Indian Economy: News and Discussion

[Haldilal]

Ya'll Nibbiars The buoyant tax revenues offered the government fiscal space to provide additional support to the economy and continue the push in favour of higher capital expenditure. Though output in various contact intensive services remained below pre-pandemic levels, it said the macroeconomic strength provided buffers against likely stresses such as withdrawal of stimulus by global central banks.

 

[ladder]

Ratio of tax to derived benefits should be used rather than absolute value of tax as a percentage of income.

 

[Physx32]

what are the example of two extremes available today?

one side being small arab states like kuwait where there is minimal or no taxations on personal income, what's the other side of this extreme?

Scandinavian countries and Japan have more than 50% income tax rates.
On the other extreme, North Korea doesn't have any income taxes (but that's because most people are used as slaves).

 

[jackprince]

By putting 30% on crypto they have legalized it.

Nope. It was Digital Asset transaction. It can be anything. Crypto can be an asset if it is deemed to have a monetary value where one is paid cash in exchange of the asset. However, the item exchanged doesn't become a recognized form of currency just because it has a monetary value associated with it.

 

[Suryavanshi]

Truth be told, tax benefits are useless.

Govt. should start offering services to the middle class at attractive/affordable prices.

Someone said Rs. 1.5 lakhs is a lot of money. LOL... 30% income tax.. wo bhi TDS.. to save on that, you invest here and there.. resulting in lesser cash in hand... then comes house rent/emi... which is seldom less than 20-30k a month.. add food and other expenses.. add petrol.. kids education with bus fare easily goes up to 1.3-1.5 lakhs.

God forbid, if there's a medical emergency and insurance doesn't cover it... for example a cousin had a serious health issue and was on ventilator for over a week.. they ran a medical bill of almost 14 lakhs... fatt ke darwaja ho gaya tha. That 1.5 lakh a month you make is not a lot.

We need a cashless health cover for the middle class. We all have been shafted left right top and bottom by medical insurance companies. For critical diseases, they drop cover or simply stop renewing the policy. Sudden medical bills are a big PITA for the salaried middle class and it wipes out savings regardless. Medical charges + children's education are the biggest drain for the middle class. If this was somehow subsidized or was guaranteed, then a good number of those hatchbacks on the road would be replaced by MUV's by the same middle class.

Would some kind of bond promised compensation suffice.
Like you pay 3 lakh in taxes so you get a bond of 1 lakh that you can cash in at any healthcare facility?

 

[Haldilal]

Ya'll Nibbiars

The Union government’s fiscal deficit was down 35.3 percent year on year at 6.96 lakh crore rupees in April November 2021 period, accounting for 46.2 percent of the Budget estimate for the current financial year, as tax collections remained robust and spending muted. The Budget for 2021 to 22 pegged the fiscal deficit for the full year at 15.07 lakh crore rupees, or 6.8 percent of GDP, which has been revised to 6.9 percent. The budget has proposed a fiscal deficit of 4.5 percent of GDP by 2025 to 26.

A fiscal deficit of 4 percent of GSDP will be allowed for states in 2022 to 23. The Data released on December 31 by the Controller General of Accounts continued to show the Centre's finances in good light, with total receipts up 66.0 percent in April to November, on the back of robust tax collections. Total expenditure, meanwhile, was up only 8.8 percent over the same period.

However, November 2021 saw some deterioration in the central government's finances, with total receipts down 19.0 percent year on year even as spending edged up by 1.2 percent. Consequently, the fiscal deficit for the month was 21.4 percent higher at Rs 1.49 lakh crore, compared to November 2020. While the Centre has looked to keep spending to boost the economy, the resumption of economic activity following the relaxation of the pandemic enforced restrictions has spurred tax revenues and helped fill its coffers. Gross tax revenue in April to November 2021 was up 50.3 percent from the corresponding period last year, with November 2021 seeing an 18.2 percent rise to Rs 1.78 lakh crore.

The cut in excise duty on petrol and diesel, announced in early November 2021, did not seem to have any impact as the Centre's excise duty collections for the month rose Rs 37,867 crore from Rs 32,379 crore in October 2021.

 

[Concard]

You guys are fools if you are expecting tax breaks. GoI has been running fiscal deficits since Vajpayee left office in 2004. Forget about fiscal surplus we have not even balanced the budget even once. Last 2 years were not normal years. If you want tax breaks then don't whine and bitch about high interest rates and high inflation.
The most important question you must be asking to GoI is how is their job of increasing the tax base going on? More people pay taxes lesser the burden on everybody. There is still scope for bringing 10 million people into tax bracket. Most of the landlords who own residential housing and commercial properties for rent have to be taxed by bringing in a new law.

Without GST we would have been truly screwed. With GST we have some clarity how much taxes is collected each month. People who get rental income of over 2 lakh/month with no liabilities in the form of loans have to be taxed. Trust me if real estate comes under tax bracket, GoI can collect 5 lakh crore in taxes.

 

[Haldilal]

Ya'll Nibbiars PSU Bank Privatisation is expected this year as no fresh infusion of funds have been made this year. The bank of Maharashtra is target as the first PSU Bank to be Privatised.

