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Facts About How We are Being Looted


On a bank deposit of ₹2000/- for one year, what U get is ₹160/- @ 8% interest. On a bank loan of ₹2000/- for one year, what U pay is ₹260/- @ 13% interest. But when U eat food for same ₹2000/- U pay ₹360/- @ 18% to Govt!! This is really nice! Just to remind.. How much we pay for buying an item worth ₹1000/- Assume that I need to buy an item of base price of ₹1000/-
Assume it attracts GST @18%
I will need to pay ₹1000/- + ₹180/- = ₹1180/- for that item. Now, I need to earn ₹1180/- first, to be able to pay this amt! Assume that I am in the 30% IT bracket
If I earn ₹1544.62, then I will have to pay IT of ₹354 (@20%) + Cess of ₹10.62(@3% of the IT) & that will leave M with an earning (after IT) of ₹1180. Hence, to buy an item of base price ₹1000, I need to earn ₹1544.62 Which means that I pay ₹544.62 in taxes on the purchase of an item of ₹1000/- And that, implies a tax of over 54.62% paid overall (through both direct + indirect taxes). Now, this figure will be far higher for items in the 28% GST slab. (You are paying over 65% in taxes)
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