#UncommonSense ..... India has already become an #OVER #TAXED #ECONOMY on the #Consumer considering how such few people pay Income tax, poor people pay GST while Corporates pay very litte.
Combined Center & State Tax to GDP over 18%!! Compare that to China (Next tweet)
In china the Tax to GDP is 20%... but important things to understand is (Next tweet)
KEY difference b/n India and China is that, in China, 1/4th of the 20% tax goes towards Social Security Contributions (EPF, PF, Insurance, ELSS etc) which in India is termed as Savings and NOT Tax.
Effectively China Tax2GDP is 15% vs 18% in India.
Another Diff (Next Twt)
Another key Difference in China is that Personal Income tax (including Capital Gains) is just 1.1% of GDP while Corporate Income Tax (including CG) is 4.2% of GDP (400% of Personal Income Tax Collections).
In India Personal Income tax is => Corporate Income Tax Collections
Which is one of the big reasons why it's becoming OBVIOUS that India is turning out to be a HIGH TAX ECONOMY for hard working INDIVIDUALS while Corporates (and smart Businessmen) benefit with lower taxes.
Like China, Tide needs to turn to Tax Corporates More than Individuals
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