What if income tax is abolished? | Budget 2022 | Nutshell

[@Nutshellindia]

What should we cover next?

[@ViratKohli-zm7kz]

About tata group of company

[@pranavpaithankar9693]

Central Vista

[@abhijeetsaxena2812]

NCERT Economics Book

[@artigupta5579]

TATA Airlines

[@artigupta5579]

The Income Tax should be abolished. Those who are not giving any taxes right now should get punishment in the form of increased GST

[@AG-cv7fx]

To recover the lost revenue , the govt can raise GST on Non essential goods & services like Restaurants, 3-5 Star Hotels, Spa, etc .

[@anuragtumane5227]

Every Indian wants income tax to be abolished.

[@pratikpadhye7562]

If income tax is abolished then it can covered through a 0.25% levy on every bank transaction above ₹2000/- be it UPI, NEFT, RTGS, FASTTAG etc.

[@masroorkhalil9655]

exactly i agree with your proposal.

[@sandipachary]

I don't think we can replicate UAE model. Because a lot of their revenue comes from oil and gas. They have been trying to reduce it but it is still around 25-30 percent. India doesn't have any such resource to fall back on.

[@soumitrapoddar3162]

The fact that income tax paid by 1.5cr PPL can only make 40-45 Antilia should be surprising and not the other way around....just explains why they say the government isn't taxing the rich enough!

[@jshagarwal6778]

The income tax can primarily be replaced by majority of these three taxes: a) Inheritance tax b) consumption tax I don't advocate to remove income tax at once, rather i preach the idea of 50 percentage decrease in it that can easily be compensated by the aforementioned taxes. Mention your views 👇👇👇

[@hxrsh_x]

50% decrease will be a great way

[@crazyshorts4278]

Government ko gaand mar lenge log agr Inheritance tax laga to,

[@sharduldiwan2009]

Basic exemption limit can be increased to 750,000. This will save Rs25000-30000 of the household. Also, the rich will be taxed as usual. Dsinvestment, Lease models will bridge the gap of 2lac cr.

[@scienceisreligion5618]

@@crazyshorts4278 how can one pay Inheritance tax? If he or she dont get money from it? By selling it? I dont get thjs.

[@rahulbhardwaj100]

Inheritance tax is evil and anti hindu.

[@Antoinecalligrapher]

I was serious considering it, till he said UAE. Like how are we even supposed to compare ourselves with UAE?

[@ramdhankumawat8258]

Income tax should be fixed @ of 10% and minimum taxable income should be 5 lakh

[@HimanshuSharma-hj4ts]

In my opinion, following steps should be taken: 1) Tax every earning citizen. 2) Make every essential item free eg. Education, Medical and Food etc and put an upper limit on these items above which he/she has to pay extra. 3) Govt. should collect tax on all non-essential items.

[@shrin210]

Problem is Govt will not run these free education and hospital efficiently throughout every corner of our country. There will be a lot of corruption. No income citizen is best option, which will also save expenses from these useless system. only taxing low tax on Essential items and high tax on luxury items is the best way.

[@scienceisreligion5618]

Removing Income tax would be Stupidity. You cant collect tax via gst. People will buy expensive items in Dubai for Zero tax and they have zero income tax. Thus Indian products wont develop if gst there

[@prashantpandya9250]

Why not simplify the tax applications and use reduced income tax for salaried individuals??? With current computer technology it is easier to track transactions than before... Why not introduce tracking system like Canada and bring more businesses into tax net than focusing on individuals?

[@santanodcosta3360]

If income tax is abolished, it will be the best gift any government has given to its citizens. Revenue from GST, EXCISE and CUSTOMS is more than sufficient if used judiciously by the government.

[@venkateswaransambamoorthy5242]

In chennai we are paying Metro water tax without giving the water connection for more than 3 years. In this way they hv to find out the way to collect the tax and abolish IT.

[@sourabsaklecha3141]

25% will the increase in GST on the product and not the entire product amount. 800 ka 1000 kaise ho jayega. Calculation check please.

[@nationalism1287]

Please make a video on the Topic of *”One Nation, One election”* the pros & cons

[@harsharaghav6083]

How can the ruling government attack their political opponents in the absence of IT.

