When Nirmala Sitharaman dodges a question on high taxes in India

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It is a good habit to not respond to loaded questions, right?
Hmmm? :thinking:

Especially looking at the thumbnail/title of the video,
it is pretty obvious that intent of the “content creator”
is to creat clickbait and trigger outrage.

Also FWIW, apparenlty the complete quote (being taken out of context) is -

“A sleeping partner cannot answer sitting here.”

which was provided in a direct response to a broker who said that the brokers are the ones who invest money and take risks, but the government becomes a sleeping partner and earns through various taxes including GST, IGST, Stamp duty, STT, STCG-tax/LTCG-tax.

Naaah. i beg to differ. :slight_smile:

IMHO, the Do NOT feed the trolls is a justified approach.

Attempting to engage in productive discussion with such folks in good faith, is almost always a waste of time, and disrespectful to others (in a shared public session) with genuine actionable concerns.

Of course, there are instances where one needs to win in the eyes of public media.
However, it appears that the FM was not insecure enough that she would feel the need to justify herself publicly.

Also, in addition to taxes being levied as a source of income,
taxes are also used as a lever to control the economy.
i.e. to disincentivize any behaviour deemed detrimental.

Sorry - rant - wont continue further.

Don’t expect much from them, taxes on markets keep getting raised step by step whether its fair or not.

In return, what we get is bad water, no real social security for people in trouble, bad air, now it seems food has risks too.
Focus seems to be on slogans and catch phrases, buying opposition leaders or jailing them, joke of a press, just keep saying modi modi and development development, ayush, mandir etc etc.

Never liked politicians, modi gave false hope.

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This is a reality already affecting most metros and Tier-1 cities.

Relatively higher wages / income in such cities is a false mirage
when the cost of basic necessities (clean food, water, air, land) keeps growing faster.

I hope you are NOT falling prey to the fundamental attribution error
and jumping to the conclusion that anyone with a contrary opinion is a blind-faith-moron
and dismissing any opinion that is contrary to yours as “BFS”.

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  1. Business with high risk should’t have so many taxes
  2. Tax should be charged while exiting the trade only if the trade is in profit. If its in loss, my loss is someone else profit. so either way someone will pay the tax.
    Current reality is day robbery that both the person who wins and loose have to pay tax.
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there is one more tax that is income tax - even we pay all tax like
STT
GST
security transaction tax
Gift Tax
State stamp paper Tax
property Tax
water tax
indirect tax
CGST tax
even after govt is looking our empty pocket if any thing remaining means -INCOME TAX
india is a poor country but tax making indian to be poor forever

current govt is focus on sucking tax from comman man only

i will never file income tax - why i need to file - i already paying all tax

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Not applicable for Indian government. Really there’s too much getting taxed.

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There’s a difference between filing and paying taxes. Those who earn less than basic exemption limit can also file taxes but they need not pay anything

Lol health/term insurance is at 18% GST.

Very detrimental to economy right, safeguarding your future.

Car is at ~50% tax after factoring in everything. Roaming around with your family very detrimental indeed.

I don’t think you’ll find even 10 people in the entire country satisfied with the return on tax paid (among tax paying citizens)

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A taxpayer seeking relief from high Taxes is a Troll?

What is our Tax money used for? Advertisements and buying MLA’s

There is a plethora of taxes, some visible many other taxes are actually invisible. Apart from Taxes, Tax laws are such that and departmental harassments is even worse.

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IMHO, the framing by the broker ignores the investment in the underlying infrastructure and the economy itself, and hence is either naive or trolling.

In a public forum with the FM,
where other individuals presumably had genuine issues to highlight, concerns to flag, and questions to ask and receive responses to,
isn’t this unactionable naive/trolling question wasting taxpayers’ money and time?

The video / thumbnail caption further editorializes the quote out of context to make it sound outrageous.

i am not sure how abolishing taxes will help here until the underlying issues (eg. with unethical/corrupt individuals, some in power, others in waiting) are fixed. They will simply create alternate ways to fund what an abolished tax is currently funding.

And since the underlying issues are the root-cause,
why bother focusing on the strawman argument of “abolish taxes”.
Especially when some of the taxes are doing genuine good in the economy and society.

This has not been my experience.
If anything, it has gotten simpler and easier over the years.

So far, i am happy to pay the taxes i do,
in exchange for the (relative) stability and peace of mind offered
in an otherwise volatile and uncertain world.


PS: anyone reading this, i am NOT questioning your personal experience.

  • Just trying to highlight that there are other points to consider as well.
  • i hope you will agree that
    “taxes = bad” is too simple of an over-generalization
    that doesn’t help make progress towards actionable improvements.

As always, additional counterpoints are welcome. :slightly_smiling_face:

Does anybody foresee an alternative arrangement where the entire indian securities market is shifted to some other country where there are no or minimal taxes. People are highly innovative.

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Indeed. The concept of tax havens is not new.

However, over the recent years,
the general direction that India, and most other economies, are going in,
is to restructure taxation and forex laws
to nullify the advantages of moving one’s profits to tax-havens.

Do you trade actively and make money from it ? How big is STT component as tax for you? I am guessing that most of your gains from market come as capital gain. Then ofc, you will be happy as you are subsidized - CG is subsidized by STT. Everyone is happy when others pay taxes.

And taxation in higher brackets does kinda suck too.
Combined with STT and other transaction taxes, i pay more than 50% of income on tax for what i consider to be not large income. Atleast relatively. India is poor yes but if i want to leave the country ( not for taxes ), then purchasing power shrinks drastically.
Not saying taxes are bad, but higher brackets starts too early and inflation keeps making it worse. Less than 20k $ and already above 33%.

And then you look at exemption for agriculture and others. No limit exception. yeah right.

In return, we don’t get much if you compare against good countries. Lack of public investment into education and health care as % of gdp tells it all. Bad air, bad water. Slow judiciary. Less police per capita. etc etc etc.

Perhaps we can be happy by comparing against pakistan.

I’m in that catagory. 100% of my money comes from.CG. Not only taxes, evem my brokerage gets subsidised by f&o traders as I enjoy zero brokerage on delivery trades by discount brokers.
Until now, I used to say nobody should even look at f&o as its a loss making proposition for majority. But you gave me a reason to support f&o traders. Fron now on, I’ll support them. The more the number of these traders, better for me.

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hehe, as i said everyone is happy when others pay their taxes.
People complaining are the ones who pay.

Anyway, trading and investing are not exclusive so we can do that too and i will in future.
At some point it will make more sense to reduce work rather than pay more taxes and accept lower returns. Plus we can pledge anyway.
Or move out of country and gain access to large number of markets which is denied to us right now because of weak currency.