Practically, we are paying around 80% in direct and indirect taxes. The government is taxing everything, including income tax, fuel tax (about 48%), and even basics like rice, curd, and salts are taxable. From morning essentials like toothpaste to nighttime needs like diapers and mosquito repellent, everything is taxed. We also have to pay toll charges, road tax, vehicle registration charges, property registration charges, water tax, and property tax. So, we can't avoid paying taxes, but what do we get in return? Roads are widely used by all of us, but you can't find a 5-kilometer stretch of road without damage? some people use government hospitals and schools. But where is the rest of our tax money going? For example, if you are buying one kilogram of Toor Dal, it now costs Rs. 240 per kg. The price of washing liquid has increased from Rs. 60 to Rs. 160. We earn Rs. 100 after paying 30% income tax, and then we pay 28% GST on purchases of cool drinks. On top of that, we pay Rs.48 tax per liter of fuel for our bikes. So, where are we headed with these kinds of taxes?
A 15 lac project in a village (school mess construction by gram pachayat ) is approved by minister on payment of 4 lacs as bribe in advance. another 3 lacs to officers n engineers. remaining 8 lacs has 1.5 lac profit of builder. final work wil b done of 6.5 lacs. this is reality
Government should stop / abolish input tax credit of GST. Then they should charge GST at a flat rate of 5% Higher slabs like 12%, 18%, 28% etc should be abolished
A 15 lac project in a village (school mess construction by gram pachayat ) is approved by minister on payment of 4 lacs as bribe in advance. another 3 lacs to officers n engineers. remaining 8 lacs has 1.5 lac profit of builder. final work wil b done of 6.5 lacs instead of 15 lacs. this is reality
I am from business community. Even before GST there were state taxes which are high and no transparency. Sir, you are saying that as if there are no taxes before GST which is not true.
Subramanya swamy should be made the FM, he is the one person who wants to abolish Income Tax, which is anyways a very small % of the revenue which center is making.
The real problem is 1) "PhD Holders are willing to do GOVT PEON job" 2) "21 Y graduates having 0 experience are getting appointed as IAS officer s" 3) I have seen "JUDGE having NO maturity, NO experience" 4) "Well educated and experienced people lost their JOBs" ...
I have a fairly large holding of AMS51V. And 90% or it is because I believe in the asset itself. Its actually the chain that makes me want to dev on top of it and learn Haskell.
Govt. of India is running a debt ridden economy... it is going to increase taxes every year to pay EMIs of loan taken from world bank. Politicians don't pay from their pockets
This Govt is a tax scavengers. 28% gst, gst on EMI also it's a repayment of the loan, why should there be gst on that. No free education, no free hospital facilities.... And so on.
GST on EMI is for the interest component which was given to you as a service by the bank. The principle component doesn't get included. Check your statements.
@@haris1328 All are very small amounts . So GST on these do not hit our pockets . Also GST cannot be part of Central Govt budget as GST is collectively decided by all the states . Central Government has only 1 vote as same as each state . So all the states and Central collectively decide on GST rates in the GST council meeting . Earlier Input Credit of VAT on goods purchased from other states were not available , currently it available . It's a huge difference .Earlier there was a State Tax on electricity sale and even now the sale of electric power is not in GST . You may check your monthly bill. Also we pay restaurant charges more repeatadely than park entry fees and Aadhar Card correction is very very rare
@@udaygaikwad5282refer the vote weightage in gst council. Do not misinterpret the data as one vote for union govt. That one vote has one third of vote weightage. Means 33.3%
It will happen if voting herd goes behind freebies, do you think winners give from their pockets, we all need to vote properly, see the spate of KARNATAKA, gaand mar rahe hain, increasing all taxes and petrol diesel price hikes
Even if government removes GST on products and services now all the manufacturers or service providers will increase their price and they will ensure to increase their pofits rather than benefiting customers or end users..irony
@@praneethjayasimha5943 have you forgotten that now roads are build by collecting toll charges.. then why pay gst.. its like you pay tax to build roads and contracts are given to private players & then you are charged to use that very road which was built out of your taxes... :P
I have closed my GST registration for my IT services company and started a company in Dubai. I used to work there before, and came to India start something and spent time with my family, both are not doing well. I have been running this firm for over 3 years now in India. The 18% GST rate is crippling our business; larger firms charge less and pose as competitors to our business. Treating firms earning between 20-50 lakhs per annum and those earning 20-50 crores per annum the same seems unfair. Now, even the accounting firm criticizes me, saying, 'Now you are free from the hassle of GST, no more running around to arrange funds during annual closings.'
Indirect taxation is just too high in India. Investors are paying STT on buy and sell side and on top of that paying stcg/ltcg. Indexation benefit also removed. My baby’s infant feeding milk prices increase 50 rs every 2weeks.
Depends on your finances . 1000$ in AMS51V$ is 4000 AMS51V$ if it goes to 50% of ath in 2024 thats a 600% gain. If it goes equal to ath . Its a 1200% gain.
Sir, your view is correct theoretically. When GST was brought in at 5% for restaurants , I remember these hotel guys raising the price by 5% blaming GST. Say a dosa was charged at 100 earlier which includes 12.5% sales tax , government expected the price to come down by 7.5%. But the hotel guys started to charge 105 Rs. and started blaming GST. Govt had to give warnings to mitigate the situation. So based on your suggestion , if we give increase the limit for GST, what is the guarantee that business will pass on the benefit?
Sir Biggest problem is only 1 percent people are paying... Any govt are trying to squeeze from this working 1 percent. But if you closely notice, May small business like sweet shops, roadside shops, small snacks shops, Auto rickshaw owners, Small builders, Tea shops, Biriyani shops and all the markets in T Nagar, Parrys corner, Poonamalee no one is paying any taxes. They are just consuming benefits from Govt freebies. Every govt is scared to go ask Tax. Even Big rich farmland like more than 100 Acres are not paying taxes and enjoying freebies and tax free . Think about it sir. Now who is going to ask them as they are voters and either State or Central is not going to ask Tax them as they will not vote. Every Govt should focus on increasing the Direct Tax paying people through some limitation rather than just squeesing direct and indirect taxes
Travel cost between Mysore and Bangalore in Volvo AC bus was 290 rupees in 2019 within two years price got hiked to 330 rupees giving covid reason and then after Expressway opened it jumped to 360 and later 390 giving a reason that toll prices have increased. Within two years you see a 34% increase. No wonder intellectual people who manage their own finances are leaving the country.