[@InveSutra]

6.25 Lakh crore is inclusive of corporate tax and personal IT. Personal IT abolition can be compensated by banking transaction tax.

[@Universallaws.]

If our 90% economy will go through with bank, then we should be introduce BIT (Banking Income Tax). it mean after your all transactions, you save your income. and that income will be taxable at 20%. BIT is defferent from BTT, but both are work within bank. Think it.

[@dancingdev1088]

If they wanted to.abolish they wouldn't have spent money on ITR portal

[@harshaggarwal1000]

Put 1% BTT - Banking Transaction Tax On every transaction but before make big currency notes like 200,500,2000 should be demonitized.

[@ganeshrapelli7966]

Nicely articulated vedio. Why not create AI simulation models and study the possibility to implement in India? Also as mentioned studies should carried out how countries like Saudi are able to abolish personal income tax. Atleast they should try by reducing the incometax by half or quarter for limited period years and see the after effects.

[@pm....]

You guys are helping boost my interest in finance and economics!! 😊😊👍

[@omkarpatel4599]

If you want to learn finance and economics, learn Austrian school of economics that challenges Keynesian school of economics. You will develop deep understanding of markets and con games of banks and governments.

[@zohaibmoiyadi]

Surely, I believe we should be in the favour of abolishing the income tax as there are more pros of it than cons. Thanks for this news tho, being a student new to economics it was very helpful.👍🏻

[@arjunrangarajan6634]

Yes Income tax can be abolished but they can have 1.Corporate taxes with increased percentage they are at 5yr low (Most of the corporates cheat with Auditor and claim more money in Gst input tax credit) 2.As swamy said fixed deposit FD rate can be increased as a result lot of people will invest in banks which inturn raise Gross Capital Formation But RBI has to make sure of money supply. 3. Reduce the scope of Gst in some goods and services so that State finances shall improve Even though Sensex will drop to some extent 😁😁 Indian Economy is a regressive tax collection economy starting from Vedic period

[@TheStudyShackbySanketManiyar]

Corporate tax has been lowered to bring in investment... It should be low only

[@arjunrangarajan6634]

@@TheStudyShackbySanketManiyar Well it doesn't yielded any good results in macro level till now only PSU's and LIC (indirectly) is investing in poll bound state For the losses they are compensating in petrol & diesel prices crude is also increasing it might touch 100$ per barrel Fdi has dropped significantly as per RBI latest report

[@aditheorigin4926]

Well, may I ask you if an Indian should focus on extreme saving or spend a good amount to circulate the earned money?🤔 @Nutshell

[@chauhannishith]

Instead of abolishing income tax just increase the limit to 10lakhs and you will see the reduction in number of tax pyers

[@SICKBOY48]

This is side way thinking buddy. There is no comparison with UAE. India is Diverse and huge in every aspects.

[@rishoorai3098]

Loved this video

[@rishiyadav2427]

It should never be abolished infact we should Include the rich farmers as Income tax payers. You only talked about revenue, Inflation will be a bigger issue if Black money becomes legit money. Prices will shoot up. We just need more income tax payers.

[@klawtawar]

If people save they will go for foreign vacations. Money will go out.

[@prasenjeetrathore]

Ganta hi income tax abolish nahi karne wali koi bhi government. Upar se capital gains tax aur laga rakha hai 20%. Matlab middle class ki jeb kaat lo har jagah se.

[@inter3988]

Increase taxes on online betting apps Increase taxes on cigarettes Increase taxes on alcohol Find out a way to make more people buy tickets for local train journey Then I think the revenue will be much more than income taxes

[@prudhvirt]

Tax more on luxury goods and expensive items.🤑🧐😠😭😅

[@anirudhpadhi2850]

Kya pata .. magar aacha khasa paise tax pe chala jata hai ...

[@hiteshgujarathi4636]

Lets say that people started saving money i then bank became of 9% interest rate and bank started lending more money. What about NPA? Without income tax how you are gonna track money? And you really think that by abolishing income tax people who have black money will suddenly put their money in bank? What kind of nonsense is this?

