What would you have done differently if you were FM?

By Reuters Staff
February 12, 2010

Pranab MukherjeeThe government raised personal income tax slabs for 2010/11, which could result in a net tax saving of 20,000 to 50,000 rupees for those earnings above 300,000 rupees.

Fuel prices — Petrol (by 2.71 rupees) per litre and diesel ( 2.55 rupees a litre) — would be raised from Friday midnight.Are you happy with Budget 2010/11?

Reuters India asks its readers to don the finance minister’s cap and tell us what they would have done differently.

Comments

I would have taken 0% as the income tax upto Rs 5 lakhs and beyond upto rs 15 lakhs and above Rs.15 lakhs 10%.

I would have offered the Voluntary disclosure scheme and allowed people to declare their unaccounted wealth and asked for flat fee of 20% on their declared value – good revenue generation source without burdening the common man.

Reduce the excise duty to 2% on the metal manufacturers and also see that this amount is collected from every metal manufacturing company where generaly majority of small scale manufacturers do not declare the quantity produced and hence evade paying the heavy taxes. this way it will make every one compliant to the duty structure and prevent generating unaccounted for cash transactions.
thereby increasing our governments revenue.

Our country equires more steel/metal to be produced and utilised to build infrastructure hence discourage exporting raw material by increasing the export duties on minerals exported as raw material and at the same time ecourage and give SOPS to companies which export finished goods. This step will help us generate more revenues from finished goods and make us competitive world wide.

Posted by Shailender Prashad | Report as abusive
 

From last few years every govt is trying to force the people to enter into gambling ie. share market.Invest 20,000 in infrastructure bonds is what? Where is the social evil gone? Supreme court & Indian govt has banned cigarettes in public place as it is a social evil. Everyone praised the move but now where their ethics have gone. In every budget share market is everything and aam admi, farmers are just sidelined. In income tax slabs last year also higher executives were given the benefit by waiving off the cess, fbt etc. and this year too relaxation is made for them.How many common man is earning more than 3 lakhs. Why don’t stastitics are given in the budget?Even the budget is reviewed by higher officiating personnels in different tv channels & no aam admi is called. IF rupee is denoted by a logo what difference it will make to common man. A lot of American Companies & banks crashed last year due to share market but still Indian Govt. is still promoting the American trend and misusing it’s power by acting as an agent for share market.Does the common man understands the typical budget terms like fiscal deficit etc

Posted by ravindra bhati | Report as abusive
 

Our FM is cleary prorich. last year he withdrew surcharge benefitting earners with Rs.10 laks & above. Mukesh Ambai is believed to have saved over Rs.30 crores. This year earners between Rs.3-8 lakhs will save about Rs.50,000. What about people whose earnings are about Rs.3 lakhs or less. No concession. Who cares for strata with no lobbying capabilities. It takes a very big heart to think about poor people ahead of rich people.

Posted by nhk | Report as abusive
 

Those who are having income up to 3.00 Lakhs are not benefitted at all. “It is giving more to those who have enough and taking away from those who are having little.

A Govt. who stands for the low income group!!!!!!

Raise slab to 2.00 L from the present 1.60 Lakhs to do justice to the low income group.

Posted by Sujo Sebastian | Report as abusive
 

FM has given concessions to Higher earning individuals. Whats the use of this budget for entry level executives & those who are just accelerating on career. Atleast the lower band of Slab should have been hiked which would have benefited everyone rather than rich & HNI executives only who have been considered on par with entry level executives. I simply cant understand the logic of 10 % tax rate for one with 2 Lakh annual income & the same applicable for one who has 5-6 lakh income annually.

Posted by NITIN | Report as abusive
 

i am satisfied with the government decision. definetly, it will help in future for the nation as well as consumers

 

I would have relaxed tax to 0% for all those below 5 Lakh income BUT make it mandatory to file IT return for all even for BPL families so that all income is accounted for. Next raise the corporate taxes to almost double from what it is now. And then work with RBI to keep interest rates stable. This would stop salaries from rising but definitely increase spending. So hopefully there is growth without inflation and fiscal discipline achieved to some level. Also let Rupee appreciate a little bit so as to reign in cost of crude oil imports.

Posted by 007XXX | Report as abusive
 

i would free up all the commodity prices except diesel as that would increase inflation. decreasing the subsidy burden would result in increased public expenditure.

Posted by chezhiyanm | Report as abusive
 

I would like to say here, that there should be a revolutionary change in not only the personal taxation systems , but also the various other taxes.The system which now exist is not designed for India, but it is evolved from the British regime.

1) Every transaction above 2000 Rs, should be made White, for instance if you buy a motor bike, the registration will be only possible, when you are paying in white.

2) There should be direct deductation of personal level of tax from the source.
for instance , if your payment is 100 Rs , it should come through bank and the bank should only deduct the tax from it, Say 2 Rs. is the overall tax, in that suppose 1 rs is going to the state, 50 paise to Central, 25 to local Municipal authorities and so on.

3) Common Sales Tax for all India, as it is ONE NATION.

4) Black MOney is the main source of corruption, and the big value curreny notes help it to flourish, reduce the note value, all 1000 Rs , 500 Rs, notes should not be used, instead use Bank transactions for bigger transactions, ofcourse limitations in Rural areas.

5) Politicians in NOrway , get there Party funds in form of White money, so that it is also in the channel and they pay tax on it.

6) All bigger economies are big today , coz of all white transactions.

7) Dividends should be taxed, The big Corporates are greatly benefited with this.

8) more importance shhould be given on sports and sports person, ( not only on cricket) this would improve the fighting spirit and the overall health of the nation, inspired from the national heros.

9)Subsidy on Solar Equipments and more awareness of the Solar Energy within the society.

10) More and More companies should see at the organic growth of our country.

11) The supply Chain should be reduced and the farmers should get more benefits, Educated class should be inpired or agriciltural proffesion. Investment schemes on FarmLands, Increase the total agicultural productivity( with minimal use of fertilizers and developing efffcient ways of storing and distribution of these agricultural products.

more ideas, when i become the FM.

Posted by atulparab | Report as abusive
 

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