Totally agree that GST is the hidden culprit, and has a bigger impact that IT. GST has a cascading effect, due to the multiple levels of distribution, and this goes in a loop and feeds inflation. The poorest are impacted unfairly with GST add to it impact of inflation. Increasing the threshold limit and Rationalising the tax percentage to 3 rates, bringing petroleum products in GST without green, black and blue cess, will help quality of life from the lowest to the top. Regarding Auto and it's GST that's the biggest joke... Above 4m we have a rate, above 1500cc engine capacity another rate, the speedometer on average shows 200km on a car, but the permissable speed limit is 100km/hr at Max. So Auto Excise , GST , RTO taxes and the fines for going above 80km, add in the Cess driven fuel costs we end up paying more than the capital for the car in about 2.5 years. We the customers are collectively stupid to put up with this... For IT less said the better, Over the years Finance ministry has mastered the art of complicating filing. New Regime Vs Old Regime, take away first with TDS and reimburse with exemptions. Taxes whether direct or indirect must work on the principle of being simple on qualifying thresholds, lower and lesser number of rates, simple in process to claim inputs and filing, and should not spill over to fuel inflation with cascading effect, lowering rates will stimulate better collections and drive to generate funds needed for the Capex and consumption, it will eliminate tax evaders, and only then will the spirit of self assessment work. Right now and in my opinion Govt advertising on self assessment and reminders of honesty, contributions to nation building are misdirected as with these process, tax rates, and inflation feeding tax policies there is less incentive for any unbiased self assessment.
Tax to GDP ratio is very low in India. This means there's a lot of tax evasion and direct tax collection is low. A lot of doctors, lawyers, kirana shop owners don't pay tax. Moreover, people claim fake donations under 80G and 80 GGA and get their donation money back in cash for a fee of 6-7%. This forces the government to use indirect taxation to recoup some of the lost tax money as ultimately the tax evaders have to spend their money somewhere. I also don't agree with the inflation as government uses onion and other essential items for inflation calculation. They don't track the increase in electricity, property tax charges, fuel cost increases, etc. The real inflation could be higher and in line with annual salary raises the employees get in private sector.
Even before GST there was indirect taxes with each state imposing it according to it's whims and fancies. It's just that they're are streamlined and better mechanism of collecting and monitoring in place now. So problem is not with GST. Problem is with the corrupt system and complicated procedures. Need more and more transparency. Rates have to be rationalized.
Two' things to note sir, rates of dosa was not less than. 25 ,at that time Second solution to this IT is in IT only and. All income earned anywhere in the world during a financial year is to be taken and normal tax is to be changed for everyone without giving any room to evade tax
think of the corruption tax rampant in India and not in Singapore or Canada. It is there in every stage of manufacturing having a multiplier effect. Impact should be much higher than the GST. why should an apartment in India cost higher than Europe or Dubai ,where per capita income and therefore affordability is much higher? Why Chinese products are cheaper than Indian products though in China labor costs are higher? After collecting the taxes, the money is wasted on most unproductive segments under government. How many times bridges collapsed in last few months? What’s the productivity of government employees?
Sir, please appreciate that increase in limit of GST exemption doesn't help much, as only the retailer is exempted, but manufacturer & distributor is not. So, saving could be just 2% of price and not 18%. If a saloon is making over 20 Lacs a year, I think it's only fair that he pays GST
A2B increased cost of coffee from 36 to 42 this month... I noticed several items in few hotels increased in last 30 days... I am job less for 3 months and I am seeing only GST costing me a lot.... out of 100 rs more than 30 rs going in gst in my spendings ....
Akshyam hotel increased lunch meals from 140 to 150 this month, qty of several items reduced but costing 80 to 100 rs ... i had to stop eating in these places .... started eating in road side shops !!!!!
customer is paying the GST whether turnover is 20lakh or not...I doubt what you are saying then our GST goes to shop owner not to the government by collecting from us
Dear PRS , Inflation is not based on the price of Dosa in a family restaurant; You very well know that the price of Sugar in 2009 was 28 Rs and now it is 36 Rs; similarly raw rice was 24 Rs and now it is 38 Rs; Atta was 26 Rs and now 40Rs. Overall inflation is still 6 to 8%. I agree the rent has shooted up and common man's life ( middle class and below) is very difficult; What was your course fees in 2014 and now? Please don't confuse people with WPI and CPI.
@@jrajesh11 Can you please tell me how the inflation is 20% in last 20 years? If that was the case you will be paying 76 Rs for a cup of tea from a local stall which was 2 Rs in 2004. I agree it is not 6%; hope you are aware that WPI is what RBI is publishing as a standard across the decades and not CPI
On top of gst, there are taxes and cesses on everything that a business does. And then so many other costs that we expect in retun for the taxes. Like: 1. Nameboards outside the shop need corporation license sticker 2. Food and non-food waste collection had a collection charge 3. If power supply goes out, we have to bring a power unit for the day. Solar panels don't get subsidies even if we decide to pay for it 4. If water supply is disrupted, we have to call water tanks mafias. This is in addition to multiple plastic tanks installed on the rooftop at our cost 5. Drainage gets blocked in the street and we have to get our own plumber to clear it. Have to do road cutting and tarring if the drain is on the other side 6. Unsightly mess of wires and posts and banners covering the building and the shop 7. Have to clear the road and premises of garbage everyday 8. Pay all kinds of people who walk in for "donations" which are not really voluntary I am amazed how business manage to survive this onslaught of direct and indirect taxes day in and day out. No wonder so many of them fail
Problem with gst is if gst reduced the fmcg company will mark up price n not reduce mrp at all seen on 2017-2019 when some items gst reduced, similarly businesses can claim expenses bringing down profit wch not possible for salaried
i) Budget will be passed on 23rd July. ii) You told the story of Molla Nasiruddin. iii) Household Savings of most of the Hindu Middle Class people has been eroded to the extent of 66% during the last three years. India's GDP growth is expected to cross 9% very soon.
Your whole video is addressed to the business community. GST does not affect service provider. It affects service takers who have to pay exorbitant rates. You can fight for rates reductions for service sector altogether for rates 5-12% ( gambling activities may be charged higher to discourage ). Present 18% rate is like slaying common man.
Wrong, he said to the point that no one (Business or service provider) can afford to remove GST, becuase even at 10k profits he has to charge GST to the end user otherwise he is paying 20% from his pockets. Hence this adds to overall inflation and end users paying higher for goods and services
@@praneethjayasimha5943Dear bro roads are constructed by takeng loans and then the loan is repaid by collecting toll tax. Govt is not spending anything from their income.
