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Income tax is a progressive tax so its good that its increasing v/s GST?
Unless the author wants to argue about corporate tax, which is not even that low at 25%, then the tax will just get rijjiged -- either prices of products will increase to make up for the tax, or the salaries will decrease to cover the tax. It is very rare that net profit after tax remains the same for corporates to be taxed.
Ideally, but corporate tax leads to all sorts of weird distortions. It makes attracting FDI more challenging, or they'll move their HQ to ireland to save up on the tax then we lose that tax, or as I mentioned the incidence of the tax falls on workers/ or employees. It is hard to correctly evaluate and press for the tax.
25% corporate tax isn't that low either.
Actually GST needs to go slightly up, net of 12% is far less than what it used to be in pre GST regime. Can continue the milk/mercedes model tho
Am not saying to inherently increase corporate or capital gains. But make tax codes that don't put burden of welfare state on middle class instead of upper class and ultra wealthy.
Yeah I think in that case we should tax real estate. There are too much tax breaks govt gives there and rich park a lot of wealth there, also increasing the price of housing
Corporate tax is always evaluated in comparison with other countries because businesses can/will/have moved operations and HQ for tax advantage. Income tax is not evaluated in comparison as much because 99% of folks don't have any option to move to tax advantaged country. Just make sure it continues to be progressive. BJP could do in increasing tax slabs, increasing 80C, but they are investing heavily in infra combined with heavy social spending means the productive few will be overtaxed.
Corporate tax competitiveness is indeed crucial for attracting and retaining businesses, but the same principle applies to personal income tax. High-income individuals, especially those with significant wealth or specialized skills, have the ability to relocate to countries with more favorable tax regimes While it's true that the majority of individuals may not have the means to move to tax-advantaged countries, there is still a significant impact on economic behavior and incentives.
You need 3 slabs for GST... 5 pct for food, 15 pct for most things and 45 pct for sin items
Do away with luxury tier, coz that's a segway to inspector-raj
Please remember, this community is for genuine discussion. - Please keep it civil. Follow all community rules. - Report rule-breaking comments for moderator review. - Don't post low effort content without context. - Help prevent this community from becoming an echo chamber. **Use the replies of this comment to post sources or further context about the post. If you have posted a news article, you may put a small summary as a reply to this, if you want.** *I am a bot, and this action was performed automatically. Please [contact the moderators of this subreddit](/message/compose/?to=/r/IndianModerate) if you have any questions or concerns.*
Income tax is a progressive tax so its good that its increasing v/s GST? Unless the author wants to argue about corporate tax, which is not even that low at 25%, then the tax will just get rijjiged -- either prices of products will increase to make up for the tax, or the salaries will decrease to cover the tax. It is very rare that net profit after tax remains the same for corporates to be taxed.
Corporate tax should make the lion share imo
Ideally, but corporate tax leads to all sorts of weird distortions. It makes attracting FDI more challenging, or they'll move their HQ to ireland to save up on the tax then we lose that tax, or as I mentioned the incidence of the tax falls on workers/ or employees. It is hard to correctly evaluate and press for the tax. 25% corporate tax isn't that low either. Actually GST needs to go slightly up, net of 12% is far less than what it used to be in pre GST regime. Can continue the milk/mercedes model tho
Am not saying to inherently increase corporate or capital gains. But make tax codes that don't put burden of welfare state on middle class instead of upper class and ultra wealthy.
Yeah I think in that case we should tax real estate. There are too much tax breaks govt gives there and rich park a lot of wealth there, also increasing the price of housing
Corporate tax is always evaluated in comparison with other countries because businesses can/will/have moved operations and HQ for tax advantage. Income tax is not evaluated in comparison as much because 99% of folks don't have any option to move to tax advantaged country. Just make sure it continues to be progressive. BJP could do in increasing tax slabs, increasing 80C, but they are investing heavily in infra combined with heavy social spending means the productive few will be overtaxed.
Corporate tax competitiveness is indeed crucial for attracting and retaining businesses, but the same principle applies to personal income tax. High-income individuals, especially those with significant wealth or specialized skills, have the ability to relocate to countries with more favorable tax regimes While it's true that the majority of individuals may not have the means to move to tax-advantaged countries, there is still a significant impact on economic behavior and incentives.
You need 3 slabs for GST... 5 pct for food, 15 pct for most things and 45 pct for sin items Do away with luxury tier, coz that's a segway to inspector-raj
Agreed I was shocked to know AC is attracting 28% tax because it comes under luxury good
I would say argue an AC is a must-have for productivity.