seedhi Posted February 28, 2015 Posted February 28, 2015 2% surcharge is on INCOME , while wealth tax was payable on net wealth (assets - debts ..i dont recall the exact categories of assets included in the calculation ).Wealth tax was unwieldy to administer and enforce, and the yield ~ 9000cr was pitifully low compared to the total direct tax revenue. The wealth declaration has been absorbed into income tax and the revenue loss is (more than) taken care of by the 2% surcharge on income tax on income over 1%.
rkt.india Posted February 28, 2015 Posted February 28, 2015 Kejriwal can :yoyo: Yes, he can distribute LPG for free. No tension of subsidies.
FischerTal Posted February 28, 2015 Posted February 28, 2015 Yes' date=' he can distribute LPG for free. No tension of subsidies.[/quote'] Who pays for it though?
amiret Posted February 28, 2015 Posted February 28, 2015 Wealth tax was unwieldy to administer and enforce' date=' and the yield ~ 9000cr was pitifully low compared to the total direct tax revenue. [/quote'] I have already made the point that wealth tax was useless in my original reply.Try to read . However this new surcharge on people earning income of 1 Crore and above is also a regressive move. There is no reason why the Job Creators of India should be excessively taxed to fund the incompetency and profligacy of the Govt. Subsidies on food, fuel, railway ,fertiliser and others amount to a staggering Rs 3.77 Lakh crores. Was expecting at least LPG subisdies to be drastically reduced but FM has disappointed.
rkt.india Posted February 28, 2015 Posted February 28, 2015 Who pays for it though? He already said that he and Sisodiya can beg for that.
bulbul Posted February 28, 2015 Posted February 28, 2015 I have already made the point that wealth tax was useless in my original reply.Try to read . However this new surcharge on people earning income of 1 Crore and above is also a regressive move. There is no reason why the Job Creators of India should be excessively taxed to fund the incompetency and profligacy of the Govt. Subsidies on food, fuel, railway ,fertiliser and others amount to a staggering Rs 3.77 Lakh crores. Was expecting at least LPG subisdies to be drastically reduced but FM has disappointed. All people who earn 1 crore + are job creators? There were enough tax exemptions given to such people.This is actually good move,in some other countries people asked for wealth tax. Regarding LPG,its still used by poor people and they cannot afford to spend so much in LPG alone
amiret Posted February 28, 2015 Posted February 28, 2015 Oil Subsidy at 30,000 crores. Urea Subsidies at 74,000 crores. No reduction in LPG subsidies. has the FM reduced any subsidies ?
amiret Posted February 28, 2015 Posted February 28, 2015 All people who earn 1 crore + are job creators? There were enough tax exemptions given to such people. We are talking of income tax ! what special exemption is available to people earning 1 crore and above that is NOT available to everybody else ? This 2% surcharge is a meaningless move only intended to punish the creative , successful and hard working amongst us. Regarding LPG,its still used by poor people and they cannot afford to spend so much in LPG alone This is the same argument that has been forwarded by the SICKulars for the last 60 years.
rkt.india Posted February 28, 2015 Posted February 28, 2015 Oil Subsidy at 30,000 crores. Urea Subsidies at 74,000 crores. No reduction in LPG subsidies. has the FM reduced any subsidies ? and if they had done that, you would say this is not for Aam Aadmi.
amiret Posted February 28, 2015 Posted February 28, 2015 and if they had done that' date=' [b']you would say this is not for Aam Aadmi. No . No need to fantasize about what i would have said. Just read the opinions of Economists like Arvind panagriya or Jagdish bhagwati and you will understand the need for drastic reduction in subsidies.
rkt.india Posted February 28, 2015 Posted February 28, 2015 No . No need to fantasize about what i would have said. Just read the opinions of Economists like Arvind panagriya or Jagdish bhagwati and you will understand the need for drastic reduction in subsidies. So, are you against subsidies given by Kejriwal in Delhi?
amiret Posted February 28, 2015 Posted February 28, 2015 So' date=' are you against subsidies given by Kejriwal in Delhi?[/quote'] I don't live in delhi .I am against ALL SUBSIDIES.
seedhi Posted February 28, 2015 Posted February 28, 2015 I have already made the point that wealth tax was useless in my original reply.Try to read . However this new surcharge on people earning income of 1 Crore and above is also a regressive move. There is no reason why the Job Creators of India should be excessively taxed to fund the incompetency and profligacy of the Govt. Subsidies on food, fuel, railway ,fertiliser and others amount to a staggering Rs 3.77 Lakh crores. Was expecting at least LPG subisdies to be drastically reduced but FM has disappointed.Corporate tax is being reduced over a period of 4 years. The surcharge is tiny, 2% on the tax paid which (essentially) amounts to an increase of 2% X 30% = 0.6% increase in the marginal income tax rate. This tiny increase is only meant to offset the abolition of wealth tax. By no means is it excessive.
seedhi Posted February 28, 2015 Posted February 28, 2015 I don't live in delhi .I am against ALL SUBSIDIES.You should thank Jaitley that he did not introduce any major subsidy or loan waivers. That is mostly the trait of the jholawalla brigade of which Kejriwal is a prominent member. I will take a govt that does not add to subsidy over those that increase it at whim.
seedhi Posted February 28, 2015 Posted February 28, 2015 I still don't understand why the retrospective tax amendment is not abolished.
randomGuy Posted February 28, 2015 Posted February 28, 2015 Senses down by 112 :omg: ITC is cigarette co. Its pulling down sensex by 200 point rest all is decent. On Monday sensex will move higher. Todayis holiday for fund managers Corporate tax reduction is a massive positive for market
amiret Posted February 28, 2015 Posted February 28, 2015 The most ridiculous statement made by the FM Well-off should give up their LPG subsidy voluntarily: Jaitley. You are not running a charity Mr.Jaitley . Don't beg people to voluntarily part with subsidies if you lack the courage to eliminate them yourself.
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