Income taxes have failed in India as about 2% of the population actually pays taxes. Personal income should be abolished. What happened to Banking transaction tax which is a consumption based tax? We have the digital infra and also the acceptance of mobile phones, needed to make this happen. Abolish the 500Rs notes and keep the max denomination as either 100 or even just 50. Most of the transactions should happen digitally and impose a small transaction tax on each transaction.. This can eventually replace GST also..
institutional buying into XAI80K could totally break the cycle and the peak expectation of end of 2025 will likely spectacularly fail to appear. If the last double peak was odd, the next one will catch most people out again.
That is the main problem in our country sir that's why becoming rich in our country is more difficult than other countries..people like you should aware the public that leads to force to government to think
We are ready to pay GST + Income Tax. Put together indirect+ direct comes around 45%. Something like most developed nations. in return, give me all benefits like quality education for kids and health care (like private) l, pension system etc..FM won't do that..She has house in Jayanagar, Bangalore. I will have to work for 200 years to buy similar house in Jayanagar
Sir, Inflation rate to be calculated on compounding basis . You missed that point. If you take into compounding effect , DOSA rate is very much reasonable and very well within limits.
Just swapped all of my last ETH and swapped it into XAI80K. 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!
People who don't pay anything in income tax cry the most about not getting free this and free that. How will government build roads? How will government provide pension? Also, in Congress times, taxes were over 80%... why not compare that?
Very nicely explained by you sir. But in Singapore, I understand it is very difficult to buy caR without govt approval . In India, it is easy. Also if GST exemption is given to small vendors, will they pass on the price benifits to customers?
It is not only GST, everyone wants high margins in India with big chain of supplies wholesaler, semi and retailer and farmer. Gst on daal etc is very low 5%. So your logic does not make sense. Oppositions create so much ruckus on Pension scheme which is becoming big burden on india with most govt / municipalities being most inefficient and hardly functioning.. Sad state. No political party works for middle class people..
If MSME segment is to be given a boost, GST limit should be increased to 1 crore for manufacturing sector and 50 lakhs for service sector BUT for such people there should be a bank transaction tax of 1% on every payment made or transfer done from the account.
Let me give you in 2002 vada pav was sold at ₹4 and cutting tea ₹2 .. 2006 vada pav was sold at ₹6 cutting tea at ₹3... 2010 vada pav ₹8 cutting chai ₹5 2014 vada pav ₹10 cuttin chai ₹6 or 7 2024 vada pav ₹15 cutting chai ₹10... I think definitely consumer goods inflation is much higher than the RBI prediction.. but what you are cosuming is a product vada pav, Dosa etc... can you pls explain the RBI criteria fo calculating goods inflation.. these products prices like vada pav dosa etc. Are driven by location as they need to price in location cost... may the place where u used to go earlier was not developed in 2013 thats why u got dosa in ₹12 but now have definitely been developed a lot so price shoot up to ₹80... here in pune i am getting dosa on thela's at ₹60.. but in restaurant ₹80 or ₹100
Inflation results in increase in income with a years delay. Salary of a person 15 years ago has turned atleast 2.5 times to 3 times higher now. Increasing limit for GST will reduce tax income to government. Unlike corporate and private company employees, government employees get hike once a while. Lower taxes leas to increased borrowings by government. It's a vicious circle. Government is also like an individual who manages situations under borrowing conditions
under the assumption that there are opportunities in the economy, currently there are none, so your premise is incorrect. Why dont you compare your slaary comparison with Real value of money a.k.a gold rate. The real earnings have gone down, current is the worst and most corrupt goverment of independent India.
Everyone needs income to grow more than inflation...similarly govt also wants tax revenue to also grow more than inflation + population growth (especially non productive very young and aged...)
The Income tax exemption is not at all a subject to cheer about. . It is the government's duty to automatically adjust the exemption limit every year taking into account the inflation. Further instead of burdening the middle class, it should concentrate on tax evasion by Traders, professionals and the men running the corporate world.. There may be hundreds of manipulations these people resort to for evading or reducing tax. Salaried are considered as a cow tied in your shed and milk whenever you want..Further those exempted items also taxed if you buy them in a packaged.. Middle class is the most suffererred class most of the small time business men seldom pay tax or the income cannot be proved..
U don't know, price may increase due to subside, freeschems. U don't know income tax concessions & GST. Simple Income tax applicable only for ~9 crores. All employees get salary after tax, again these employees need to pay taxes in the form of GST, Good Taz, capital gain taxes....this is the wary
Dear Sir, your video was quite informative... however you could have also consider UK, Australia, New Zealand as comparative study ( These are Developed country including Singapore), India is still a developing country, please do consider to express your thoughts in comparison with " Developing" county with Indian Present GST regime. Also, if you have any qualitative/quantitative independent studies for the impart of GST introduction in India/Indian Economy it will be more effective and impactive to convince/inform the Finance Minister/ PMO that GST at present level and status in India is ineffective rather counterproductive. Capt Firoze Pasha
Sir do u ask all these questions when u are in Singapore? It is important to pay taxes when need to live a quality life. See the vande Bharat trains, we are able to make it because we pay taxes. Indian taxes are cheaper than what people pay abroad. I see so much in India’s infrastructure and that’s mainly because of the taxes. I see Indians now respected all over the world
I have a fairly large holding of XAI80K. And 90% or it is because I believe in the asset itself. Its actually the chain that makes me want to dev on top of it and learn Haskell.
Sir thank ur for ur informative video I totally agree to your perspective on GST. I only hope the finance minister heeds to ur advice & takes the necessary action. GST has actually crippled the MSME who are job creators for the nation. Country requires an indirect tax that is simple & encourages entrepreneurs to set up businesses. No wonder unemployment in India is at a all time high.
In Restaurants, it's not GST... I Eat in Normal Restaurants in Udupi... It just costs not more than 20 to 30 for Dosa... Only Posh Hotels Charge you more in the Name of GST... That's just a Ninja Trick to make More Profit... 😬😬😬
Mr Sundar, I most of the agree with you but today not agree, Essential goods prices have not increased much in last 40 years which I remember , just take example of petrol price ,in 1989 it was 9.70 per litre, today aft 35 years it is only 98, ie 10 times but salary , wages almost increased by 100 to 200 times of every one working as govt babu, labourer, cobbler, rikshawala, Factory worker, house Maid .... Pulses price increased only 5 times, Milk only 12 times, Atta, Rice Cooking Oil only 5 times in last 40 years. U can check this fact from any source.
