Ladakh and Kashmir as part of India. You have no right to speak about the countries policy if you don’t even care this much for it’s integrity.
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There are roughly 25 crore farmers in India (including their family members). If any govt starts taxing them, they’ll vote them out next time. So no party dare to do that. That’s a sad reality.
Logical reasoning for Mumbai prices higher than Dubai is the demand due to higher population, how stupid can one be to run a finance channel and not know this simple thing 😂, And before cribbing about high taxes by comparing it to others just keep in mind one thing i.e. 142crore of population that we have, Its really easy to crib and give gyaan to govt. sitting in AC homes about reducing taxes, but the govt on the other hand has thousands of responsibilities which is simply beyond our comprehension
And comparing UAE with 86000.sq.km, with India is insane. In India there is land dispute in every village and panchayath, it's highly difficult to convert land data into digital form because of this, It's not the technical challenge we have.. it's about execution.. you can expect lot of dispute
I agree with some of the points here, but I dont understand why Arab coutnries are being considered such a big example here. These countries have an economy piggybacking on oil and gas exports. They already have a convenient source for their pockets which aids them to go easy on taxes. All they're doing right now is having as many rich people settle over in their countries and develope the tourism so that their dependency on oil and gases gets lower. A lower taxation is basically a concession for achieving these goals. How does taking inspiration from their taxation system for India makes any sense at all??
Lower the tax - Higher the ITR filings which results in more white money which leads to more investments in Stock and Money Markets helping to reduce Black markets for ex. Real Estate And bonus is Public need to pay less tax
Akshat being a hni earning more than 5crores a year wants to decrease the eff tax rate for his sake only I aDore his ideas about making the tax system more transparent and I adore his decision on real estate
One more suggestion is we can tax people on unnecessary spending :For eg People who buy Lavish no. plates can be taxed more for purchasing it and this extra tax can be adjusted by reducing normal tax during vehicle registrations
Excellent video Akshat. I think everyone should make this video go viral. The government should reduce both corporate and person income taxes. The thought that increasing corporate taxation will increase inequality is simply Leftist naive thinking. On the contrary it will encourage more corporates to enter the country, boosting the revenue and create employment. Reducing personal income taxes will boost consumption and reduce the burden on middle classes, instead the government should bite the bullet and tax the rich agriculturalists. The government can make a transparent process of channeling the revenue obtained from this to boost the life of poor farmers to negate any attempted false narratives of being 'anti farmers'. A block chain based revenue funneling system will help here and not just in real estate. One point that I would like to add is to use the digital currency to its full potential. I believe its already a block chain based system and the funding , revenue transfer from center to state and local bodies should be block chain based, as this has the potential to virtually eliminate corruption or accounting frauds in the system. Last of all please make an attempt to educate the poor and bust the narrative that capitalism isn't about being anti poor or making the rich , richer its about being more competitive. When you are more competitive it will duly reward you.
It might be counter intuitive but we are overspending on education, we spend 4% of GDP on education but only 50% go to govt schools. So essentially we are spending 8 of GDP. Most of it go to teachers salary , with no meaningful outcomes for the students.
I would like to add one point: in the UAE, every rental is based on a contract system called Ejari. I think a similar system can be replicated in India, which will ensure transparency in rental agreements and allow for taxation if required in the future
Bhai, corruption is deep rooted in India and there is no chance any politician or Babu would like it to change because they are enjoying fruits of corruption. 😢
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(off topic comment) I agree with it but use a different Map of India. 15:52
Sir, BJP wale fir account hack na kara de ;) :P
If India lowers taxes then they will have to tax the rich. They will not do that.
Opposed your view just before election, politics apart. Now on Tax System, I must say you are doing wonderful job by suggesting these very much needed improvement. Government is literally sucking corporate tax payers blood on the name of development.
Back in India ??
I was paying more taxes in India then I am right now in another country, and was getting absolutely nothing in return. India definitely needs to reduce taxes.
It's important to consider the broader economic context also.. India faces significant income inequality, which limits the taxable income base. As a result, the burden falls disproportionately on a smaller segment of the population. To improve public services for all taxpayers, we need to address income inequality, expand the tax base, and tackle the issue of black money. Only then can we ensure that tax revenues are sufficient to provide high-quality public services to everyone...
Same here . Just relocated
Very wise public here with the relocation decision by refusing to pay taxes. 👏
@@curiosity_fanbro public service here absolutely fantastic, no tussle , no long queue in government offices, no bureaucracy.. zero intervention by government on day to day life . Come and Experience bro ..
