Budget 2023-24

another_armchair

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Nope.. Basic premise is anything which is packaged attracts GST .. It do not differentiates on additives as such... So only loose milk attracts zero GST...

(a) Fresh milk and pasteurised milk are fully exempt from GST.

^Means regular milk sold in plastic packets is exempt from GST.

Is toned milk from Amul, other brands which ship in tetra packs exempt from GST too?
 

Kumata

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Debt to GDP is steadily going down.

Column 4 and 5 show us on pretty solid ground.

Good chunk of the external debt is NRI/NRN deposits and corporate debt. GoI sovereign debt is quite low afaik. Remember sharing RBI data many moons ago.
I don,t think it is going down for last 5 years... It is steady at 19-20 percentile...number are provisional for last 3 years so will change...
 

Kumata

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(a) Fresh milk and pasteurised milk are fully exempt from GST.

^Means regular milk sold in plastic packets is exempt from GST.

Is toned milk from Amul, other brands which ship in tetra packs exempt from GST too?
Fresh & Pasteurised milk if unpacked & sold loose..will attract no GST... if it us packed it will attract GST

I know because mother diary sells loose milk without GST and packed fresh milk with 5% GST..same toned milk..have a difference of 3-4 re.. quality is so pathetic of loose milk that u end up buying packaged one only...
 

Knowitall

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Sometimes I feel that it's a curse to be a middle class general category person in India.
You feel that now.

I felt it when i saw one of my classmates studying with me in the same coaching get a seat in NIT after scoring below 50 in mains.

Maybe someday I'll move to some other asian country who knows will have to work very hard for that.
 

Knowitall

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Anyways old regime is the best still. You can put your money in elss etc and save that 10-15k you are losing in taxes.

New regime is more focused on eye wash just like the current budget.
 

Rajaraja Chola

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Indian Middle class needs social security. Those who pay taxes need social security. The govt shall be phasing out old tax regime in future - but please enact Social Security for Tax Paying Salaried. Otherwise - India shall become place with tag line "Not an Old Country for Old People". Really sometimes I feel future is bleak for individuals working in private sector with middling income .
If one want social security, we would need to pay more money. Western countries have a component called Employment Insurance EI which is collected as an percentages of our salary. If you are fired from job, you are paid 50% or till an max amount for 12 months.
Should implement that for middle class in india.
 

Kumata

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@Kumata has the chance i wonder why he let it go.
There is more to life buddy.... I do not regret that decision even a 1 percent...I perfectly understand why @Knowitall said that ... remember grass is always greener on other side.. Canada also imposed huge taxes..

frustration is for real and we salaried who had kaka on our heads during initial days , who were his biggest support base.. who supported him in everything.. Demon, 370 , GST & what not..Be it SM or whatsup groups or anything ... He let everyone down. At the end of day it is give & take on both sides... Instead he is still sucking for the validation of lefties, woke and muzzies...and have become one himself.

I have so many fanboys unable to defend him anymore... that frustration arising out of Being let down. no offence to kaka...he is what he is...
 
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Kumata

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If one want social security, we would need to pay more money. Western countries have a component called Employment Insurance EI which is collected as an percentages of our salary. If you are fired from job, you are paid 50% or till an max amount for 12 months.
Should implement that for middle class in india.
you are barely left with anything after paying almost 42% as direct tax and another 20-30 percent as GST / all kind of cess and what no ....As i said.. Kaka is taking us on holy path same as US / europe but do not realises that ours is diff country with 4 times population and 1/4 land with no natural resources...
 

Krishnarjun

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My point was different on home loan interest. It was to show that Old regime allows me various avenues to save taxes over and above this 7 Lakh...


NPS is not under section 80C ... it is under 80CCD (1B). which is over and above 80C.