Sir gst is governed by gst council including finance ministers from all the states. These state FM s are not agreeing for bringing the petroleum products under gst. Whether they will agree for this. But as per your suggestion central FM should really bring this on table and see if there is consensus from all the state FMs.
I feel problem is most are not paying income tax and salaried class has to pay their income tax and also GST, property tax, sales tax, water tax, electricity tax, cess, surcharge, turnover, STT and what not. Hence requesting concerned to increase GST and abolish all other taxes.
You also need some correction. 50 percent is only for professional services list published by IT dept. All services are not eligible for this 50 percent benefit. Instead of nit picking, focus on the broader issue which Sundar has raised. Also 6 percent is only for non-cash transactions. For cash transactions it is 8 percent. It is better that you spend your time, nit picking on the lies and contradictory statements made by the cunning fellows in power.
I am thinking this will take around three weeks to get above the 21 wema as the level we dropped to also is around the 50percent from the last weekly swing bottom. its time to buy More XAI80K and BTC.
Problem is RBI, RBI is the sister company of Bank of England, India is on lease for 100 years we did not got Independence. Our Gold is in England we don't reserve any Gold in India, We print Bank Notes more than reserved Gold, Banks are frauds they double the amount of cash deposit.
Our education system produce clerk grade class they are Andhbhakts & followers of the system they do not research banking finance & fiat money concept Be alert about the financial policy under the influence of Corporate world & MNC
I have only watched 50% of this video & i am more or less sure there will be a group of Andh Bhakts who are the supreme leader's cheer leaders would either justify the increase by giving their own theory and another group who would be calling out PR Sundar a DMK supporter & calling him names. These Andh Bhakts do not want to listen to the truth. I will watch the remaining part of this video & see all those hate spread by the Andh Bhakts. God give you all Andh bhakts some grey matter at least in your next birth.
Not sure how you are comparing salaried income tax vs presumptive income tax. He has also got deductions benefits which salaried person is not getting.
Well articulated sir. We are nothing but slaves to the state. From the birth to death we will have to pay one or the other tax burdening our lives and the lives of our children.
Hi Sundar, Your logic is wrong. Whether it is income tax or gst, all taxes are passed through to the final product. E.g. if your getting 1 Lac salary with 0% income tax and if tomorrow govt. puts 90% income tax, you will ask your employer 10 Lacs salary.... All taxes are passed through... The question is where it should be collected...? All working people pass through taxes... Only old retired people can't pass it.. And also if you discourage highly hard working middle class people with High income taxes, there will be no capital formation for productive investment... Investment in productive assets and employment gets affected... So, it is always better to abolish Income tax and have only GST that to only on few products...
In 2010 I have purchased moong dal at 90 rs a kg it is now 120 so what can u infer from this Inflation is calculated from basket of things not just pulses and oil
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Practically, we are paying around 80% in direct and indirect taxes.
The government is taxing everything, including income tax, fuel tax (about 48%), and even basics like rice, curd, and salts are taxable.
From morning essentials like toothpaste to nighttime needs like diapers and mosquito repellent, everything is taxed.
We also have to pay toll charges, road tax, vehicle registration charges, property registration charges, water tax, and property tax.
So, we can't avoid paying taxes, but what do we get in return? Roads are widely used by all of us, but you can't find a 5-kilometer stretch of road without damage?
some people use government hospitals and schools. But where is the rest of our tax money going?
For example, if you are buying one kilogram of Toor Dal, it now costs Rs. 240 per kg. The price of washing liquid has increased from Rs. 60 to Rs. 160.
We earn Rs. 100 after paying 30% income tax, and then we pay 28% GST on purchases of cool drinks. On top of that, we pay Rs.48 tax per liter of fuel for our bikes. So, where are we headed with these kinds of taxes?
absolutely and clearly explained
Do t forget tolls and bribes too, over and above direct and indirect taxes
A 15 lac project in a village (school mess construction by gram pachayat ) is approved by minister on payment of 4 lacs as bribe in advance. another 3 lacs to officers n engineers. remaining 8 lacs has 1.5 lac profit of builder. final work wil b done of 6.5 lacs. this is reality
Rightlying said
@@abcxyzyt1 as if there are no taxes in UPA govt
Even 18% GST on health insurance premium charges
So true..not at all fair
@@basavanna11
That is our Govt's commitment to provide sky-high health care coverage. Another ploy is to reduce population growth!!
Government should stop / abolish input tax credit of GST.
Then they should charge GST at a flat rate of 5%
Higher slabs like 12%, 18%, 28% etc should be abolished
A 15 lac project in a village (school mess construction by gram pachayat ) is approved by minister on payment of 4 lacs as bribe in advance. another 3 lacs to officers n engineers. remaining 8 lacs has 1.5 lac profit of builder. final work wil b done of 6.5 lacs instead of 15 lacs. this is reality
I am from business community. Even before GST there were state taxes which are high and no transparency. Sir, you are saying that as if there are no taxes before GST which is not true.
@@mucherlaganesh6526 Totally true
Subramanya swamy should be made the FM, he is the one person who wants to abolish Income Tax, which is anyways a very small % of the revenue which center is making.
Income tax collected can't even pay for the salary of IT department which is a white elephant. That's how ridiculous the IT scene is
Modi also had said he wanted to abolish income tax but he figured that guarantee is now jhumla
26% of revenue
19% is not small - we are getting squeezed! 1.6% of population paying 19% of taxes is just ridiculous
The real problem is 1) "PhD Holders are willing to do GOVT PEON job" 2) "21 Y graduates having 0 experience are getting appointed as IAS officer s" 3) I have seen "JUDGE having NO maturity, NO experience" 4) "Well educated and experienced people lost their JOBs" ...
If you claim country as Vishwaguru this may be the norm
Very true. Thank you very much for giving touch to this issue.
I have a fairly large holding of AMS51V. And 90% or it is because I believe in the asset itself. Its actually the chain that makes me want to dev on top of it and learn Haskell.
Sunder sir ! Main problem is not tax . main problem is return on taxes which is lowest in india compare to world
Dumbness😂😂😂
True
What a joke... sir where is incomes in india.... except 50 lakh people..😂😂😂😂😂
@@உதயசூரியன்-ப8ப elobrate what does wages tax means ?
Even a beggar is paying gst and the Government is getting indirect taxes . 😅
Govt. of India is running a debt ridden economy...
it is going to increase taxes every year to pay EMIs of loan taken from world bank. Politicians don't pay from their pockets
100% agree but what measures the government is taking?