@@curiosity_fan, tax for what ? To enable political parties to come to power and distribute freebies while road accidents are at its peak ?
Even BCCI earns several thousands of crores in revenue every year but pay zero taxes claiming to be a 'charitable organisation '. Something needs to be done about this.
I expected this burnol comment..
Wrong info, bcci pays taxes
@@apoorvmishra1307 source?
A honeybee sucks nectar from the flower without harming it. An ideal govt should also tax its civilians without harming their financial life.
Beautifully said. ❤
The most important thing is the bee is helping the flower in pollination. Where is my tax honeys worth giving me....big zero!
🙌 Its time the next ministers of our country should be picked on social media based on transparency so competent people like Akshat should become part of solution.. part of Govt.. This will bring the revolution India needs right now 🙏
@@whereisjustice189
selection is not important
more importantly we need power to kick the selected & elected ones out of their positions...
Well said
Our Nirmala Tai cannot digest because she doesn't eat onion
Main pyaz lasun nahi khati ji😂
The most qualified person is not the Finance minister yet!
@@bssatya Well our FM has Masters in economics. Education wise she is qualified but cant say much about actually doing the job. One more thing I noticed is that democracy is affecting India badly. There is always disaggrements between State and central government no matter what leading to inefficiency.
Hahah right
😂😂😂
Paying 30 percent income tax, extra taxes for everything that I use including health insurance and education. You tax like Switzerland and give services like ......
Swaziland 😂
Nirmala sitaramn doing wasuli bai job for gov.
Baghdad
Like Nigeria
Does Switzerland have neighbors like Pakistan, China and Bangladesh?
Do Switzerland has army to maintain or Political system so complicated to maintain the 1.4 billion people ?
Do they multiple religion to fight among themselves?
You nailed it bro , I wanted to start a business in India but the bureaucracy and tax is so high in India that I decided to do it outside India , India really needs to reframe the tax system so that it encourages people to do business and pay tax with some benefits.
+1, I know so many people who have moved their base to UAE just for taxes. Many new age startups are doing that too. Many are registered in UAE and Singapore
Open an on-road/footpath stall, it will be free of any legal fees, income taxes and even if you earn in crores people will consider you as a poor.
And if you try to open a business (legally) which can be setup on road, then you're gone, within few months you fail shutdown
@@Goodwinisback true
How much did you save by running the business outside India😮
@@chiki1303 i can’t give you the exact figures here but registration with visa costed me less with a bank account without the bureaucracy and bribe. In the coming years I will know how much I save because no personal income tax or corporate tax.
He is better than our sleeping(Finance) Minister!!!!!!
Sleeping? With who
@@atmakurpradeepdefinitely not her husband 😂
@@atmakurpradeep with Godi
@@atmakurpradeep Ah, the usual character assassination when it comes to a woman. Good job, India is totally developing because of you guys.
@@SlimJim3082Ah, the usual character assassination when it comes to a woman. Good job, India is totally developing because of you guys.
Imagine an India with lower taxes: more jobs, higher incomes, and unstoppable economic growth
@@Dometacit Well I don't have a Galla to sit on
@@Justthinking12😂
@@Dometacit not everybody wants to be a thief
Current loan on India is more than 200 lakh crore. Intrest kaun dega Bhai ????😅...Modi ko abhi bahut statues banane hain, MLA/MP's kharidne hain 😅
😂😂..cnt evn think
Well I agree with your analysis. One point I would like to highlight is the fact that we are paying 18% GST on already taxed income. So effectively our total tax outgo is much higher than the 20%, 30% etc. bracket. While the salaried people have no way to go, every unorganised businesses I know of do not pay taxes inspite of having many times higher incomes than an average salaried professional.
Exactly!!
@mridulnath1
GST is not a new tax as you think. It was there previously also, in the form of Sales Tax, where the seller used to collect the tax from us on every purchase and remit the same to the Govt. At that time also we used to pay this, after paying income tax.There was
no transparency regarding tax rates at that time. Atleast we have transparency on tax rates in GST.
But some GST rates are illogically high and need some rationalization.
We are paying taxes on savings and even on returns on investment. Mind it there is already gst been paid while you were purchasing the investment asset.
