Thread by @maheshperi

So, the FM talked of paying off oil bonds created by UPA. Here is a lowdown of the oil bonds, oil tax and the bungling of our economy. Thread:

1. Since NDA came to power, they taxed us close to 22.5 Lac Crore, repaid back only 3500 Crore and paid interest of 67,698 Crores. That is just about 3% of the fuel tax they collected. 97% of the oil tax is the cost of the way they handled the economy.

2. DIrect taxes are income tax, corporate tax and wealth tax. By having different tax slabs based on income/profits, they are seen as equitable. Indirect taxes are GST, Excise & Customs. They do not discriminate between rich and poor.

3. Our direct taxes in 2019, before the reduction in peak corporate tax rate from 30% to 22% was Rs.11.36 lac crores. This was 55% of total tax receipts. This move benefitted corporates who were profitable.

4. The reduction in corporate tax rate brought down our corporate taxes by 2.06 lac crores in just 2 years, from 6.63 lac crore in 2019 to 4.57 lac crores in 2021. These are profitable companies now paying lesser taxes.

5. These tax cuts announced with much fanfare before Modi's trip to USA brought down the direct taxes share from 55% to 47% in 2 years without any positive impact on the capital formation, consumption or economic growth.

6. This loss in corporate taxes was recovered from the fuel tax receipts. The oil taxes paid by people increased from Rs. 0.74 Lac crores in 2014-15 to about Rs. 3.6 lac crores in 2020-21. They would be Rs.4.5 lac crores equallant to all corporates taxes.

7. The reduced corporate tax rate contributed to a buoyant stock market thus doubling BSE index from 25600 to 52000 today.

8. India always boasted of a equitable tax structure and direct tax slabs was a direction. Today, we make the auto drivers and taxi drivers pay so that we can pay lesser income/corporate taxes and also earn through stock market gains.

India Today robs the poor to enrich the already rich. India is today, far from being an equitable and just country.

END.