[@gladwinfernandes4233]

remove GST for income tax peoples. collect only one tax from citizens

[@mandarp9472]

Govt is there to collect tax without giving any service in return. India has poor quality service in most of the areas. 1) Poor Air, Water Quality 2) Pot hole filled, narrow roads 3) Poor Law & Order 4) Outdated laws & regulations 5) Four crore pending cour cases 6) Very slow, lengthy, cumbersome judicial process 7) Corruption at every level 8) Very poor Healthcare Infrastructure which the country has seen during 2 nd wave 9) No Retirement Benefits 10) No Old age care 11) Water Shortage across the country

[@11andy]

Indirect taxes from luxury items should be↑ Indirect taxes on necessities should be↓ Direct taxes from celebrities and ultra rich should be↑ Direct taxes from hard working salary men and entrepreneurs (who contribute in the economy) should be↓ or waved off This is the best option, which the govt will never apply😶

[@hiteshgujarathi4636]

You are plain stupid 😂. Luxury items are already costly so the tax amount is way higher. If you increase that tax percentage then people won't pay taxes. Rich people are leaving the country because of taxes and you are saying they should pay more taxes? Where will government get the money from? Larg chunk of people gets freebies like farmers, poor peoples, and government have to borrow the money for that. What will be the source?

[@SkyLoreking]

if Swamy sir is appointed as the central finance minister that is the first thing he will do

[@SkyLoreking]

It will be good but it won't happen.

[@tsvenkateshts3035]

Instead of Income tax better to bring expenditure tax system there number of countries developed better than India and Income tax system is more confused and lot of correption in that system.

[@Da__goat]

I love this idea

[@nikeshwaghmare9841]

when you say corporate tax its as known as Income Tax, if one wants to abolish Income Tax, 'Corporate Tax will also be abolished' Half knowledge is dangerous And Idea of Expenditure Tax Act , we already have Goods and Service Tax Act which works with same mechanism and one last thing Income tax Department is yet to start reassessing Demonetisation Year, currently Income tax Department is reassessing ITR of AY 16-17 (for more Information Learn Income Tax Act, 1961), so for AY 17-18 (year of demonetisation) will be Next Year. Peace Out

[@prateek4279]

Uae has oil , my friend.

[@arjudas5163]

Lol UAE main source of income is tourism make some research before commenting 😂

[@hiteshgujarathi4636]

​@@arjudas5163ganja funka he kya? Unka main source oil he.

[@sibyeapen3716]

That’s how Dubai work. That’s how they think.

[@athribhat2243]

Uae is thinking bringing direct tax please know

[@prasadrebala]

Well done Shivam 👏👏👏

[@srinivasababuteegala]

Income tax need to be abolished . Introduce expenditure tax on high value items like liquor, Gold, Silver, Luxery items not on general provisions and vegetables and fruits.

[@MetoFulcurm]

Salary people should not pay taxes. There should be corporate tax. Only the rich people (entities) should pay taxes. This could empower small businesses.

[@meeraj-4774]

Already rich people are leaving india coz of high taxation if this keep on going only job seekers will be left on the street.

[@suryavikramaditya2851]

Banking transaction tax after few years on every transaction at 0.5%

[@harishkd1]

Can't compare uae vs India..

[@shobith5509]

to those people who are thinking very the black money has gone it didn't go anywhere it went into real estate and farmlands I give a small example .around Hyderabad cost of 1 acre of land is more than 1cr but on paper, it is technically an agriculture land which is valued less than 5 lakhs .so here comes the 90-95 black money.

[@CriticRoshun]

Demonetisation black money hatane ke liye tha???? 🤣🤣🤣

[@ashishvardhankata1135]

Increase tax on lands but, not agricultural lands and their should not be any constructions on this land. And increase tax on multinational companies and on royalty products like high range cars, high budget palaces and jewellery so that common people will be not effected . And one more point is digging bores should be stopped (otherwise it can lead to a massive earthquake to our country) and government should build water supply chain and take charges on that.