The problem is we are not getting the quality of services for the tax we pay. The politicians(both bjp and congress) eat all of it
They also squander tax earning from other avenues to appease their interest groups. And offset it by taxing personal income. Latest land acquisition in Ayodhya is an example where govt never bothered to increase circle rate
Freebies
@@sharad539 absolutely when questioned about the incompetence they play the blame game, but NO political party wants to stabilise the situation
@@kumara4373 and some magic tricks that allows the politician to open their educational ,medical institutions🥰
@@kumara4373 and magic tricks which increases their bank balance and assets
BJP own Dr. Subramanian Swami also advocated for abolishing many form of taxes and lower the other since years but the government increased taxes instead. No hope from this government, they are not people or business friendly except their crony capitalist friends.
BJP ego did not let Mr. Swami thoughts to be implemented.
Subu said to remove Modi as PM uske bare main kya raye hai aapki🤔
Not just this government. From all parties. INDI Alliance was bigtime into freebies and where are these freebies to come from? Taxes!
@@BilboBaggins-dn7vl Let’s talk about the government who has been in ruling from past 15years out of 25years. That is BJP and you are still believing that opposition is only giving freebies. How should they come in power otherwise based on Non-Hindutva agenda?
@@publicvoice2360 All political parties in India give freebies to get votes. The population is mostly poor so provide them with money and ask them to vote. How did Cong. manage to get so many seats this time? By giving a guarantee card of Rs. 8500 to people (which won't ever be fulfilled even if they had won)
*Your explanations are clear and straight forward It's always a honor to have you here as a mentor, I appreciate you for the time being spent to educate us financially. Regardless of how bad it gets the economy, I still makeover $28K every single week. I truly value Laura, and her helpful guides*
The first step to successful investment is figuring your goals and risk tolerance either on your own or with the help of a financial professional but it's very advisable you make use of professional.
I know Laura, she has really set the standard for others to follow, we love her here in the UK as she has been really helpful and changed lots of lives.
You're right! The very first time I tried, I invested $2000 and after a week, I received $8,400. That really helped us a lot to pay up our bills.
Interesting! But I'm new here. How can I get to this person's guidelines??
SHE IS ON TELEGRAMs
sold my ADA at a loss but I don't care. its been weighing me down for years in the red.... time to organise and put in XAI46K
Politicians hold black money in real estate then why would they solve problems .
this video should be broadcast in parliament
Sahi kah rahe, Goonge Bahro ko sunana chahiye.. Kai ti BA pass bhi nahi hain.. English transalation karna padega. lol
What you think Economics and IAS officer present in parliament when sanctions, budgets, projects are placed? They exactly comes up with these ideas. But what use FOR VOTE BANK will be their 5 year strategy.
This is same for every country.
Things we can try change is more scrutiny, regulatory techniques and more opportunities for business development.
Let goverment become lesser and people become more responsible.
Do you think Politicians Don't know this Fact?????
Politician's 1st and Last Priorityy is to win election.... And to keep their votebank intact......
Taxation is one of the best legislation to keep people poor...
@@Rohan-wn4nw This is major set back when we look upon mixed and communist economies.
Well we cant just like that adopt capitalist economy too because still above 50 percent indians are bpl, below poverty line. They loose entirely.
However we must need a steady transition to business modules, population control, natural resource management and more and more investment , domestic as well as FDIs. Lets see whether this goverment focus on these
@@Megaminddominator Absolutely. The solutions are right there but it is impossible to implement this if we thinking about how to win elections and with indian janta busy with freebies and caste what good will it come to do the betterment for the country if you lose elections in the first place and some other guy from other political party says,bijli free pani free cycle free,reservations 90%. Imagine fighting against that party,you are guaranteed to lose against him with your ideal plan for this country.
Bottom line is,just leave this wretched place if you can,because noone loves this country...No politician
Our Finance Minister is a pathetic...She does not know about finance.
She is puppet
Wasuli bai
@@arpitkhare Exactly
finance minister is just holding a portfolio. she has got a team of high quality burarcrats who are quite well qualified with economics and everything. i don't know who to blame now.
Exactly 💯
High taxes and no services for all the tax, we still need money for education, healthcare, old age social support. All other countries that have high taxes give their citizens good services. Our government sucks cash out of the system as taxes and wastes it on random useless things plus uncontrolled corruption, even our new roads are not from our taxes, we need to pay high tolls for that too.
When people are corrupt, what taxes can do? People should be honest and sincere.
@@arrao633 People are the same all over the world, if corruption exists, they have no way but to participate. We need to vote for politicians who will focus on ensuring fairness, our current political system is not conducive to getting such politicians in.
@@rahuldb
People are not the same all over the world. There are people who are fighting against corruption.
Why should anybody participate in corrupt practices? One should avoid corrupt practices.
