At a time when we are aspiring to become a global powerhouse, we have many boxes waiting to get ticked. Unemployment, deficit, deteriorating healthcare and education are the major balks of our nation. “If we have million problems and then we have billions minds to solve them”, these were the words of Mr. Narendra modi, who with the rest of intellectual army believes in the solution. in the Alladin whose name is startup, the enterpreneurship. It is the word for future which can
simply lead our graph of development to touch stratosphere but but, we have an issue like always and this one is even bigger than the iceberg of titanic and that is the tax system of our country.
If u drive a car,I will tax the street
If you try to sit,I will try to tax your seat
If u get too cold, I will tax the heat
cause i am the taxman….
These “beatles” lyrics are more relevant today then ever describing the reality of India’s taxation system
our tax policies are primitive in ways, there are numerous taxes like custom tax, capital gain tax,securities transaction tax,perquisite tax etc. etc.man we even have swaach bharat tax too.
if you start a business pay proffesional tax, if u somehow manage to keep the sales going pay sales tax, if you expand in other states by gods grace pay custom and central states tax and if u somehow still manage to buy official space pay land and municipal tax.
These taxes are very much responsible for burdening the common man’s back and especially the entrepreneurs. Taxes in our country bugs that much because our government does not provide us facilities of that notch be it in healthcare or education or in any other field.
For a entrepreneur our system is just like queen “cersie” from game of thrones, always ready to haunt you with never ending paper demands, uncountable taxes and “massa allah” officials
the hurdles begin from high percentage of taxation ranging from 25-40 percentage. This is a very gigantic demand from a person who bets his life savings to do something for society,rather then providing support and assistance government acts like a parasite most of the times. The complex issue of demacration between personal property and corporate property has constantly been bugging every entrepreneur. our system taxes them even for visiting a nearby cafe or visiting a hill station.
our government in 2016 budget announced plans for startups but there are some loop holes there too like companies having turnover less then 5 crore should pay 29 income tax plus other cess and charges while the newbies should be giving 25 percent,this is a bit naive and if u ask me this knacking is not required. Things like that are solely responsible for lower global rankings and S&P not increasing our investment status.
As things seems the day is not too far when air and water will be taxed. I can’t understand that If a singapore can do it right, denmark can do it right then why can’t we. According to me these taxes should be reduced and a one body should be created for reducing time.More concentration should be on improving and reforming rather than levying taxes or playing beefy politics .
Brexit, stagnating economies of china and America and a struggling brazil has provided a chance for india to step up and lead the crusade and for that we need to announce some solid reforms,foster startups and do something concrete otherwise we should just keep clapping at global forums and paying bad loans….