Wealth tax: Keep it simple, tax the 177 dollar billionaires in India

[theglobalinvestor]

Wealth tax: Keep it simple, tax the 177 dollar billionaires in India

India remains a low-middle-income country, and the bulk of the population ranks low compared to most countries in most indicators of conditions of life. Yet the country ranks third in the number of dollar billionaires, just behind the United States and China, which have significantly higher per...

www.deccanherald.com

 

[jabwebanged]

Hard disagree. They are already taxed. Why should they be taxed again or at a higher %? You already lose close to 50% of your hard earned money in government tax, which is not utilized properly. Why not incentivize them more to grow the economy/create jobs instead of punishing them for being successful?

Also i don't understand why people still confuse net worth like it's money in the bank.

I am a huge believer of lowering tax = better.

 

[SoggypastA]

I haven't read the article but additional taxation will only increase migration of rich to other countries.
Only tax and no benefits.

 

[Deleted member 11974]

Hard disagree. They are already taxed. Why should they be taxed again or at a higher %? You already lose close to 50% of your hard earned money in government tax, which is not utilized properly. Why not incentivize them more to grow the economy/create jobs instead of punishing them for being successful?

Also i don't understand why people still confuse net worth like it's money in the bank.

I am a huge believer of lowering tax = better.

Lowering tax will lead to more disposable income which would lead to Inflation and indirectly a recession
What you need is a efficient govt In which more than 6% of the countries population pays tax

 

[beingmohit]

Lowering tax will lead to more disposable income which would lead to Inflation and indirectly a recession
What you need is a efficient govt In which more than 6% of the countries population pays tax

You are right when you say our government needs to focus more on increasing tax compliance, rather than just increasing the taxes. The former requires excellent planning and skills to implement, so naturally, Indian politicians always opt for the latter.
However, they do need to lower the taxes. For a salaried individual forced to pay taxes, our taxation rules are not much different than day-light robbery.

 

[jabwebanged]

Lowering tax will lead to more disposable income which would lead to Inflation and indirectly a recession
What you need is a efficient govt In which more than 6% of the countries population pays tax

I do not believe this to be true. First of all the Indian mentality is to save instead of recklessly spend. Secondly more disposable income = more GST revenue. It also will grow the middle class and decrease the gap between the rich and poor.
Everyone already pays tax in everything we buy (GST) , but not everyone pays direct income tax which i agree should be fixed.
I am for Flat tax - 20% above 10L income. No loopholes, no deductions. 25% corporate tax. 15% Capital Gains.

 

[Deleted member 11974]

I do not believe this to be true. First of all the Indian mentality is to save instead of recklessly spend. Secondly more disposable income = more GST revenue. It also will grow the middle class and decrease the gap between the rich and poor.
Everyone already pays tax in everything we buy (GST) , but not everyone pays direct income tax which i agree should be fixed.
I am for Flat tax - 20% above 10L income. No loopholes, no deductions. 25% corporate tax. 15% Capital Gains.

gst is a vraiable tax varying from 5-18%
why would govt want to lose a fixed tax rate just to possibly receive a fluctuating tax rate.
more than focsuing on tax slabs
the govt should focus on using technology to catch the tax evaders
if even 15-20% of the tax evaders pay the tax the fiscal deficit and cad would narrow down significantly

 

[Deleted member 9785]

 

[funatlearn]

They should abolish the income tax, or give some rebate in lieu of tax paid.
Otherwise migration to other countries will only increase every year.

 

[navam]

gst is a vraiable tax varying from 5-18%
why would govt want to lose a fixed tax rate just to possibly receive a fluctuating tax rate.
more than focsuing on tax slabs
the govt should focus on using technology to catch the tax evaders
if even 15-20% of the tax evaders pay the tax the fiscal deficit and cad would narrow down significantly

Agree to some extent I think this whole reckless push around GST is just to coverup the fact that you really can't get enough people to pay taxes on Income. So might as well tax em when they spend it so that the govt gets it's cut. Now the issue is for the poor chaps who pay income tax and then pay 18% tax on coffee, toh middle class toh middle hi rahegi, remaining ultra rich are rich enough to ignore this additional burden.
Now with that said it still doesn't make sense to tax the ultra rich additionally saying ki iss Desh ne tumhe sab dia hai tum wapas do, govt ko, kyunki govt toh sahi kaam karegi... now keep in mind I'm only talking about the ultra rich who pay taxes here, they are earning their money most likely via businesses, businesses which employ people, inki maar lo, woh jinko employ karte hain unki apne aap mar jayegi and then tumhare income tax paying base aur Kam ho jayega, phir GST badake 49% kardo, all's well.