Big people are enjoying themselves and small people are suffering.
This Govt is a tax scavengers. 28% gst, gst on EMI also it's a repayment of the loan, why should there be gst on that. No free education, no free hospital facilities.... And so on.
GST on EMI is for the interest component which was given to you as a service by the bank.
The principle component doesn't get included. Check your statements.
@@saarassche is right. Justifying taxes a citizen of a country is counterproductive and insane
@@manupandit3864 he is right but my comment was only on EMI not the entirety.
Correct.But one correction. Free education and free health is there, but it's NOT QUALITY free education and health.
@@saarassc it is not income for me it's a payment... Bank should pay without charging us as it's income for them but it's cash out flow for us.
A lot of them are charging GST but don't pay to government
GST on restaurant is only 5 percent but old VAT was 12.5 percent in almost every state
Entry into a govt park carries fees plus gst, correction in addhar card has fees plus gst, how do u explain these
@@haris1328 All are very small amounts . So GST on these do not hit our pockets . Also GST cannot be part of Central Govt budget as GST is collectively decided by all the states . Central Government has only 1 vote as same as each state . So all the states and Central collectively decide on GST rates in the GST council meeting . Earlier Input Credit of VAT on goods purchased from other states were not available , currently it available . It's a huge difference .Earlier there was a State Tax on electricity sale and even now the sale of electric power is not in GST . You may check your monthly bill. Also we pay restaurant charges more repeatadely than park entry fees and Aadhar Card correction is very very rare
@@udaygaikwad5282refer the vote weightage in gst council. Do not misinterpret the data as one vote for union govt. That one vote has one third of vote weightage. Means 33.3%
It will happen if voting herd goes behind freebies, do you think winners give from their pockets, we all need to vote properly, see the spate of KARNATAKA, gaand mar rahe hain, increasing all taxes and petrol diesel price hikes
True.
Mr Sundar is absolutely right. His recommendations to raise GST exemptions from 20 lakha to 2 crore make a lot of sense. He is right.
Even if government removes GST on products and services now all the manufacturers or service providers will increase their price and they will ensure to increase their pofits rather than benefiting customers or end users..irony
if govt removes gst, who will build roads?
@@praneethjayasimha5943 have you forgotten that now roads are build by collecting toll charges.. then why pay gst.. its like you pay tax to build roads and contracts are given to private players & then you are charged to use that very road which was built out of your taxes... :P
But, when Profit Margine increase market compition will automatically reduce profit margin. you should consider it.
I already knew this but no one was talking about. You are the only person, talking about real problem.🎉
Finance minister i am not eating biscuits so i am unaware of this example
I have closed my GST registration for my IT services company and started a company in Dubai. I used to work there before, and came to India start something and spent time with my family, both are not doing well. I have been running this firm for over 3 years now in India. The 18% GST rate is crippling our business; larger firms charge less and pose as competitors to our business. Treating firms earning between 20-50 lakhs per annum and those earning 20-50 crores per annum the same seems unfair. Now, even the accounting firm criticizes me, saying, 'Now you are free from the hassle of GST, no more running around to arrange funds during annual closings.'
Indirect taxation is just too high in India. Investors are paying STT on buy and sell side and on top of that paying stcg/ltcg. Indexation benefit also removed. My baby’s infant feeding milk prices increase 50 rs every 2weeks.
Depends on your finances . 1000$ in AMS51V$ is 4000 AMS51V$ if it goes to 50% of ath in 2024 thats a 600% gain. If it goes equal to ath . Its a 1200% gain.
Sir, your view is correct theoretically. When GST was brought in at 5% for restaurants , I remember these hotel guys raising the price by 5% blaming GST. Say a dosa was charged at 100 earlier which includes 12.5% sales tax , government expected the price to come down by 7.5%. But the hotel guys started to charge 105 Rs. and started blaming GST. Govt had to give warnings to mitigate the situation. So based on your suggestion , if we give increase the limit for GST, what is the guarantee that business will pass on the benefit?
Sir Biggest problem is only 1 percent people are paying... Any govt are trying to squeeze from this working 1 percent. But if you closely notice, May small business like sweet shops, roadside shops, small snacks shops, Auto rickshaw owners, Small builders, Tea shops, Biriyani shops and all the markets in T Nagar, Parrys corner, Poonamalee no one is paying any taxes. They are just consuming benefits from Govt freebies. Every govt is scared to go ask Tax. Even Big rich farmland like more than 100 Acres are not paying taxes and enjoying freebies and tax free . Think about it sir.
Now who is going to ask them as they are voters and either State or Central is not going to ask Tax them as they will not vote. Every Govt should focus on increasing the Direct Tax paying people through some limitation rather than just squeesing direct and indirect taxes
Dear sundar....u promote those who hv capital to other world market....let the gov learn a lesson
very well said, ours is a democracy, we only have elections and elections in mind. No one is bothered,
With gst everybody is paying
Travel cost between Mysore and Bangalore in Volvo AC bus was 290 rupees in 2019 within two years price got hiked to 330 rupees giving covid reason and then after Expressway opened it jumped to 360 and later 390 giving a reason that toll prices have increased. Within two years you see a 34% increase. No wonder intellectual people who manage their own finances are leaving the country.
Summary is by being located in Dubai and Singapore NRIs can avoid income taxes but they can't avoid GST 😂
😂😂
😅😅
well said
😂😂😂
What is your solution?
Saloon or other biz no gst upto 20 lakh
Or gst should charge based on income tax slab?
Pls explain
Totally agree that GST is the hidden culprit, and has a bigger impact that IT. GST has a cascading effect, due to the multiple levels of distribution, and this goes in a loop and feeds inflation.
The poorest are impacted unfairly with GST add to it impact of inflation.
Increasing the threshold limit and Rationalising the tax percentage to 3 rates, bringing petroleum products in GST without green, black and blue cess, will help quality of life from the lowest to the top.
Regarding Auto and it's GST that's the biggest joke...
Above 4m we have a rate, above 1500cc engine capacity another rate, the speedometer on average shows 200km on a car, but the permissable speed limit is 100km/hr at Max.
So Auto Excise , GST , RTO taxes and the fines for going above 80km, add in the Cess driven fuel costs we end up paying more than the capital for the car in about 2.5 years.
We the customers are collectively stupid to put up with this...
For IT less said the better, Over the years Finance ministry has mastered the art of complicating filing.
New Regime Vs Old Regime, take away first with TDS and reimburse with exemptions.
