Taxing times for the common man
People are forced to spend many anxious moments prior to the release of the budget wondering about what condition this year’s taxes will leave their income in. Whether it be directly through income tax or taxes levied on commodities, every year our situation seems to get worse.
What makes this hole in our pockets burn even more is the fact that we have to be spectators to politicians blowing up our tax money on impractical projects, as well as pocket it themselves in blatant displays of corruption.
It is high time the government generated revenue by privatising loss-making PSUS. The middle classes already constitute a minuscule percentage of taxpayers and bear most of the costs of the nation, and will be disillusioned with the Modi government if the tax on the EPF is not rolled back.
— Vanita Shenoy
On the national level, it has tried to give the farming sector a fillip by allocating funds to help increase yields. This may help them fight the vagaries of nature.
On the state level, our chief minister pitched for funds for coastal and other infrastructure projects, which had been given the cold shoulder by the finance minister.
On the individual level, and especially from salaried people’s point of view, the finance minister has failed miserably.
There has been no hike in taxable slabs for the third year in a row, and by introducing tax on EPF at the time of withdrawal, the salaried class has been dealt a frightful blow.
With no social security net and interests rates dropping, life after retirement is going to be tough. The FM must withdraw this tax as it would render life-long savings of employees vulnerable and push employees to work beyond retirement age.
— Ashok Goswami
This year’s was a mature budget. The main worry is the EPF taxation. This needs to be revisited because most Indians do not have social security.
Government employees get pensions, but a private sector employee has nothing. We need to address this divide and find a rational solution.
The taxes on eating out could have been reduced too. When one pays nearly 30% of the bill as taxes, surely there is no need to have us pay more.
Eating out in Mumbai is not an act of the luxurious.
For the time-pressed and overworked, it is part of daily life.
The increase in taxes on tobacco and alcohol are welcome but there should also be a system to tax country liquor houses. Also, when are we going to begin to crack down on the massive unorganised sector, and take some of the pressure off the salaried employee?
— Sunil Melwani
Encouragingly, fiscal discipline has been given priority in this budget. Adherence to the fiscal deficit target of 3.5% is a big positive and will send the right signals across the globe.
But the middle classes also need easier education loans, high-end skills development, reduced tax on low incomes. These could have been accommodated and would have made the budget wholesome.
— Arman Khan