The Government of India (GoI) may consider incentivising the younger generation to get out of their comfort zones and become self-dependent, gradually becoming really independent citizens. Please remove any and all taxes levied on the youth of the country (citizens below a certain age) as may be decided by experts. I do not have access to data on total contribution to taxes segregated by age groups, nor is it available in the public domain, so I am not in a position to point out a specific age. For example, GoI may choose not to tax citizens below 30 (thirty) years of age, and instead shift this burden on citizens above 30 (thirty) years of age. [i choose 30 (thirty) years because I am older than that, so such a policy will not benefit me.
The GoI may choose to not put YUVA M.R.P. on hedonic goods clothes above a certain price, luxury cars, et cetera and harmful goods like cigarettes, alcohol, et cetera.
Additionally, according to a comment by Shri Suresh Seshadri published in The Hindu today “Overall personal income taxes account for less than 2.5% of the GDP. So even if you make a small reduction in that, it’s really not going to have any significant impact on the slowdown. In the longer term, however, I think we are in an economy in which we have a tax structure that is too heavily weighted in favour of indirect taxes as well as a low tax-to-GDP ratio. So, in the longer run, we should be moving towards a larger proportion of direct taxes. And, therefore, a reduction in indirect taxes is not the way to go either in the short term or in the long term.”
With the above report, it can be deduced that firstly increasing direct taxes is the right way to go and secondly, the policy will have insignificant effect on treasury/GDP. But then again, the GoI is lead by politicians who care about vote banks and anti-government protests. So, totally removing the direct taxes of young citizens while increasing the direct taxes of older citizens simultaneously may also solve the problem of the vote bank. Those elders who whine, let them be. They will anyway find other ways to whine if not this. Old people are always opposed to change. [fact: young India will decide the 2024]
Coming to indirect taxes, the young citizens may use their AADHAAR cards to validate their age group and buy goods at lower prices form shops/restaurants with new YUVA M.R.P. printed on goods alongside the usual M.R.P print. Even if they choose to buy goods and then sell it to elder citizens, the arbitrage will only lead to the transfer of money from old to young, which is a good thing.
Firstly, we have huge arbitrage in imports/ exports/forex which is bleeding the nation’s economy but we do not care, so this too may be allowed to fly in larger interests of the society. Of course, the GoI may choose to not put YUVA M.R.P. on hedonic goods clothes above a certain price, luxury cars, et cetera and harmful goods like cigarettes, alcohol, et cetera.
Secondly, Why not? The party in power has bold numbers. Please use these time-limited numbers boldly. A gentle reminder here: [fact: young India will decide the 2024].
Note:
1. The views expressed here are those of the author and do not necessarily represent or reflect the views of PGurus.
Israeli missiles strike site in Iran According to a news report, Israeli missiles hit a…
Election Commission of India reports a staggering 16.63 crore eligible voters for Phase 1 The…
Delhi Waqf Board case: AAP MLA Amanatullah Khan appears before ED According to sources, the…
Indigenous Technology Cruise Missile successfully test-fired DRDO has conducted a successful flight test of the…
ED seizes Raj Kundra & Shilpa Shetty's Rs.97.79 cr assets; received bitcoins worth over Rs.150…
Amid gloomy global scenario, India’s economy is buoyed by strong public investment and service sector…
This website uses cookies.