Taxes whether direct or indirect must work on the principle of being simple on qualifying thresholds, lower and lesser number of rates, simple in process to claim inputs and filing, and should not spill over to fuel inflation with cascading effect, lowering rates will stimulate better collections and drive to generate funds needed for the Capex and consumption, it will eliminate tax evaders, and only then will the spirit of self assessment work.
Right now and in my opinion Govt advertising on self assessment and reminders of honesty, contributions to nation building are misdirected as with these process, tax rates, and inflation feeding tax policies there is less incentive for any unbiased self assessment.
GST on credit card EMI of 24% is unacceptable. This govt must collapse😊
lol thats not gst, its an interest rate
@@praneethjayasimha5943 have you ever paid GST on Credit card EMI. Idiot
@@praneethjayasimha5943 stupid.. if you want google
Trading Ban for another year is ready for Mr. PR Sundar😂😂😂
Yes don't talk truths in BJP govt
@@valimikitelugutrading3287any such bans in the past?
Tum bevkoof ho kya.
Taxation is done by the central government. Your papa modi is already taxing before it even goes to tamilnadu.
Fifteen years back rice per kg was 40 now it is 70. Fifteen years back dosa in indraprastha (Vijaynagar, Bangalore) was 40 now it is 80.
What is the Cost of Cream Biscuit, petrol and diesel Before GST . Before 2017. So many Taxation there.
Tax to GDP ratio is very low in India. This means there's a lot of tax evasion and direct tax collection is low. A lot of doctors, lawyers, kirana shop owners don't pay tax. Moreover, people claim fake donations under 80G and 80 GGA and get their donation money back in cash for a fee of 6-7%. This forces the government to use indirect taxation to recoup some of the lost tax money as ultimately the tax evaders have to spend their money somewhere. I also don't agree with the inflation as government uses onion and other essential items for inflation calculation. They don't track the increase in electricity, property tax charges, fuel cost increases, etc. The real inflation could be higher and in line with annual salary raises the employees get in private sector.
For small businesses, composition scheme covers upto 1.5 cr turnover and the GST rate for them is 1%. .
Even before GST there was indirect taxes with each state imposing it according to it's whims and fancies. It's just that they're are streamlined and better mechanism of collecting and monitoring in place now. So problem is not with GST.
Problem is with the corrupt system and complicated procedures. Need more and more transparency.
Rates have to be rationalized.
Two' things to note sir, rates of dosa was not less than. 25 ,at that time
Second solution to this IT is in IT only and. All income earned anywhere in the world during a financial year is to be taken and normal tax is to be changed for everyone without giving any room to evade tax
Solution : No GST on food items medicines loans. Flat 5% on every other service. 25 % Luxury goods & services.
Also abolish input tax credit system
think of the corruption tax rampant in India and not in Singapore or Canada. It is there in every stage of manufacturing having a multiplier effect. Impact should be much higher than the GST. why should an apartment in India cost higher than Europe or Dubai ,where per capita income and therefore affordability is much higher? Why Chinese products are cheaper than Indian products though in China labor costs are higher? After collecting the taxes, the money is wasted on most unproductive segments under government. How many times bridges collapsed in last few months? What’s the productivity of government employees?
Sir, please appreciate that increase in limit of GST exemption doesn't help much, as only the retailer is exempted, but manufacturer & distributor is not. So, saving could be just 2% of price and not 18%. If a saloon is making over 20 Lacs a year, I think it's only fair that he pays GST
A2B increased cost of coffee from 36 to 42 this month... I noticed several items in few hotels increased in last 30 days... I am job less for 3 months and I am seeing only GST costing me a lot.... out of 100 rs more than 30 rs going in gst in my spendings ....
Akshyam hotel increased lunch meals from 140 to 150 this month, qty of several items reduced but costing 80 to 100 rs ... i had to stop eating in these places .... started eating in road side shops !!!!!
size of tea or coffee tumbler is sooooo small these days
customer is paying the GST whether turnover is 20lakh or not...I doubt what you are saying then our GST goes to shop owner not to the government by collecting from us
Dear PRS , Inflation is not based on the price of Dosa in a family restaurant; You very well know that the price of Sugar in 2009 was 28 Rs and now it is 36 Rs; similarly raw rice was 24 Rs and now it is 38 Rs; Atta was 26 Rs and now 40Rs. Overall inflation is still 6 to 8%. I agree the rent has shooted up and common man's life ( middle class and below) is very difficult; What was your course fees in 2014 and now? Please don't confuse people with WPI and CPI.
Basic inflation is 13% for simple items taken last 20 years. Other items are even higher in 25-40% range. It’s nowhere near 6-7%
@@jrajesh11 Can you please tell me how the inflation is 20% in last 20 years? If that was the case you will be paying 76 Rs for a cup of tea from a local stall which was 2 Rs in 2004. I agree it is not 6%; hope you are aware that WPI is what RBI is publishing as a standard across the decades and not CPI
If government don't tax how politicians will enjoy luxurious & pleasurable life.
On top of gst, there are taxes and cesses on everything that a business does. And then so many other costs that we expect in retun for the taxes. Like:
1. Nameboards outside the shop need corporation license sticker
2. Food and non-food waste collection had a collection charge
3. If power supply goes out, we have to bring a power unit for the day. Solar panels don't get subsidies even if we decide to pay for it
4. If water supply is disrupted, we have to call water tanks mafias. This is in addition to multiple plastic tanks installed on the rooftop at our cost
5. Drainage gets blocked in the street and we have to get our own plumber to clear it. Have to do road cutting and tarring if the drain is on the other side
6. Unsightly mess of wires and posts and banners covering the building and the shop
7. Have to clear the road and premises of garbage everyday
8. Pay all kinds of people who walk in for "donations" which are not really voluntary
I am amazed how business manage to survive this onslaught of direct and indirect taxes day in and day out. No wonder so many of them fail
Did I hear this right? Restaurant dosa prices as a benchmark for inflation?
Problem with gst is if gst reduced the fmcg company will mark up price n not reduce mrp at all seen on 2017-2019 when some items gst reduced, similarly businesses can claim expenses bringing down profit wch not possible for salaried
i) Budget will be passed on 23rd July.
ii) You told the story of Molla Nasiruddin.
iii) Household Savings of most of the Hindu Middle Class people has been eroded to the extent of 66% during the last three years. India's GDP growth is expected to cross 9% very soon.
Your whole video is addressed to the business community. GST does not affect service provider. It affects service takers who have to pay exorbitant rates. You can fight for rates reductions for service sector altogether for rates 5-12% ( gambling activities may be charged higher to discourage ). Present 18% rate is like slaying common man.
