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Y'day, FM announced measures under #AatmanirbharBharat mission. I call considering it a stimulus, A tale of travesty, because of the following. (1/n)
1. FM lowered TDS rates by 25% stating it as INR 50000 crore liquidity support. But the tax liability & tax rates haven't come down? In fact, due to sale & profitability being severely impacted, the TDS itself will have to be refunded very soon. This isn't any stimulus. (2/n)
2. The due date to file Income-tax return and assessment extended. Can some1 from finance ministry explain how it will benefit business. As soon as business will recover from this pandemic, tax inspector will be standing at your door with an IT notice in hand.Great stimulus (3/n)
3. IT refunds will be processed quickly. Okay! How is repaying the genuine tax refunds back to taxpayer a stimulus? Irony is, so much money is held illegally by tax dept which ought to be paid right after filing of ITR. (4/n)
4. How is loan a stimulus package? Country faced banking crisis due to bad loans given w/o collateral and NPAs. Is country going to face the same 4 another decade? Giving loan is a regular business of banks. If its an stimulus, you cant beat Congress in your lifetime. (5/n).
5. Govt to give INR 90000 cr to DISCOMS? How its a support to MSMEs? Discoms are most inefficiently run govt org. They have been & will be in losses. This 90K cr will ultimately be paid to PSUs only that putting income 4m one pocket to another. Not really an stimulus. (6/n)
6. How can change in definition of MSMEs is part of stimulus. That should have been done earlier only. A reform doesn't need a pandemic to push. (7/n)
7. PF contri decreased form 12% to 10%. Its my money anyhow. Govt isn't providing anything. Plus, this will decrease my savings and pay me cash upfront. Eating my saving is stimulus by the new definition? ZERO economic outlay from govt again. (8/n)
8. It was sad to see that FM delivered wht ppl expected. n thats NOTHING. The next conference is scheduled on 14 May. Guess this thread ll be x2 each time FM appears with Bahi Khata only she & govt machinery understand. May be its a trick to make every1 Aatma Nirbhar truly. DIY!
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