Contribution for Union Budget 2023-2024
I have submitted following suggestions:
• Unconditional Exemption from GST to Members of Cooperative Housing Societies on their contribution towards common expenses from their Tax paid income. This is doble taxation.
• Restore Senior Citizen Concession for Train Travel
• Exemption limit for Income Tax for individuals should be Ten Lakh Rupees without any deduction.
• Maximum Income Tax rate for Individuals should be 20%.
• Launch a “Divyangjan Welfare Deposit Scheme”. The interest rate should be 10% payable quarterly and maximum deposit amount should be Ten Lakh Rupees. Tenure should be 5 years with facility of extension. Interest rate to be increased after 10 years depending on inflation.
• Senior Citizens Deposit Scheme 2004 should be renamed as ‘Senior Citizen Welfare Deposit Scheme 2023’ and interest rate should be restored to 9.3% on all existing deposits. Interest rate should not be reduced but increased to take care of inflation.
• Work out new GST rates for all goods & services without Input Tax Credit. This will stop frauds. Ease to do business will improve as only one return needs to be filed. Suggested GST rates:
I) 0% on exempted goods and services
II) 5% on all goods and services
III) 10% on Diesel and Petrol
IV) 20% on luxury goods and services
• Allow import of gold with reasonable custom duty.
• Exempt from GST Solar Panels manufactured in India
I request Local Circles to invite suggestions from members and submit to concerned authority.
• Unconditional Exemption from GST to Members of Cooperative Housing Societies on their contribution towards common expenses from their Tax paid income. This is doble taxation.
• Restore Senior Citizen Concession for Train Travel
• Exemption limit for Income Tax for individuals should be Ten Lakh Rupees without any deduction.
• Maximum Income Tax rate for Individuals should be 20%.
• Launch a “Divyangjan Welfare Deposit Scheme”. The interest rate should be 10% payable quarterly and maximum deposit amount should be Ten Lakh Rupees. Tenure should be 5 years with facility of extension. Interest rate to be increased after 10 years depending on inflation.
• Senior Citizens Deposit Scheme 2004 should be renamed as ‘Senior Citizen Welfare Deposit Scheme 2023’ and interest rate should be restored to 9.3% on all existing deposits. Interest rate should not be reduced but increased to take care of inflation.
• Work out new GST rates for all goods & services without Input Tax Credit. This will stop frauds. Ease to do business will improve as only one return needs to be filed. Suggested GST rates:
I) 0% on exempted goods and services
II) 5% on all goods and services
III) 10% on Diesel and Petrol
IV) 20% on luxury goods and services
• Allow import of gold with reasonable custom duty.
• Exempt from GST Solar Panels manufactured in India
I request Local Circles to invite suggestions from members and submit to concerned authority.
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These are very nice suggestions. 2023-24 Budget is Crucial for 5 State Elections and 2024 Central Elections. Presently Middle Class and Non Pensioner Senior Citizens are being CRUSHED, because of Very High INFLATION and Reduced Interest Rates for Senior Citizens.
Dec 24
Excellent Observation Need of the Hour requirement , Adding to that Spending on our Defence , Digital currency and Governing , reachable to Responsible persons reasonably , Transformation in Railways all are needed attensions . Reform Election Process such as reward points to open debate in every constituency under EC select only TOP three for qualify to contest and Elect one of three .
Dec 13
You have mentioned about double taxation. But this happens everywhere. For example, a business earns profits and is taxed on its income. It wants to distribute the income to its investors but has to pay a dividend distribution tax on an income which has already been taxed. Those people who receive the dividend income also need to pay tax on that (at least partly). After all these taxes, when one spends that money, you need to pay GST. Therefore it is not just double, but taxation happens multiple times.
Dec 13
Excellent suggestions, Sri. MOHIT PANDE; clear, concise, and crisp. One question I have, though, is how to fill the loss of revenue to the government. Should it reduce services? Should it reduce the benefits for Central government public employees? Should it increase taxes on the wealthy? Should it increase Incone Tax rates for businesses? Are there other ways to increase the revenues? Per an article from The Times of India: "The government of India spends a major share, nearly 50%, of its budget on interest, defence, subsidies, health and education. The remaining is spent on funds for various ministries and states, paying pensions and salaries to its employees, government schemes, the welfare of women, children marginalised communities and development of agriculture and rural areas. The government also spends a large sum of money on capital expenditure. Nearly 16% of the total expenditure is devoted to the creation of capital." I read comments like bribery and corruption. I am not sure if those are relevant to this discussion, unless the bribe and corruption are taken out of Tax revenues.
Dec 12
Reduction in cost of governance will create room for reduction in tax rates. People who are drawing pension in lacs including civilians are buying liquor and other items from army canteens. Is it not misuse of tax payers money? Why such canteens be in major cities ?
Dec 13
There are too many slips between cup and a lip. I wanted ration. They say you are not a white card holder. Who are these white men, let me know.
Dec 12