Multiple reasons dude. With the massive support of caste-based politics, non-commitment toward secularism, food terrorism, Brahmavad, irrationality and poor women's rights, India is a very developing and third-world country.
@@arrao633 Fighting corruption means getting a justice system that punishes corruption, no one is promising to do that and no one is asking for that.
Just swapped all of my last ETH and swapped it into XAI46K. Already up a little bit. Unfortunately I have some other junk staked which won’t free up for a while. Still now I am on the train!
Begone bot
Huge XAI46K holder here and slowly building my Ada and Ckb bags
ok
The fact is, nobody is going to do anything ever.
Nota for me
Some more minor points to highlight:
- if you are living in Mumbai, you can see bmc car coming to take away street vendors' things. The next day you can see their setup again. If the vendor is going to occupy same place n do business, local government needs to work on some solution instead of the vendors paying illegal haftas.
- Many people while buying gold take a non-gst bill, it benefits seller n buyer both.
- It's impossible to imagine but there are many unorganised businesses/profession (like doctors etc) where they ask to pay fiat money hence preventing showing their actual income. Why do only the people working in systemized organizations need to pay taxes on behalf of such people?
its about doing business and doing job. your employer is saving monye, you employee giving tax.
business is tough, job is easy.
do tough thing and ripe the fruits.
I remember our pediatrician always took money in cash no UPI/ no card. On days when we had to give vaccine we had to make sure to visit ATM.
Lucky for those who had XAI46K since yesterday, but more green days to come
The sad part about the country is Finance Influencers can give these many suggestions to improve the economy but the finance minister or the govt cant do it.....
The Taxes need to come down drastically. Current taxation is a sheer loot of the middle class.
Great Video Akshat.
That Mumbai is somehow developed city than Dubai photo sarcasm was lit!!
Well taxpayers cant block roads and create ruckus on public properties as they need to do their 9-5 job. Toh chalo chupchap tax bharo majdooro. Jai jawan, jai kisaan, bhaad mei jaye middle class!!
World cup win pe kya hua tha.. only we don't have intentions
Also government employees should not get permanent job security…evaluate on the basis of performance
Absolutely right
no one will join then, pay is much lower
Are you on something?
@@anjalialam1431 nothing….just saying the fact ….dont worry his wife has already resigned….peace…🙏❤️
Taxation in India is Like terrorism the authorities target people who are in the net already as they know people who are earning so they can extract them... GST is becoming the nighmare for small scale ..RCM, Three returns, TDS etc are a bad policy thanks to impractical FM who doesn't understand that small business cant employ full time CA
In India, the "Bull Brain" Government has already stopped publications of various data, like Unemployment, GST collection, etc. So please don't think they will ever allow any third party audit of proper utilisation of tax payers money for public goods, not even in Panchayat level. Even as of now, no meaning full discussion is allowed in the Parliament on Budget heads and the Finance Bills are passed by force, may be not called it by bulldozers!
So many expectations from government from past 75 years.. and situation still goes from bad to worse. They will always ensure taxpayers remain poor for ever by sucking tax in every possible ways.
Its time comman taxpayers unite and bring reforms on our own... big influencers must unite to bring people. together
It's not the transparent system that kept the real state of Dubai in check, it's the transparent people who made the transparent system.
Yaha 10 rs ke biscuit mai sab ka share hota hai😅 kisika kiyna percent
It's fearof punishments for dishonouring the rules & laws. Technology is just the tool.
@@rajjagconsultantgeologist7282 Fear of deportation....you think its a local Emirati doing the data entry and uploading it to the website!!
@@PradeepPurple
Deportation is mild punishment we can say.
(Not data entry per say, I mean it's well developed *system* where technology is used as tool. I take system as law)
You have not addressed the elephant in the room... corruption. Conservatively, at least 60-70% of our taxes are diverted through kickbacks in virtually every contract given by the government. If corruption was eliminated like Singapore, our taxes would be used more efficiently and our rates could be reduced by more than half
Corruption corruption corruption, if corruption is stopped, things can get better..
That's not gonna stop, in 2014 the government was changed to end corruption and bring back the black money. But now PM is not at all talking about black money and corruption. We are stuck with bad leaders and middle class trap.
Nepotism gets stop them corruption will stop
In a country where 96 to 97% of the population is dependent on taxes, lowering of taxes is never going to happen. I could never blame the politicians as they would lose their votes. No one enters poltics, invests a fortune, travels the whole country giving speeches, distributing flyers and pamphlets, just to lose elections. When the majority voters are dependent on taxpayers money, there really isn't much anyone can do.
The government should decrease the taxes...