[@rahulbhardwaj100]

Well this guy has provided an oversimplified view.increasing gst will not adversely impact the poor. Why? The economy isn't a simple microeconomics system, it's a complex macroeconomics system. If you abolish income tax and increase gst, consumption will increase(because increase in gst, percent wise will not be as high as income tax), investment will also increase, talented people will move to our country, increasing innovation. All of these will help the economy grow and the poor person will have more income and hence will be able to lead an even better lifestyle. It's a stupid assumption that consumption taxes are tax on the poor or the middle class, because it is based on a very simplistic model. High income tax on the other hand is exploitative against people who are highly productive, it discourages people from staying in India and encourages them to move somewhere else, with a lower income tax.

[@Vijay-ep6yt]

I personally feel paying Tax is useless especially in countries like India where corruption is high and the amount of red tapism is huge. Here, Governments focus on stealing more than giving services. We lack accountability If someone gets killed in my constituency,the elected represented of the area is least accountable. So ya, we are paying just for sake of it. Substandard services are there Legalise Black Money ogmf certain "ethical sector" The parallel black economy, has huge potential to make India from rags to riches. Let me give you an example. Kashmiri Pandit is a honest community, and I guess majority of those, would be law abiding and tax paying citizens, but they were thrown out of the valley, and are yet to get justice ? What was the reward of their honesty ? When state can't save lives of people, and give justice, they can't demand taxes for the "pseudo" services they provide.

[@ketanthakker5727]

Forget about abolishing IT. In future IT dept will fix the meter on everyone's toilet flush tank. The no. Of times you flush it , you pay the tax.

[@seemapurbiya128]

Corruption will be widespread

[@rammehar651]

सरकार ने देश के गरीब को कुछ देना तो भी नहीं जब सारे चोर टेकसं बरने लग जाए गे सब से बडा चोर अडनी अबानी हैं देश में

[@vijay4ris]

Hey, Simple solution to cover the loss of income tax, increase the GST as you said but not same ℅ for all items rather it should be depends on product. Say for example, if a individual buying normal Tata car then GST should be 18% and when it's Audi then it should be 60% . So in this way it's not same% for all individuals and it applies for all consumer products too like normal hamam soap to yardley types...

[@pscreations8168]

Yes, maybe ek price range hona chaye jisse ki 5% gst jo normal ho or 28%gst jo luxury h uspe. Sath hi aise gst rates bhi lagaya ja skta ki jo made in India me manufacturing krega uspe 12% or bhr se import krne par 28% gst lagya jaye. Ye meri sujhau hai.

[@hiteshgujarathi4636]

Kya chudap laga rakha he? People are already paying 100% import duty on luxury vehicles and you are saying increase that? Dimag laga apna bhai. Unke prices already high hote he so unpe lagne wala tax bhi high hota he bhale percentage kam ho. Or agar wo bhi badha diya to tax chori hogi or corruption gand marega pure Desh ki.

[@abhinavdharmani3362]

I think problem with India is advertising its own public enterprises and government bodies ... Yes there is scope for better work and better advertisement of what we have

[@Hussainpiplodwala]

I think that income tax should be FLAT 20% for everyone who is in tax slab...35% is too much..

[@aasifhussa]

I think income tax should be abolished, the loss from it should be cover through corporate tax and tax on exises duty. Also it could be recoved through expenditure tax and Increase in GST rate on only durable goods like ,car , machinery, industry tools etc.

[@meeraj-4774]

Businesses will leave india if they increase corporate tax. it should also be reduced

[@monojitdas446]

Ha that loss government can increase the gst rate

[@RealManasBose]

*Georgism is the best revenue collecting model*

[@vishakhachauhan2025]

Income tax puri trah abolish na krk thora decrease kr de or expenditure tax bdha k lgae to 🤔

[@rudrajitghosh8257]

Why not make direct tax a state subject, instead of union subject?

[@ashwin92sonu]

😆 haha..

[@yaserfrazer]

Take a middle path.... Reduce tax by 50% and inc. GST by 50% and watch...

[@rajesh13045]

there will be extra 20% in following car above 10 lac second property in family, All hotel room more than 5000/- Travelling abroad tickets Alchol and gutka other consumption All product and services which is used by rich peoples

[@kapilmeena8839]

since income tax is paid by very small percentage of people who does not have much power in making govt. by vote.

[@kaatakaata7922]

Income tax in our country is encouraging corruption in different manner. IT, ED and other related authorities are act like the “dyn “ witch in India. Hence, abolishing of such authorities may help people to bring back even black money in the market.

