In 21st century when you’re charged GST (Goods and Services Tax) on spending money to buy goods & services; income tax doesn’t makes any sense.
GST was not introduced in India until 2017. Before that VAT & Service Tax, specifically, were introduced after 1994.
So it was okay to charge income tax in 20th century when there was no GST.
It’s not okay to charge both GST and Income Tax, simultaneously. Specifically, when your social security is none & worthless.
An individual who makes >₹5 crores in India, roughly pays ~50% in income tax, cess and surcharge.
On top of that, he pays 18% GST.
That roughly takes ~65-70% of money off his pockets.
That’s ridiculous. We either need to abolish income tax or GST.
Else the number of honest tax paying wealthy & smart people flocking out of country will increase in leaps and bounds, leaving back the poor and corrupt wealthy behind.
The question is not if, but when. And when this happens, it’d be catastrophic for overall well-being of India.
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This article needs to be published in more places. More tax payers need to read this and understand become aware as to where their earnings are going. Very well written . Thank you.
Glad you enjoyed reading it.