This guy which is a youtuber is so much better than our finance minister who doesn't understand anything and is a complete waste. This shows how badly we are positioned right now.
The power of education
Itna gussa aa raha mujhe, 10 saal se RD kar raha mai 3 lakh interest mila jismein se 1 lakh government lelegi. Bahut gussa aa raha. Jis paise par mai already tax de chuka hu aur bacha khucha paisa invest kiya uspar bhi 30% tax le rahi govt. Aur mere paise ko free mein baat degi.
Tax Slabs needed
5 - 10 lakh : 5%
10 - 20 lakh : 10%
20 - 30 lakh : 20%
Above 30 lakh : 30%
5 - 10: 1%
10 - 20: 2%
20 - 30: 3%
30+: 4%
This is better.
@@joshuam.p780 crore log free ration le paege kya fir
@@onceajordan abye yaar think about the long run, free handouts won't help anyone. Lowering the tax will encourage more businesses to start in India, more foreign investment which will cause more jobs and the people that need the free handouts won't anymore as the will be able to pay for it themselves.
Real estate black money is mainly working due to circulation of liquid cash. If all the denominations above 100 are demonitised and make all the real estate transactions via digital transactions on a government platform that anyone can buy and sell without any third party requirement for transferring the ownership, then it can be addressed to some extent.
Free market economy with lower taxation and wider tax base is the solution
Abolish income tax. There should be only GST. That way everyone is taxed. Not only the salary class
thennthey would increase GST to 36%
@@counterpoint9260 Even that is better, we can choose which goods to buy and which not to buy.
Direct tax should b abolished altogether. Ppl should b taxed on basis of their purchasing capacity!!
Current scenario of Direct Tax : The amount of Direct Tax that I am paying, had I paid EMI for Home Loan, I would have a 2 BHK in metro city. Despite paying such high direct taxes, I have to pay high indirect taxes and suffer from poor govt services.
There have been incidences of bridges falling and no government employee is jailed for this loss of time, money, lives and progress. There needs to be a law for punishing these bureaucrats who do not do their duties !!
As a salaried person I think I work for the government for 5 months The TDS and the rest for my family. Which contains remaining 7 months, from which another 3 months are for The INDIRECT TAX and the situation gets worse when there are hospital expenses, then you have to pay the income tax by taking a loan 😢😭😢 My real story. Happened to me last year. And when my salary was less, then government did not even come to ask me, son did you eat food today? As well no relief in education for open category considering we are born rich 😢😢😢 now who should explain them whether we completed our studies by working hard and what not for money. I don't know who will hear my voice. Just government want TDS first as they want their cut (for freebies) and then we spend the money for our basic needs. Just because we are salaried and have no fair voice for expenditure of our TAX. This is injustice to the entire salaried middle class. You Study hard, You work hard, You sacrifice your life and pay them the TAX.
dont cry about paying taxes..cry about HOW these taxes are used..cry about how your ward councillor/MLA/MP is swindling the money..cry about the crony capitalism and politician-builder-businessman nexus
All things said and done...
Why do i see a Pringles, Chocolate cupcakes and some sweets neatly tucked away on the top-shelf in the cupboard? Daya, Kuch toh Gadbad hai..
Probably hiding it away from his son ,who might like snacks way too much 😂😂😂
@@Aj-qo3jp 🤣🤣
@@qc_uploads748 😁
Sir, worst is even Debit fund is removed of Indexation Benefits which was actually to beat inflation .
Dear Akshat, your content is always honest, one important feedback on your latest video there's something seriously wrong with India map shown in the first minute of your video, kindly correct it immediately.
This all sounds good in theory but you are missing:
1) Dubai is small country with monarchy - they can make laws without street riots/protests about taking laws back
2) Corruption and stealing in Dubai is dealt with chop chop square worst case or deportation and severe financial punishment and jail time
3) We have huge population that is totally dependent on government to survive and basic needs - food
4) Money is used by our politicians to buy votes from the population in 3 - they are 98% of population
5) Tax breaks for farmers and other appeasement vote bank policies
6) Ancient government system with lots of useless bureaucracies with bureaucrats who are focusing on keeping this useless system
Comparison to Dubai, China etc is useless. They have government that can dictate laws. They have populations who are compliant and not troublemakers - our population is filled with thousands of people who are always looking to create trouble. Law and order is supreme, chop/chop and quick trials is the norm - not our useless judiciary. Their leaders and people want their country to progress and go ahead. We have lots of groups who are interested in their own agendas which are against interest of country and tolerated because of vote banks. Only way anything will improve is strict military dictatorship with iron fist that is business oriented and says enough socialism/communism. Also for the China lovers, it is not communist, it is full capitalist dictatorship.