As for second part goes, My biggest worry is with current young who are being made to live life in hand to mouth & have no savings habit. This Exemptions was forcing them to inculcate that habit. Our generation will hardly let go of savings habit.

everybody is ready to spend but where is the money to spend after paying almost 42% as direct tax + GST on everything...
That's true. But if I am not wrong, limit of 2L 80CCD+80C combined. I dont think you can claim a total rebate of 2L (NPS) + 1.5L (80C) i.e. 3.5L.

As for the taxing in a country like ours, it's a vicious circle. You want economy to grow really fast, you need to spend big on infra, defence etc. For that you need more revenue, in turn higher taxes in the end. Can't help it. May be higher taxes will become sustainable as our tax to GDP ratio grows further.
 
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Sukrut

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Debt to GDP is steadily going down.

Column 4 and 5 show us on pretty solid ground.

Good chunk of the external debt is NRI/NRN deposits and corporate debt. GoI sovereign debt is quite low afaik. Remember sharing RBI data many moons ago.
True. Corporate debt stands at almost 2- 2.5 times the goi sovereign debt.
 

Kumata

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That's true. But if I am not wrong, limit of 2L 80CCD+80C combined. I dont think you can claim a total rebate of 2L (NPS) + 1.5L (80C) i.e. 3.5L.
I claim it sir... since my employer also contributed to NPS :) .. key is you can contribute as much as u can individually but exemption is for 50K only for NPS but if your employer too is deducting from NPS salary ( at Source) than you get additional 1.5 Lakh exemption too on NPS subject to overall limit of 2 L combined :)
 
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Rajaraja Chola

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you are barely left with anything after paying almost 42% as direct tax and another 20-30 percent as GST / all kind of cess and what no ....As i said.. Kaka is taking us on holy path same as US / europe but do not realises that ours is diff country with 4 times population and 1/4 land with no natural resources...
If you are paying 42% direct income tax in india you belong to really higher income group with your yearly salary probably more than 50 lakhs - 1 crore PA. And I think that’s more than potentially if someone is US earns like 250k PA. Per PPP lifestyle of both people would be the same.
Of course you can get rebates through insurance, rebates and stuff etc. The thing is people paying the amount of tax is very very less in india compared to the US/Canada and in india you are considered an rich individual. As of today I would love to move back to India for 20l PA salary.
As for EI it can be optional. Guess if someone is getting 25k salary per month, and he is fired, the govt can pay him 12-15k for an year based on EI he paid like 500 every month. He should be able to support himself in that frame to get an another job.
 

Kumata

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If you are paying 42% direct income tax in india you belong to really higher income group with your yearly salary probably more than 50 lakhs - 1 crore PA. And I think that’s more than potentially if someone is US earns like 250k PA. Per PPP lifestyle of both people would be the same.
Of course you can get rebates through insurance, rebates and stuff etc. The thing is people paying the amount of tax is very very less in india compared to the US/Canada and in india you are considered an rich individual. As of today I would love to move back to India for 20l PA salary.
As for EI it can be optional. Guess if someone is getting 25k salary per month, and he is fired, the govt can pay him 12-15k for an year based on EI he paid like 500 every month. He should be able to support himself in that frame to get an another job.
Hehe no way i am getting that salary .. but that's true for anyone earning more than 40 L in hand..i have many friends in that bracket who are paying that much so i know...

I did not moved to CA because i was being paid a paltry salary a year and that was way less than what i was getting in india than on pure PPP terms... in the end my savings were 600 -700 CA$ as my base was Brampton which is costly place to live. another consideration was kids and family... anyways switched job and i am better off here...
 

Rajaraja Chola

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Hehe no way i am getting that salary .. but that's true for anyone earning more than 40 L in hand..i have many friends in that bracket who are paying that much so i know...

I did not moved to CA because i was being paid a paltry salary a year and that was way less than what i was getting in india than on pure PPP terms... in the end my savings were 600 -700 CA$ as my base was Brampton which is costly place to live. another consideration was kids and family... anyways switched job and i am better off here...
Oh you are in Canada? Goods grace man. Man Toronto has become so expensive like NY but salary like Kingston. Hate it now
 
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