[@siveshbansal4162]

Apply BTT

[@rajmodi3107]

👍

[@optimisticdj9573]

You stole the script of video from a 11th class student.😂

[@manojt9372]

Income tax persentage is very high if you 5lakh above taxable income each lakh money you earn you should pay 20600 Rs tax this is unfair but for bussiness people can show expences high and reduce income all other taxes we are paying developed contries give social security if you have no money health every thing taken care

[@ayushjain_11]

Income tax cannot be abolished Only TDS should be deducted

[@Topquark1]

If Trillions of fiat Dollars are printed by the Private Central Bankers calling it QE Quantitative Easing decently, why can't the governments do the same to expand the economy of a country.

[@Abbijeet_KR]

Don't copy topics from other channels

[@CaptainCommerce]

Jo bhi ho.. itna bada decision sitaraman se to nai handle hoga.. she is the shittiest minister in the whole cabinet

[@chajedgourav7094]

G20 Countries have signed agreement not to be reduce income tax below 15% , so stop dreaming

[@freefireshayam2473]

7

[@AjimKhan-ud2et]

99

[@mahipalsingh5290]

4

[@yog146]

The video is incorrect at so many levels

[@suryapratimpaul]

I think government can easily recover the loss of revenue through income tax by simply founding more government run enterprises. I urge our governments at all level to be better entrepreneur. Found businesses which may be diffult for some of our rich. Businesses can only do good for everyone.

[@NikhilAngadBakshi]

Governments running businesses defeats the whole purpose of free market economics. Government run businesses also end up being poorly run (There are ofc many examples but Tata Airlines, one of the world's premier airlines was nationalised as Air India and 70 years later it's in extreme losses and Tata has had to buy it back. Imagine what it would have been if Tata ran it for 70 years.) Another reason for governments to NOT run businesses is that it can conflict with their primary role of serving the people. The government's role should be to frame policies with the peoples interests in mind and enforce the rule of law on corporations so that the citizens of the country are protected. Viz entrepreneurship, consider whether your favourite Indian startups would've been as good as they are if they were govt run. The government should make it easy to start-up by providing many avenues for funding, less red tape, clear regulations, etc.

[@samadhandhangar7829]

ट्यक्स,किसकेलिये,लेतेहै,मोदिजि,आपनापगार,बडानेकेलिये,किसकेपाससे,लेतेहै,गरिबोके,पाससे,ऊनेकेपास,ऐकटामका,खानानहिहै

[@HarrisRexy]

Ek baar kar ke dekhna chahiye abolish Till then try other countries model like uae

[@yogeeshshirode1827]

Btt

[@athribhat2243]

Remove income tax then you will see it's effect.. The biggest blunder if income tax is destroyed.. This all foolish argument

[@organictokri]

Reduce income tax ℅ Poor - no tax Middle class - 5℅ Upper middle - 10℅ Upper class -15℅ Rich - 20℅ More people will enroll in this slab

[@mukeshram4416]

Mukesh kevat

[@mukeshram4416]

Mukesh kevat Mukesh ke h

[@francisjose7267]

😍

[@shobith5509]

bro expenditure tax doesn't work in India as more people don't willing to spend on things.

[@purandarshastri7818]

Gadha kahi ka tax ke karan hi saman mahanga ata hai

[@ashokkasarapu6804]

JAI BJP🚩✊

[@ishaanagrawal7488]

Abolish karo , humara syllabus kam hoga

[@unstoppablerunner1836]

Abe selfish kahinka 😂

[@unstoppablerunner1836]

Phir doctor ka syllabus bhi kam kar dete hai

[@socialistsolidarity]

Income tax could be replaced with a wealth and interance tax. Get the Millionaires and the Billionaires pay their share!

[@nitinullas]

India already has plenty of the rich leaving the country. The (tax paying) rich aren't getting the benefits of high taxes unlike what they would in developed countries. This will only drive more of the rich away from the country.

[@HimanshuSharma-hj4ts]

Millionaires and Billionaires are already paying their part of share by creating jobs for public. We should be concerned about our lower income bracket citizens and find the solution using which they can transit to higher income bracket.