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FORUM

DEBATE(1)

1 Amit Shah

2Yogi Aditiya Nath

Rajshri Shastri

 

DEBATE(2)

1. Arvind Kejriwal

2. Chandrababu Naidu

3. Nitin Gadkari

In the same sequence.

Sanjay

 

Unequal distribution of wealth

The richest 10% of Indians own 77.4% of the country's wealth as per one of the Global Wealth Report. The bottom 60%, the majority of the population, own 4.7%. The richest 1% own 51.5% of country's wealth.While wealth has been rising in India, not everyone has shared in this growth. There is still considerable wealth poverty as per report. The gap between poor and rich is rising. One of the factor responsible is taxation system and its implementation. Fiscal deficit is rising and is concerned to the Govt. Direct tax collection is also falling short of estimated target. At least 1% population is having more than 50% of wealth and their wealth has increased in last 10 years. Has this category paid the correct tax? It is not known to the Govt. as Govt. has no system in place to check the correctness of their earnings. Some professionals are playing in money and having assets of more than 1000 crores. The gap is required to be reduced by proper policy interventions. There are anomalies and discrepancies in tax system also which is giving rise to fiscal deficit like reduction of corporate tax. Corporate tax has been reduced to less than personal tax which is something cannot be explained in simple theory. When corporate can pay tax, is there any necessity to reduce it. The one who can pay tax, should pay. There is no need to devote time and man power in lower category. 1% population is sufficient to contribute more than 50% of tax revenue. Indirect tax collection e.g. GST should be more than direct tax i.e. income tax as GST is paid by every 120 crores people indirectly. Unless indirect collection increases direct collection, fiscal deficit is not likely to be contained. To reduce income disparity and wealth distribution, our tax policy and implementation should be strong and simple. For example lot of problem being faced by people due to LTCG related to transfer of equity and equity oriented MF. Simple solutions can be worked out like no LTCG if holding is more than 2 or 3 years. Proposed budget should simplify some of the tax policy and procedures.

Naveen

 

CIC will gradually die down ?

I have been a regular reader of your column on RTI and have found it interesting. The CIC has been performing with hiccups but at least there was an organisation which was working for the people. By withholding appointments, it appears that this avenue available to the people would gradually die down.

Sushila Katiyar

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