This fin influencer does take all these into account
3) Let the people eat beef then and stop government funding of cow shelters. It does not make sense from any angle.
5) Because people are voting for appeasement.
Exactly
Yes. Strong government needed with a clear vision to solve these issues.
Akshat in reality: 1. Even if you make corporate tax zero, stil they won't give any benefits to employees, instead keep that money in swiss banks for their children 😂😂
2. People well aware that even they pay 50% of their earnings in the name of taxes, still they don't get anything (services like health and education, standard living)...
3. India has great FM where she doesn't eat onions hence she doesn't bother about its prices...
I m working in Finland (which many claim as highly taxed country). I pay approx. 28% income tax, and I was sad to learn that I am heavily taxed based on the perception of people from other countries (not India). I feel happy now to know that I am doing great. The services here are great.
Govt will do only for corporates not for lower middle class/middle classes government by the corporate for the Corporate
Who ever says Mumbai is developed more than Dubai is Gay.
Becoming developed with oil money ya we know who is real gay here
@@kat-hm7gv At least in Dubai, you pay, less/ no taxes, unlike in Mumbai.
100% agree to each and every point..
India: Take tax like European countries and provide services like African countries
They are taking from mintority population not everyone. No govt is ready to woo working class populations as Indians vote based on mostly caste not based on what they get out of govt..
Tax rate is not like European countries
@@ashwinvk4124but higher than Europe
@@AmitSangwan123 lower than European countries
Who stops people from putting wrong real estate price on block chain? People buy on circle rates on paper, but price is 10x or sometimes 50x of circle rate. Difference is paid in cash. Technology can't solve this unless cash is removed from economy.
थोड़ा आप हिंदी ज्यादा use करोगे तो हमे भी आपका video आसानी से समझ आएगा। इस video में तो हिंदी थोड़ी बहुत use की है , बाकी में तो वो भी नही करते आप।
😂😂 if he use hindi fully we South Indians won't understand even a sinle concept.. you better learn English
As long as we continue to have dumb(mentally) FMs no use expecting tax reforms in India
Welfare schemes (or freebies) drive people (masses) to vote a certain manner. Even I want taxes to be lowered, but this is a going to be a long tug of war between "VOTE POLITICS" & "Long-Term GROWTH FOCUSED POLICIES".
BJP has realised this after the Lok Sabha elections, and therefore even they have started khatakhat scheme of their own, promising Rs 1,500 monthly cash fund for poor women in Maharashtra.
BJP will play very safe, as they cannot afford to loose support from rural poor people. Remember, it was shocking to most people how badly BJP lost in poor rural constituencies. I don't have high hopes.
Excellent article Akshat and perfect and clear thoughts !!
But the root cause of the problem why taxes will never go down in India is not being told outside !!
It is over population
Over population ...over population ..
As long as there is a huge 700 million people at bottom of pyramid depending on state support ..
The rest of population will be taxed to death ..
Every political party makes mockery of this huge colossal problem by calling it " demographic dividend"
It just shows that for politicians the population is always a source of cheap labour and nothing else ..
If only our population drops from 1.4 billion to just 500 million we will already be a developed country with first class facilities and opportunities for all !!
Hence regardless of so many good people like you advising govt it knows taxing recklessly makes sure people will produce just enough to survive and pay taxes !!
This is their " shining India" plan !!!
The course price that Akshat told 14999 (inclusive of 18% GST)
My POV bhale hi GST 5% hota still he could structure the course price 14999 (inclusive of 5% GST) thoda zyada kamai ho jati
The price been set is irrespective of GST there are no barriers whatever number u can place.
If u really want to sell at low price 2999 or 1999 (inclusive of 18%) that still works
Great informative and valuable video akshat 👍🏻💯
Tremendous work @AkshatZayn very well researched content, really like it. 👍
I think One of the major problem in Indian taxation system is the dirty politics played by the leader.
Hope this one will reach to a sensible leader in India and magic happens 😊
There is a dire need to
hike deposit rates to 10%
it will give more money in
the hands of people and they
can spend and consumption
cycle will go on.🙏🙏🙏
America with 43% tax payers we need more tax payers to increase revenue
India with 0.3% paying 80 % taxes India has a lot of tax
Akshat has solved India's economic problem and plugged in his business in 23 minutes. Something his wife who has served at the Government has not ben able to do for over 5 years.
