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WigglyMochi
Oracle6mo
The Skin Doctor kicking it out of the park as always🙌🏽
GigglyBurrito
Javis6mo
He gives best insights. I follow him on X
FloatingPancake
Edgeverve6mo
The problem IMO isn’t the taxation itself, but the sheer number of folks that get away without paying it (legally or otherwise) and a flourishing black economy is an indicative proof.
If you go to buy a house in a Tier 2 city and even some Tier 1 cities, a huge chunk of the amount has to be given in cash. For a person working a white collared job, it’s almost impossible to get this cash.
Smaller businesses netting a few lakhs per year (well above the taxable limit) get away without paying a penny in tax because most of their accounts are cash-based. If you draw the curve, the bottom 20% are white collared folks who don’t have a choice to avoid tax. The top 10-20% are folks that have too much to lose if they’re caught for tax-theft so they’re compliant.
The other 50-60% folks that don’t pay tax are the problem. If there is equity in taxation, it incentivises the government to lower the burden on an individual. GST (to some extent) has curbed black money, imo. It pays now to be tax-compliant at every step from manufacturing to sale.
Finding measure to curb the black economy and get more folks under the taxation scheme will eventually reduce the burden. Right now, it makes no sense for the government to kill a cash cow, unfortunately.