Would there be an increase in taxes after lockdown?
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Post the lockdown, we are more likely to see cuts in taxes rather than a spike in taxes. In the Rs.20 trillion package, there is a provision for Rs.1 trillion in the form of tax cuts. Government is unlikely to burden the Junta with a higher tax burden. Of course, it is possible in case of the super rich but not the large middle income masses.
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While the nation is in lockdown and all the related activities have been suspended, there’s a hole in the pocket of every businessman and consequently, no tax collection by the state government. Therefore, state governments are looking to hike the taxes wherever possible, so that the deficit could be covered up to some extent. There are several areas where tax could be increased or has already been increased, such as Liquor, petrol, etc.
The liquor shops have been opened considering that they would generate more revenue for the government and within a day state governments generated great revenue. After this, most of the state governments have hiked the taxes by around 25% to 75%. Oil prices all over the world are reducing and therefore, the state government has decided to increase the same as well.
Due to sealed borders, the chances of smuggling have been reduced to a great extent, therefore, state governments could increase the taxes easily. While the Central government is providing great assistance to the States, they are still short on the revenue and will take certain other measures to cover the deficit.
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If increase all taxes at all Indian citizenship or all indian peoples most problem facing because no any type support to peoples side from government, so i request to all taxes department at taxes taken any type taxes
Thanks.
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While the nation is in lockdown and all the related activities have been suspended, there’s a hole in the pocket of every businessman and consequently, no tax collection by the state government. Therefore, state governments are looking to hike the taxes wherever possible, so that the deficit could be covered up to some extent. There are several areas where tax could be increased or has already been increased, such as Liquor, petrol, etc.
The liquor shops have been opened considering that they would generate more revenue for the government and within a day state governments generated great revenue. After this, most of the state governments have hiked the taxes by around 25% to 75%. Oil prices all over the world are reducing and therefore, the state government has decided to increase the same as well.
Due to sealed borders, the chances of smuggling have been reduced to a great extent, therefore, state governments could increase the taxes easily. While the Central government is providing great assistance to the States, they are still short on the revenue and will take certain other measures to cover the deficit.
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It may be something depends on our growth domestic productivity(GDP ) but according to my views if every person buy "made in india" product then its chance be little to increases the taxes.our Indian government trying to minimize all taxes as much as possible.
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Of course it may be increase or not. It depends on decision of government