His wife worked in Ministry of Finance?
Do you think current Govt listens to bureaucrats and officers? Something so big like Demonetisation was implemented without consent from anyone.
Very good suggestions.
Wider tax base with low tax rate is very important
Bhai this is great video please tag or send this information to our finance minister and prime minister and our niti ayog . It help country . Great intatiative to help india to grow .
Very true..They are even taxing Puffed Rice ( Bhel /Muri )..How pathetic is that..Bridges are falling down but still taxes are increasing..Main reason for BRain drain is the Taxation process is India...!
@thirst-12653
How are taxes responsible for the poor quality of construction?
@@arrao633 ROFL...shocking u are not aware of this..we pay taxes and with that roads, bridges and other common public commodities are constructed...
@@thirst-t2653
Have some clarity of mind.
In what way are taxes responsible for the poor quality of construction? The quality of construction depends on other things, not on taxes. I am not talking about construction. But the poor quality of it. Taxes are used for building infrastructure, not for the poor quality of it. The quality of it depends on other things. So have some clarity of mind .
@@arrao633 The Tax money used for constructions should be strictly audited...it is not audited...cheap materials are used that are easily deteriorating sooner...I guess u should hv hv clarity of mind and perspective too..pls read basic economics about the country
Having directionless debate is of no use...pls debate with knowledge..win over debate with wisdom..not by writing diarrhoea with no detailed information
India's map without J&K?
Have you lost your mind?
Where bro?
YES AT 15:51.
@@praveshvats432 wow
Kudos for noticing it.
He should actually talk to his video editor about it.
I don't think it is deliberate...
@@mudrap8737even kids know how our map looks like
Government is taxing incometax plus gst plus bribes to government officials it together over 50% , that's why short cuts are sort after.
In today's scenario, the IT sector is not doing well from employment perspective...and exemption of labour laws is a bummer , with lot of youngsters being laid of in the name of profit generations....which is very disheartening , as India's future is at stake.
Your point is very valid that corporate taxes should be outcome based and if IT companies are taxed at substially lesser rates, they can employ larger population and also still keep their profits.
Am surprised that with the government machinery we have, nobody has even thought about implemeting this outcome based taxation !!
Kudos to you for speaking your mind !
Please correct the India map at @15:51
Give a dose to your editor.
It's not acceptable
No tax for people upto 12 lakh per anum income.
+1
Yes please😢😢
@manojsuri007
They should pay more taxes.
Points are interesting and it should be discussed in mainstream...but current gvt has a habit of not listening to anybody
Corporate tax linking to employment is very good idea!
Comparing Indian with china is better than UAE. Apple to Apple. Dubai is small and can do lot of things easily. Can't do it in India that easily.
How about you correct the map of India before posting a video.
Didn't notice it before you pointed..it's more like no ladakh and Jk India. What he is showing.😅
At 15:55 in video the map of India does not have J&K state.
I have huge respect to you for your knowledge and aptitude sir. But honestly your video editor did a pathetic job of maintaining your respect.
You should also have taken care of this.
We don't care what far-fetched logic you or he had but that's just wrong.
J&K has already gone in reality as except M slim others can not do business or put residence there.
@@sanjivagrawal5520 exactly what I meant by far fetched logic.
The attitude that since things are not normal rn so you discard it, is really bad for the integrity of the country.
Instead of discarding it we could keep the perspective of improving the situation.
@@sanjivagrawal5520 you don't cut off your hand just because it's aching or a few bones are broken. You expect it to heal. That's the healthy attitude.
Kuch nahi hone wala es country ka when such highly corrupt and uneducated people are running govt.
Whenever India' map was shown on this video, J&K was entirely not shown as part of the map.
This is the first time I've seen this on your video.
As you also claim to love your country, India,...your video editor has done a disservice to you.
Please check.
Taxation bhi thik ho sakti hai, corruption bhi remove ho sakta hai... Provided, yeh desh rehna chahiye.
Yeh dekhte hi band kar diya, didn't watch it full.
Disliked and reported it.
My question to akshat is very simple, how can we compare small countries with india and give policy advise. Hungry, UAE, singapore are tiny countries with population size not even matching delhi NCR
fact!
Good Practices in Small Countries Can be scaled up easily as we have practical case study...
My question to you is : when will you learn about income per capita or GDP per capita and start using your brain to compare ?😅
Compare it with big countries like china results are same
@@braineaterzombie3981 acha chomu...link de. Prove it...
