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    Success Stenography - Mob./ Whats App:-8475062271 - Telegram:-Success Stenography

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    riyasharmastudies
    The document discusses criticisms of the Indian budget presented by the Finance Minister in Lok Sabha. It argues that the budget reduces direct tax revenue by Rs. 8000 crore, primarily benefiting the rich, while increasing the burden on common people through Rs. 23,000 crore in indirect tax hikes. It also says the budget decreases direct tax rates and increases indirect tax rates, contrary to international norms of increasing direct tax collection. Further, it mentions that India's tax to GDP ratio is the lowest among G20 nations, and increasing this ratio could generate substantial additional revenue for the country.

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    Success Stenography - Mob./ Whats App:-8475062271 - Telegram:-Success Stenography

    Uploaded by

    riyasharmastudies
    6 views4 pages
    The document discusses criticisms of the Indian budget presented by the Finance Minister in Lok Sabha. It argues that the budget reduces direct tax revenue by Rs. 8000 crore, primarily benefiting the rich, while increasing the burden on common people through Rs. 23,000 crore in indirect tax hikes. It also says the budget decreases direct tax rates and increases indirect tax rates, contrary to international norms of increasing direct tax collection. Further, it mentions that India's tax to GDP ratio is the lowest among G20 nations, and increasing this ratio could generate substantial additional revenue for the country.

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    The document discusses criticisms of the Indian budget presented by the Finance Minister in Lok Sabha. It argues that the budget reduces direct tax revenue by Rs. 8000 crore, primarily benefiting the rich, while increasing the burden on common people through Rs. 23,000 crore in indirect tax hikes. It also says the budget decreases direct tax rates and increases indirect tax rates, contrary to international norms of increasing direct tax collection. Further, it mentions that India's tax to GDP ratio is the lowest among G20 nations, and increasing this ratio could generate substantial additional revenue for the country.

    Copyright:

    © All Rights Reserved
    Download as PDF, TXT or read online from Scribd
    Download as pdf or txt
    6 views4 pages

    Success Stenography - Mob./ Whats App:-8475062271 - Telegram:-Success Stenography

    Uploaded by

    riyasharmastudies
    The document discusses criticisms of the Indian budget presented by the Finance Minister in Lok Sabha. It argues that the budget reduces direct tax revenue by Rs. 8000 crore, primarily benefiting the rich, while increasing the burden on common people through Rs. 23,000 crore in indirect tax hikes. It also says the budget decreases direct tax rates and increases indirect tax rates, contrary to international norms of increasing direct tax collection. Further, it mentions that India's tax to GDP ratio is the lowest among G20 nations, and increasing this ratio could generate substantial additional revenue for the country.

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    © All Rights Reserved
    Download as PDF, TXT or read online from Scribd
    Download as pdf or txt
    of 4

    Transcribe on Software:-www.successstenography.

    com|Mobile App:- Success StenoTyping &


    Success Stenography|Mob./ Whats app:-8475062271 |Telegram:- Success Stenography

    In our concept this obstruction is entirely different from obstructive policies If we try to obstruct a

    Budget which intends to protect one per cent super rich of this country then it is constructive for the

    common man of this country It is constructive to protect the interests of the country I recall the speech

    of Shri Arun Jaitley on the Budget Speech of Dr. Manmohan Singh But Sir recent years have witnessed an

    excessive reliance on indirect tax for additional resource mobilization This escalates cost fuel inflation

    and is regressive in its impact Therefore I have not relied on the indirect tax as a major source of

    resource mobilization Sir Shri Jaitley had demanded that this should be implemented But what is the

    trend of the Budget presented by the Finance Minister in the Lok Sabha? The Budget proposal will

    reduce direct tax by Rs. 8000 crore which is benefiting the rich But it will increase the burden on the

    people through indirect tax hike of Rs. 23 crores Apart from direct tax benefits some of my colleagues

    have already mentioned wealth tax has been abolished corporate tax has been targeted to reduce from

    30 to 25 per cent greater concession and access to FDI and FII are absolved of capital gains tax and
    Transcribe on Software:-www.successstenography.com|Mobile App:- Success StenoTyping &
    Success Stenography|Mob./ Whats app:-8475062271 |Telegram:- Success Stenography

    minimum alternative tax A progressive taxation implies that individual and corporate pay taxes

    according to their ability to pay What is the composition of indirect and direct tax? The direct tax is

    different from indirect tax In the case of petrol around 50 per cent of the total cost is indirect tax I went

    through the entire speech It mentions several types of impacts of indirect tax on economy For every 100

    rupees collected as tax revenue approximately 30 rupees come from direct tax and the rest come from

    indirect taxes The Finance Minister has mentioned the international experience would like to draw the

    attention of the honourable Finance Minister to the composition of the international tax structure You

    are talking about the corporate tax I am mentioning about the component of direct tax in the total tax

    This is his international experience Why is the Minister not trying to implement this? This is time to raise

    the direct tax Instead of that the Finance Minister has tried to increase the indirect tax and decrease the

    direct tax
    Transcribe on Software:-www.successstenography.com|Mobile App:- Success StenoTyping &
    Success Stenography|Mob./ Whats app:-8475062271 |Telegram:- Success Stenography

    Now I am coming another international experience During the last discussion on the Budget I had also

    tried to mention the tax GDP ratio Our country is the lowest among the G-20 countries The tax GDP ratio

    in the case of China is 22 per cent South Africa 28 per cent Russia 30 per cent Brazil 33 per cent Sir

    increase in one percentage means increase of one lakh crores to the revenue of this country If the tax

    GDP ratio is as same as of China then India would get an additional revenue of Rs 9 lakh crores If it is as

    same as of Brazil then we would get an additional revenue of Rs 22 lakh crores Then there will be no

    question of these types of deficits The Government is trying to give more concessions to corporates It

    has already been mentioned by my learned colleagues so I would not like to repeat and go into those

    details Then I come to abolishment of wealth tax From the Finance Minister's speech I quote should a

    tax which leads to high cost of collection and a low yield be continued or should it be replaced with a

    low cost and higher yield tax? This is the logic for the abolishment of wealth tax by the Finance Minister

    Sir in 2001 the cost of wealth tax collection was 53 per cent of the actual wealth tax But what is the
    Transcribe on Software:-www.successstenography.com|Mobile App:- Success StenoTyping &
    Success Stenography|Mob./ Whats app:-8475062271 |Telegram:- Success Stenography

    reality now? This cost of wealth tax collection has decreased to 9 per cent So that logic does not suit for

    this year's Budget because you are giving more benefits to corporates Then you have imposed one super

    tax There is no constitutional liability of the Centre to give a share from this to the State Government

    That is what our understanding says Sir our Finance Minister follows Mr. Chidambaram's path In 2012

    that House and this House passed the Finance Bill along with retrospective implementation At that time

    Jaitley had taken the same position he was against retrospective taxation But the two Houses of

    Parliament passed a Finance Bill with retrospective taxation The then Finance Minster Mr. Chidambaram

    constituted a single man Committee On the basis of his recommendations he deferred the decision of

    the Parliament representing the whole nation

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