 

[here2where]

You guys are fools if you are expecting tax breaks. GoI has been running fiscal deficits since Vajpayee left office in 2004. Forget about fiscal surplus we have not even balanced the budget even once. Last 2 years were not normal years. If you want tax breaks then don't whine and bitch about high interest rates and high inflation.
The most important question you must be asking to GoI is how is their job of increasing the tax base going on? More people pay taxes lesser the burden on everybody. There is still scope for bringing 10 million people into tax bracket. Most of the landlords who own residential housing and commercial properties for rent have to be taxed by bringing in a new law.

Without GST we would have been truly screwed. With GST we have some clarity how much taxes is collected each month. People who get rental income of over 2 lakh/month with no liabilities in the form of loans have to be taxed. Trust me if real estate comes under tax bracket, GoI can collect 5 lakh crore in taxes.

my neighbourhood doctor charges 500 bucks for consultation. no receipt. the place smells of scam.
how are doctors/CAs taxed?

 

[Haldilal]

You guys are fools if you are expecting tax breaks. GoI has been running fiscal deficits since Vajpayee left office in 2004. Forget about fiscal surplus we have not even balanced the budget even once. Last 2 years were not normal years. If you want tax breaks then don't whine and bitch about high interest rates and high inflation.
The most important question you must be asking to GoI is how is their job of increasing the tax base going on? More people pay taxes lesser the burden on everybody. There is still scope for bringing 10 million people into tax bracket. Most of the landlords who own residential housing and commercial properties for rent have to be taxed by bringing in a new law.

Without GST we would have been truly screwed. With GST we have some clarity how much taxes is collected each month. People who get rental income of over 2 lakh/month with no liabilities in the form of loans have to be taxed. Trust me if real estate comes under tax bracket, GoI can collect 5 lakh crore in taxes.

Ya'll Nibbiars only change was the changes in the ITR filings. That's all. I didn't exoextd any relief for the tax payers but the tax incentive scheme didn't make even this year. This scheme could potentially encourage honest tax payers. And @Kumata was lingering for this.

 

[Kumata]

Ya'll Nibbiars

Budget trust based governance to build atmanirbhar bharat. Reposes faith in taxpayers, entrepreneurs, investors. Build an open, digital and inclusive India with a 25 year vision.

Uday Kotak.

She did depose faith already.. They need to wait for just 2 more years....

 

[Haldilal]

my neighbourhood doctor charges 500 bucks for consultation. no receipt. the place smells of scam.
how are doctors/CAs taxed?

Ya'll Nibbiars if they are properly taxed then our fiscal revenue from taxes will increase by many percentages.

 

[Haldilal]

Ya'll Nibbiars this budget still not addressed all issues like widening income gaps and unemployments.

 

[Kumata]

Ya'll Nibbiars The The extension of ECLGS scheme is a good move for MSMEs. The credit and fiscal support of 5 lakh crore will give a huge boost to this sector encouraging new businesses to come to the fore. This announcement will certainly generate more than 10 lakh of employment opportunities in a short span of time. However, a slight focus on easing the trade and the taxation policies for MSMEs facilitating more freedom to do business was also expected from this year’s budget announcement. But that didn't happened.

I will tell u a fact....

My brother wanted to avail. Mudra loan.... He was not approved because babu cum clerk wanted his hafta.... So I took a PL for him. And he is paying that back...

This new jhumoa of MSME & STARTUP Chutiya is just thst jhumla...

 

[ezsasa]

Ya'll Nibbiars this budget still not addressed all issues like widening income gaps and unemployments.

who gave this statement?

 

[Haldilal]

I will tell u a fact....

My brother wanted to avail. Mudra loan.... He was not approved because babu cum clerk wanted his hafta.... So I took a PL for him. And he is paying that back...

This new jhumoa of MSME & STARTUP Chutiya is just thst jhumla...

Ya'll Nibbiars The ground issues need to be resolved or else will not benefit. The exulsion of babus here is necessarys.

 

[Kumata]

Ya'll Nibbiars only change was the changes in the ITR filings. That's all. I didn't exoextd any relief for the tax payers but the tax incentive scheme didn't make even this year. This scheme could potentially encourage honest tax payers. And @Kumata was lingering for this.

For first time, I intend to product fake rent receipts and every fake receipt to save taxes.... Govt doesn't want me to pay my taxes honestly... Why shud I bear the burden of all votes collecting schemes...

That's my thank you to the jnu commie auntie and modi jhumla... Lawde hai...

 

[Haldilal]

who gave this statement?

Ya'll Nibbiars I And Former RBI Governor Subarrao.

 

[Kumata]

Ya'll Nibbiars The ground issues need to be resolved or else will not benefit. The exulsion of babus here is necessarys.

Modi never had his ears to ground. His chai Sutta is done with..... He is no better than any corrupt politicians put there.... Its about time that govt changes at centre and their scams will be exposed....

 

[Haldilal]

Modi never had his ears to ground. His chai Sutta is done with..... He is no better than any corrupt politicians put there.... Its about time that govt changes at centre and their scams will be exposed....

Ya'll Nibbiars subh subh balo warna modi ko heart attack ayaga.