Yes this should be reduced, service tax era it was 12% then increased to 14.5% and post GST it has come to 18%.
Ideal rate could be between 10 to 12%
Wrong, he said to the point that no one (Business or service provider) can afford to remove GST, becuase even at 10k profits he has to charge GST to the end user otherwise he is paying 20% from his pockets. Hence this adds to overall inflation and end users paying higher for goods and services
That's why all the sensible people are flying off to the US and the middle east !
people expect govt not to collect tax but expect govt to build nice roads
@@praneethjayasimha5943 Wah Andh Bhakth, Wah. Tumhare bhakthi pe hum prasanna hue.
Only building roads will not make India a great nation. Thete are somany issues to be seen and attended to in India immediately.
@@praneethjayasimha5943Dear bro roads are constructed by takeng loans and then the loan is repaid by collecting toll tax. Govt is not spending anything from their income.
@@nilanchal1982 when did you pay toll in your city, town, or village?
Income taxes have failed in India as about 2% of the population actually pays taxes. Personal income should be abolished. What happened to Banking transaction tax which is a consumption based tax? We have the digital infra and also the acceptance of mobile phones, needed to make this happen. Abolish the 500Rs notes and keep the max denomination as either 100 or even just 50. Most of the transactions should happen digitally and impose a small transaction tax on each transaction.. This can eventually replace GST also..
institutional buying into XAI80K could totally break the cycle and the peak expectation of end of 2025 will likely spectacularly fail to appear. If the last double peak was odd, the next one will catch most people out again.
I believe XAI80K will conservatively hit $5.00 by 2025. That's a 20x return from it's current price with very little downside. I'm buying all I can.
That is the main problem in our country sir that's why becoming rich in our country is more difficult than other countries..people like you should aware the public that leads to force to government to think
We are ready to pay GST + Income Tax. Put together indirect+ direct comes around 45%. Something like most developed nations. in return, give me all benefits like quality education for kids and health care (like private) l, pension system etc..FM won't do that..She has house in Jayanagar, Bangalore. I will have to work for 200 years to buy similar house in Jayanagar
Sir, Inflation rate to be calculated on compounding basis . You missed that point. If you take into compounding effect , DOSA rate is very much reasonable and very well within limits.
Wah Andh Bhakth, Wah. Tumhare bhakthi pe hum prasanna hue.
Critic makes everyone think. So all should take things in a positive way and provide solution to the problem. The pain will be felt only by pinch.
Every employee is also a vendor. They should be allowed to take GST input credit on purchases. Employees are paying more taxes.
Just swapped all of my last ETH and swapped it into XAI80K. 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!
People who don't pay anything in income tax cry the most about not getting free this and free that. How will government build roads? How will government provide pension? Also, in Congress times, taxes were over 80%... why not compare that?
Very nicely explained by you sir. But in Singapore, I understand it is very difficult to buy caR without govt approval . In India, it is easy. Also if GST exemption is given to small vendors, will they pass on the price benifits to customers?
It is not only GST, everyone wants high margins in India with big chain of supplies wholesaler, semi and retailer and farmer. Gst on daal etc is very low 5%. So your logic does not make sense.
Oppositions create so much ruckus on Pension scheme which is becoming big burden on india with most govt / municipalities being most inefficient and hardly functioning.. Sad state. No political party works for middle class people..
Great effort sir. Middle class families are suffering too much from GST. But what to do n where to express our grievances.
If MSME segment is to be given a boost, GST limit should be increased to 1 crore for manufacturing sector and 50 lakhs for service sector BUT for such people there should be a bank transaction tax of 1% on every payment made or transfer done from the account.
Let me give you in 2002 vada pav was sold at ₹4 and cutting tea ₹2 .. 2006 vada pav was sold at ₹6 cutting tea at ₹3... 2010 vada pav ₹8 cutting chai ₹5 2014 vada pav ₹10 cuttin chai ₹6 or 7 2024 vada pav ₹15 cutting chai ₹10... I think definitely consumer goods inflation is much higher than the RBI prediction.. but what you are cosuming is a product vada pav, Dosa etc... can you pls explain the RBI criteria fo calculating goods inflation.. these products prices like vada pav dosa etc. Are driven by location as they need to price in location cost... may the place where u used to go earlier was not developed in 2013 thats why u got dosa in ₹12 but now have definitely been developed a lot so price shoot up to ₹80... here in pune i am getting dosa on thela's at ₹60.. but in restaurant ₹80 or ₹100
Inflation results in increase in income with a years delay. Salary of a person 15 years ago has turned atleast 2.5 times to 3 times higher now. Increasing limit for GST will reduce tax income to government. Unlike corporate and private company employees, government employees get hike once a while. Lower taxes leas to increased borrowings by government. It's a vicious circle. Government is also like an individual who manages situations under borrowing conditions
under the assumption that there are opportunities in the economy, currently there are none, so your premise is incorrect. Why dont you compare your slaary comparison with Real value of money a.k.a gold rate. The real earnings have gone down, current is the worst and most corrupt goverment of independent India.
Everyone needs income to grow more than inflation...similarly govt also wants tax revenue to also grow more than inflation + population growth (especially non productive very young and aged...)
The Income tax exemption is not at all a subject to cheer about. . It is the government's duty to automatically adjust the exemption limit every year taking into account the inflation. Further instead of burdening the middle class, it should concentrate on tax evasion by Traders, professionals and the men running the corporate world.. There may be hundreds of manipulations these people resort to for evading or reducing tax. Salaried are considered as a cow tied in your shed and milk whenever you want..Further those exempted items also taxed if you buy them in a packaged.. Middle class is the most suffererred class most of the small time business men seldom pay tax or the income cannot be proved..
INCHING TOWARDS CONSUMPTION TAX, MORE CONSUMPTION MORE TAX TO WHICH IS GETTING DEMOCRATISED ANS PERPETUAL EVADERS ARE FINDING DIFFICULT TO EVADE
U don't know, price may increase due to subside, freeschems.
U don't know income tax concessions & GST.
Simple Income tax applicable only for ~9 crores. All employees get salary after tax, again these employees need to pay taxes in the form of GST, Good Taz, capital gain taxes....this is the wary
Dear Sir, your video was quite informative... however you could have also consider UK, Australia, New Zealand as comparative study ( These are Developed country including Singapore), India is still a developing country, please do consider to express your thoughts in comparison with " Developing" county with Indian Present GST regime. Also, if you have any qualitative/quantitative independent studies for the impart of GST introduction in India/Indian Economy it will be more effective and impactive to convince/inform the Finance Minister/ PMO that GST at present level and status in India is ineffective rather counterproductive.