One of the thing I do not appreciate about the current govt is the double taxation that we (simple hardworking people earning their keep to live a decent life) have to pay. Par development bhi karna zaroori hai toh I just hope hamare sacrifice bhi koi yaad rakhe 20 saal baad 😉

Edit: Apologies went on a rant here, this topic makes me crazy 🙂

 

[NOOBY]

Sometimes, I feel that Tax Deduction at End/Destination is the only way Govt can get everyone to pay taxes 😛

Har billed cheez pe cess ke saath saath ye bhi le lo 10-12%, bas salary poori aane do xD

 

[Deleted member 11974]

They should remove income tax and make every transaction chargeable under gst
Even cash transactions if possible.
That's it then evading taxes will.become difficult.
But a part of why policy makers won't initiate good policies is because directly or indirectly they benefit from it

 

[gamersgzb]

They should abolish the income tax, or give some rebate in lieu of tax paid.
Otherwise migration to other countries will only increase every year.

That's what I think is right.. there should give some rebate in lieu of tax paid... Something like discount on purchase of xyz equal to average tax paid in last 3 or 5 years.. like discount on road tax etc...

 

[gamersgzb]

Sometimes, I feel that Tax Deduction at End/Destination is the only way Govt can get everyone to pay taxes 😛

Har billed cheez pe cess ke saath saath ye bhi le lo 10-12%, bas salary poori aane do xD

IT department, instead of finding default in salaried people ITR they should come on road and find vendors/thela who earn 20-50000 daily just by selling fast food.. these people and other people who are having 20 lakh plus balance in account and zero ITR should be scrutinized not the TDS paying salaried people...

 

[navam]

That's what I think is right.. there should give some rebate in lieu of tax paid... Something like discount on purchase of xyz equal to average tax paid in last 3 or 5 years.. like discount on road tax etc...

Arre keep it simple GST carry forward hojana chahiye like we do for businesses, where while filing income tax you can provide receipts of GST already paid and that gets deducted from total tax.

Otherwise migration to other countries will only increase every year.

Not sure if high taxes are the reason people are going to other countries, I paid a shit ton of tax in California when we lived there, I think lifestyle and higher earning potential are bigger reasons, also just general availability of jobs.

 

[Deleted member 11974]

More than that people in us pay taxes because they get it back in form of pension or social security which by 2050 will become a joke

 

[NOOBY]

IT department, instead of finding default in salaried people ITR they should come on road and find vendors/thela who earn 20-50000 daily just by selling fast food.. these people and other people who are having 20 lakh plus balance in account and zero ITR should be scrutinized not the TDS paying salaried people...

But they can't scrutinize each and every street vendor in the whole country, it's simply impossible..

I am hoping to see a jump (even if small) in this or next year's Tax collection due to everyone receiving UPI payments which gets shown as income (and is documented). As soon as those thela waalas start seeing ITR deductions due to Merchant QR payments to them, they all would move back to Cash only system

 

[NOOBY]

Arre keep it simple GST carry forward hojana chahiye like we do for businesses, where while filing income tax you can provide receipts of GST already paid and that gets deducted from total tax.

aur sarkar ko paisa na mile... waah 🤣

 

[navam]

aur sarkar ko paisa na mile... waah 🤣

Haan effectively making it what you and @xywowowvw said earlier tax deduction at destination hi reh jayega. I mean really see the rate at while GST collection is growing you vs income tax, yehi ho Raha hai, I'm just saying meri dono taraf se mat maaro.

 

[rp0703]

But they can't scrutinize each and every street vendor in the whole country, it's simply impossible..

I am hoping to see a jump (even if small) in this or next year's Tax collection due to everyone receiving UPI payments which gets shown as income (and is documented). As soon as those thela waalas start seeing ITR deductions due to Merchant QR payments to them, they all would move back to Cash only system

How UPI payments received by merchants documented and shown as income? And by whom? AFAIK there's no requirement from the banks or intermediary like paytm or phonepe to report UPI transactions to IT Department.