The budget is the most happened thing in the past week. Lauded by some, derided by many.
As a layperson a thought had struck me that lowering the income tax burden would incentivize people into paying the tax. Currently, only 3% of the population pays tax –that’s real enough. However, according to surveys, less than 50,000 people are crorepatis in this generously peopled land of ours – tough to believe, given the sheer rise in holidays abroad, luxury spending. Even less believable is that a mere 4,00,000 earn more than 20 lakhs per year. Bullshit. They are tax evaders. Make them pay. Why tax only the crorepatis? Penalize them with a 10% surcharge, ( only for a year, dear old PC decrees).Do we want them to earn less?
On Barkha Dutt’s We the People, a panel expert suggested taxing consumption. That seems logical. There is no way to hide what you consume, and also, the tax is part of the price. Of course, that will come with its attendant problems, but it does seem the best step forward, the most equitable method of tax collection in our sovereign, socialist republic.