Capt Firoze Pasha
Sad part is even people below BPL pay GST.
Most people are employees getting salary. For them income tax is visible. But GST is hidden in the price of the product. So they don’t realise it.
Sir do u ask all these questions when u are in Singapore? It is important to pay taxes when need to live a quality life. See the vande Bharat trains, we are able to make it because we pay taxes. Indian taxes are cheaper than what people pay abroad. I see so much in India’s infrastructure and that’s mainly because of the taxes. I see Indians now respected all over the world
Wah Andh Bhakth, Wah. Tumhare bhakthi pe hum prasanna hue.
Sir we are paying taxes approximately 45% from our earings to the government but govt nothing help to middle class people
What about state taxes paid earlier? We used to pay more taxes than GST earlier. GST is not greater than that.
Everything should be under GST. Including and not limited to Agricultural products and School Fees.
I have a fairly large holding of XAI80K. And 90% or it is because I believe in the asset itself. Its actually the chain that makes me want to dev on top of it and learn Haskell.
Sir thank ur for ur informative video I totally agree to your perspective on GST. I only hope the finance minister heeds to ur advice & takes the necessary action. GST has actually crippled the MSME who are job creators for the nation. Country requires an indirect tax that is simple & encourages entrepreneurs to set up businesses. No wonder unemployment in India is at a all time high.
Income tax is compulsary .purchase of products is a choice, a person can always choose not to buy. Therefore income tax should be reduced .
Well said. Admired by the way you think of these regulations ❤❤❤
In Restaurants, it's not GST... I Eat in Normal Restaurants in Udupi... It just costs not more than 20 to 30 for Dosa...
Only Posh Hotels Charge you more in the Name of GST... That's just a Ninja Trick to make More Profit... 😬😬😬
They should apply flat 5% tax on income above 3Lakh. Period. Simple ITR. No tax slabs. No headache of all those sections etc.
Mr Sundar, I most of the agree with you but today not agree, Essential goods prices have not increased much in last 40 years which I remember , just take example of petrol price ,in 1989 it was 9.70 per litre, today aft 35 years it is only 98, ie 10 times but salary , wages almost increased by 100 to 200 times of every one working as govt babu, labourer, cobbler, rikshawala, Factory worker, house Maid .... Pulses price increased only 5 times, Milk only 12 times, Atta, Rice Cooking Oil only 5 times in last 40 years. U can check this fact from any source.
What is the Earning in 2012 . What is Now ? PR Sundar. Both are same??😮😮
Sir gst is governed by gst council including finance ministers from all the states. These state FM s are not agreeing for bringing the petroleum products under gst. Whether they will agree for this. But as per your suggestion central FM should really bring this on table and see if there is consensus from all the state FMs.
I feel problem is most are not paying income tax and salaried class has to pay their income tax and also GST, property tax, sales tax, water tax, electricity tax, cess, surcharge, turnover, STT and what not. Hence requesting concerned to increase GST and abolish all other taxes.
For services presumptive taxation is 50% and for business it is 6%
To correct your knowledge, 6% for Goods and 50% for Services is Presumptive Taxation. Correct your good selves Sir.
You also need some correction. 50 percent is only for professional services list published by IT dept. All services are not eligible for this 50 percent benefit. Instead of nit picking, focus on the broader issue which Sundar has raised. Also 6 percent is only for non-cash transactions. For cash transactions it is 8 percent. It is better that you spend your time, nit picking on the lies and contradictory statements made by the cunning fellows in power.
sir, even rent(commercial) comes under GST of 18%, a huge burden for commercial tenants
I am thinking this will take around three weeks to get above the 21 wema as the level we dropped to also is around the 50percent from the last weekly swing bottom. its time to buy More XAI80K and BTC.
Thinking of swapping my USDT for AMS51V. I believe AMS51V is the future
Hope is the worst enemy in stock market as per Mr. Sundar, and he hope our honorable finance minister is watching this video.
No Use. Our honorable FM needs some grey matter to present in the top floor to act which is missing. So dont expect her to do anything.
Bought XAI80K at 0.88 each, couldn't believe my eyes when I saw it soar past 1$.
Problem is RBI,
RBI is the sister company of Bank of England,
India is on lease for 100 years we did not got Independence.
Our Gold is in England we don't reserve any Gold in India,
We print Bank Notes more than reserved Gold,
Banks are frauds they double the amount of cash deposit.
Our education system produce clerk grade class they are Andhbhakts & followers of the system they do not research banking finance & fiat money concept Be alert about the financial policy under the influence of Corporate world & MNC
Very good calls regarding XAI80K! It’s now either make it or break it for XAI80K ! I would love to hear what are your targets moving up.
Got in at XAI80K at $1 but will be holding it till $50. Even at that price market cap is reasonable for its tech.
I have only watched 50% of this video & i am more or less sure there will be a group of Andh Bhakts who are the supreme leader's cheer leaders would either justify the increase by giving their own theory and another group who would be calling out PR Sundar a DMK supporter & calling him names. These Andh Bhakts do not want to listen to the truth.
I will watch the remaining part of this video & see all those hate spread by the Andh Bhakts. God give you all Andh bhakts some grey matter at least in your next birth.
Not sure how you are comparing salaried income tax vs presumptive income tax. He has also got deductions benefits which salaried person is not getting.
Even my health insurance charging 18% why can’t government omit particular sectors.. not fair on all sectors to charge gst
Well articulated sir. We are nothing but slaves to the state. From the birth to death we will have to pay one or the other tax burdening our lives and the lives of our children.
Hi Sundar, Your logic is wrong. Whether it is income tax or gst, all taxes are passed through to the final product. E.g. if your getting 1 Lac salary with 0% income tax and if tomorrow govt. puts 90% income tax, you will ask your employer 10 Lacs salary.... All taxes are passed through...
The question is where it should be collected...? All working people pass through taxes... Only old retired people can't pass it..
And also if you discourage highly hard working middle class people with High income taxes, there will be no capital formation for productive investment... Investment in productive assets and employment gets affected... So, it is always better to abolish Income tax and have only GST that to only on few products...
In 2010 I have purchased moong dal at 90 rs a kg it is now 120 so what can u infer from this
Inflation is calculated from basket of things not just pulses and oil
After giving 31 % we have to pay 28% for GST