Just like in credit cards, cards like silver, gold, platinum, diamond are made, in which you get a status. Similarly, it is done with taxes. They should also get cards like silver, gold, platinum, diamond. According to the card, they should get high priority and discounts in school fees and medical, so what will happen to them is that their status will increase and it will become a part of their status, then the government will motivate those who do not pay tax to pay tax because it will become a part of their status.
Real estate in the backbone of our economy. What you are suggesting will jeopardise the economy and thus never taken up seriously.
Raech out now
Thanks👆
At 3:29 Atleast Get the map of India accurate. Why are even most educated presenting with a map that don't show Ladakh and Kashmir as part of India. You have no right to speak about the countries policy if you don’t even care this much for it’s integrity.
Dude focus on the real stuff
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I would really like to know how this actually works.
All you need is a good capital, and the service of a professional broker, with those your investment will most certainly produce high yields.
Deeply dissapointing Budget.
Worst FM ever!
There are roughly 25 crore farmers in India (including their family members). If any govt starts taxing them, they’ll vote them out next time. So no party dare to do that. That’s a sad reality.
Logical reasoning for Mumbai prices higher than Dubai is the demand due to higher population, how stupid can one be to run a finance channel and not know this simple thing 😂,
And before cribbing about high taxes by comparing it to others just keep in mind one thing i.e. 142crore of population that we have,
Its really easy to crib and give gyaan to govt. sitting in AC homes about reducing taxes, but the govt on the other hand has thousands of responsibilities which is simply beyond our comprehension
And comparing UAE with 86000.sq.km, with India is insane. In India there is land dispute in every village and panchayath, it's highly difficult to convert land data into digital form because of this, It's not the technical challenge we have.. it's about execution.. you can expect lot of dispute
3:28 & 15:51 why this india maps is wrong. J&K is part of india . Are you indian or not 😡
I agree with some of the points here, but I dont understand why Arab coutnries are being considered such a big example here. These countries have an economy piggybacking on oil and gas exports. They already have a convenient source for their pockets which aids them to go easy on taxes. All they're doing right now is having as many rich people settle over in their countries and develope the tourism so that their dependency on oil and gases gets lower. A lower taxation is basically a concession for achieving these goals. How does taking inspiration from their taxation system for India makes any sense at all??
Lower the tax - Higher the ITR filings which results in more white money which leads to more investments in Stock and Money Markets helping to reduce Black markets for ex. Real Estate
And bonus is Public need to pay less tax
Current govt is more interested in Hindu Muslim, bjp congress etc. And not interested in these most important aspects for country's growth
Akshat being a hni earning more than 5crores a year wants to decrease the eff tax rate for his sake only I aDore his ideas about making the tax system more transparent and I adore his decision on real estate
One more suggestion is we can tax people on unnecessary spending :For eg People who buy Lavish no. plates can be taxed more for purchasing it and this extra tax can be adjusted by reducing normal tax during vehicle registrations
5% uniform tax to all employees
10% to Firm in Nifty 100
5% to all remaining firm.
Keep GST 4% for all products.
This is going to be one of your best videos 😊
Excellent video Akshat. I think everyone should make this video go viral. The government should reduce both corporate and person income taxes. The thought that increasing corporate taxation will increase inequality is simply Leftist naive thinking. On the contrary it will encourage more corporates to enter the country, boosting the revenue and create employment. Reducing personal income taxes will boost consumption and reduce the burden on middle classes, instead the government should bite the bullet and tax the rich agriculturalists. The government can make a transparent process of channeling the revenue obtained from this to boost the life of poor farmers to negate any attempted false narratives of being 'anti farmers'. A block chain based revenue funneling system will help here and not just in real estate. One point that I would like to add is to use the digital currency to its full potential. I believe its already a block chain based system and the funding , revenue transfer from center to state and local bodies should be block chain based, as this has the potential to virtually eliminate corruption or accounting frauds in the system. Last of all please make an attempt to educate the poor and bust the narrative that capitalism isn't about being anti poor or making the rich , richer its about being more competitive. When you are more competitive it will duly reward you.
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It might be counter intuitive but we are overspending on education, we spend 4% of GDP on education but only 50% go to govt schools. So essentially we are spending 8 of GDP. Most of it go to teachers salary , with no meaningful outcomes for the students.
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I would like to add one point: in the UAE, every rental is based on a contract system called Ejari. I think a similar system can be replicated in India, which will ensure transparency in rental agreements and allow for taxation if required in the future
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Bhai, corruption is deep rooted in India and there is no chance any politician or Babu would like it to change because they are enjoying fruits of corruption. 😢