An Open Letter to the Finance Minister of India
We have a pragmatic Finance minister at the helm. He is a seasoned Politician. A friend of the Left, a Parliamentarian of vast experience, and very close the source of Congress power 10, Janpath. 5 and 7 Race Course Road are not relevant when Congress leads the coalition and is governing the Country. India, perhaps, due to practicising grass root economists, and Cambridge, Oxford and Harvard studied Economists, India never have to bear the holocaust of the Economic meltdown or world economic crisis. We have laid a road to progress. We know the path to prosperity. We will be guided by our goals and pragmatic vision which will take India to the pinnacle of Glory. Already BRIC is supposed to be akin the roaring Asian Tigers of the 90s. The world will be at out feet, sooner or later.
Our Finance Minister is hungry to tax the people. Already, he has made it very clear that people will bear higher charges for the petroleum products. Still, the under recovery the GoI will bear is estimated at Rs 20,719 Cr. National Rural Employment Guarantee programme (NREGA), Sixth Pay Commission, loan waiver for agricultural sector (Rs 70,000 Cr), subsidy on fertilizers, the FM in his election year budget procrastinated that the inflation will cease, and the fiscal deficit would be brought down considerably in a two year frame. When India recovers fully, our FM promised that we will breach 9% growth. In the post-Lehman period (2007-8), India was able to garner a shade below 6% for a couple of months and could settle down to 6.7%. In spite of the shadow growth, India attracted an investment of 25% of the GDP.
With having stabilized the enormous liquidity available in the System, our Finance minister is looking for greener pastures for begetting more taxation.
Already he has reached the super saturation level as far as TDS is concerned. The only sector from where government regularly gets tax is from the Tax deducted at Source head. Another head is the Services Tax when introduced by India’s present PM when he was Finance Minister yielding Rs 500 Cr has ballooned to Rs 60,000 Cr. According to United Nations Conference on Trade and Development (UNCTAD), India attracted FDI worth $ 34.6 billion, while the outward FDI was $ 14.9 billion in 2009-10, and by 2012 expected to be third highest economy for FDI in the world in 2012. The Indian exports are in strong weather with $ 185 billion, expected to surge $ 200 billion. The Goods and Services Tax is expected to increase the GDP upward by 2- 2.5% with 10% increase in exports. India will emerge as a $ 2 trillion economy.
The Country is happy to know that the Finance Minister is going to give a fixed salary of Rs 80,000 every month from the present Rs 16,000/- to every Parliament member, and correspondingly, the state assemblies will also increase the emoluments of Members of the Legislative Assemblies. These members are doing Public service and devoting their precious time for public good. With Parliamentarians in good mood, the nation can expect lot of good from these people who will steer the Country to great heights. Since, every Service is taxed in India, the finance Minister could reap a harvest, if he were to impose Service Tax on the Politician from the highest to the lowest, so that this constituency which has a good numerical number would provide many Crores to the exchequer. The Ministers at the Centre and State, panchayat members, municipal councillours,Corporation members, District Panchayat members, Rural Panchayat members, should be made to pay Service Tax. Why exempt “public service” from taxation? No taxation without representation, cried the Boston Tea party members. Representation with taxation should be our motto. Is it not, Finance Minister?
We have a pragmatic Finance minister at the helm. He is a seasoned Politician. A friend of the Left, a Parliamentarian of vast experience, and very close the source of Congress power 10, Janpath. 5 and 7 Race Course Road are not relevant when Congress leads the coalition and is governing the Country. India, perhaps, due to practicising grass root economists, and Cambridge, Oxford and Harvard studied Economists, India never have to bear the holocaust of the Economic meltdown or world economic crisis. We have laid a road to progress. We know the path to prosperity. We will be guided by our goals and pragmatic vision which will take India to the pinnacle of Glory. Already BRIC is supposed to be akin the roaring Asian Tigers of the 90s. The world will be at out feet, sooner or later.
Our Finance Minister is hungry to tax the people. Already, he has made it very clear that people will bear higher charges for the petroleum products. Still, the under recovery the GoI will bear is estimated at Rs 20,719 Cr. National Rural Employment Guarantee programme (NREGA), Sixth Pay Commission, loan waiver for agricultural sector (Rs 70,000 Cr), subsidy on fertilizers, the FM in his election year budget procrastinated that the inflation will cease, and the fiscal deficit would be brought down considerably in a two year frame. When India recovers fully, our FM promised that we will breach 9% growth. In the post-Lehman period (2007-8), India was able to garner a shade below 6% for a couple of months and could settle down to 6.7%. In spite of the shadow growth, India attracted an investment of 25% of the GDP.
With having stabilized the enormous liquidity available in the System, our Finance minister is looking for greener pastures for begetting more taxation.
Already he has reached the super saturation level as far as TDS is concerned. The only sector from where government regularly gets tax is from the Tax deducted at Source head. Another head is the Services Tax when introduced by India’s present PM when he was Finance Minister yielding Rs 500 Cr has ballooned to Rs 60,000 Cr. According to United Nations Conference on Trade and Development (UNCTAD), India attracted FDI worth $ 34.6 billion, while the outward FDI was $ 14.9 billion in 2009-10, and by 2012 expected to be third highest economy for FDI in the world in 2012. The Indian exports are in strong weather with $ 185 billion, expected to surge $ 200 billion. The Goods and Services Tax is expected to increase the GDP upward by 2- 2.5% with 10% increase in exports. India will emerge as a $ 2 trillion economy.
The Country is happy to know that the Finance Minister is going to give a fixed salary of Rs 80,000 every month from the present Rs 16,000/- to every Parliament member, and correspondingly, the state assemblies will also increase the emoluments of Members of the Legislative Assemblies. These members are doing Public service and devoting their precious time for public good. With Parliamentarians in good mood, the nation can expect lot of good from these people who will steer the Country to great heights. Since, every Service is taxed in India, the finance Minister could reap a harvest, if he were to impose Service Tax on the Politician from the highest to the lowest, so that this constituency which has a good numerical number would provide many Crores to the exchequer. The Ministers at the Centre and State, panchayat members, municipal councillours,Corporation members, District Panchayat members, Rural Panchayat members, should be made to pay Service Tax. Why exempt “public service” from taxation? No taxation without representation, cried the Boston Tea party members. Representation with taxation should be our motto. Is it not, Finance Minister?
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