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Every single one of them. Everyone who participated in preparation of this report has to be FIRED. Or seconded to a MSME factory for next two years. WITHOUT PAY. https://twitter.com/IRSAssociation/status/1254082969083363330
A summary of their recommendations.
Paragraph 2.2.2:
Raising highest slab rate to 40% for total income levels above a min. threshold of Rs. 1 cr
Or
Re-introduction of the wealth tax for those with net wealth of Rs. 5 crores or more.
Paragraph 2.2.2:
Raising highest slab rate to 40% for total income levels above a min. threshold of Rs. 1 cr
Or
Re-introduction of the wealth tax for those with net wealth of Rs. 5 crores or more.
Second suggestion: Tax foreign companies in India. They call it a time-tested measure.
Third suggestion:
Covid Cess on income above 10 Lakhs.
Covid Cess on income above 10 Lakhs.
Fourth Suggestion:
Inheritance Tax
Inheritance Tax
Fifth Suggestion:
Base Erosion Anti-Abuse Tax
(nothing short of an FDI inhibitor)
Base Erosion Anti-Abuse Tax
(nothing short of an FDI inhibitor)
Sixth Suggestion:
Asking the rich to Give-it UP at least one tax-deduction they are eligible for.
(Yes, we know how that will work)
Asking the rich to Give-it UP at least one tax-deduction they are eligible for.
(Yes, we know how that will work)
Seventh Suggestion:
Target the accrued capital gains on inherited properties of overseas citizen.
Target the accrued capital gains on inherited properties of overseas citizen.
Eighth Suggestion:
Enhance the tax on the online transaction and services sector
Enhance the tax on the online transaction and services sector
These are the downright ugly ideas. Then there are bad and few good suggestions.
Listing the good suggestions hereinafter:
Listing the good suggestions hereinafter:
Good Suggestion No. 1:
Wage Support for MSME.
BUT see the language of distrust.
Wage Support for MSME.
BUT see the language of distrust.
Good Suggestion No. 2
Zero Scrutiny Year.
Zero Scrutiny Year.
No. 3
Amnesty scheme. (Bad:with 30+35% tax)
Amnesty scheme. (Bad:with 30+35% tax)
No. 4
MSME Relief
MSME Relief
Now, let's see some well-intentioned but stupid suggestions:
1. Corporate tax relief subject to NO firing of employees/restructuring.
1. Corporate tax relief subject to NO firing of employees/restructuring.
2. Full tax waiver for healthcare workers.
Why not Police, forces, sanitation and revenue workers? They are also at the front line.
Incentivise them through higher pay. Not tax holiday.
Why not Police, forces, sanitation and revenue workers? They are also at the front line.
Incentivise them through higher pay. Not tax holiday.
3.Superficial suggestions for real estate sector. Laughable.
The report has an entire section on "Checking tax evasion" which has every intention of creating the compliance burden on individuals and entities.
Overall, the report DOES not gave a single innovative solution but "time-tested" and "patiently bad-faith ideas".
It also shows that we are selecting idealists and socialists through UPSC. NOT realists or pragmatic individuals.
And I repeat, FIRE THEM.
It also shows that we are selecting idealists and socialists through UPSC. NOT realists or pragmatic individuals.
And I repeat, FIRE THEM.
