Thread by @Aryan_warlord

*How #SriLanka got ruined*

Lankans voted for #Rajapakshas knowing very well what they did in the past, including corruption, selling out national assets to #China, #dynastic politics and all.

They still voted for them because Rajapakshas promised things they could not refuse.

1. Their #GST, called VAT Tax, on all products was reduced to 8%, thus making everything cheaper in one stroke. (It also killed the govt revenue). People loved things getting cheaper.

2. The minimum #incometax threshold was changed from 5 Lakhs per annum to 30 Lakhs! Very few earned more than 30L!
A very large part of the population became #tax exempt. This was very popular among the salaried class.

3. For those with income over 30 Lakhs, the upper ceiling of maximum personal tax of 15% was created, so no one paid over 15% tax. For comparison, it is around 42% in India and between 40 to 60% in many developed countries.

4. Corporate tax was promised to be reduced to 14%!
Every corporate supported and funded Rajapakshas.
5. They abolished seven other #taxes, including a 2% nation building tax paid by businesses.
6. Zero tax for many industries like IT services and hotels that serve tourists etc.

7. Various taxes imposed on #religious institutions were promised to be scrapped. Srilanka's powerful #Buddhist Monks campaigned during election times to vote for Rajpakshas.

8. Individuals and companies engaged in #agriculture, #fisheries and livestock #Farming were exempted from any taxes for the next 5 years.

9. The daily minimum wages of tea workers were raised to Rs.1000. Instantly got all their votes.

10. Minimum salary for private company employees was fixed at Rs12500 per month. Every low #income family loved it.

11. #tax on retirement gratuity was reduced from 24% to 15%. All senior citizens loved it.

12. #pensions were awarded to state bank employees who were not eligible. Those employees loved it.

13. 15% VAT on apartments was scrapped. Young home buyers and construction industry loved it.

14. #FuelPrices were kept artificially low. They bought Petrol from #India, and still sold it at prices lower than India. No #tax revenue there either.

15. In a hurry to make Srilanka a developed nation, they went on an infrastructure building spree financed by #Chinese & foreign loans. #infrastructure that they could not use for productivity. Those projects became white elephants.

Rajapakshas delivered on these promises promptly as soon as they got into office. They #bankrupted #SriLanka in the process.

In trying to get so many things for free, Sri Lankans actually ended up paying much higher prices.
Now, Srilankan rupee trades for Rs 310 per dollar.

For an #Imports-dependent country, this means everyone's savings got reduced by the same ratio. Their buying power decreased. Their salary did not increase in proportion to the inflation. Thus everyone actually ended up with smaller incomes.

Besides monetary issues, it destroyed the country, has caused lot of human suffering with 15 hour powercuts, lack of #food, civil war like violence and #political instability.
Remember govt revenue is dependent upon taxes & without taxes & revenue govt income collapses .

Unless we in #India start taking an objective purely logical view towards politicians who offer handouts, tax cuts & doles like free #electricity & #water , free #transportation & think what is funding all those freebies we will face similar crises in time as well.

There are no free lunches ,we will all pay .Either peacefully via taxes & bills or tomorrow running from pillar to post trying to organize some petrol or food for our family in an collapsing country.
Don't let #India become #SriLanka , we all must pay our dues & reject freebies.

Reposting this here simply because people will inevitably link in #CentralVista without realising that the ₹1500cr budgeted for it in each FY is basically one day's worth of salary bills for the union govt .

https://twitter.com/Aryan_warlord/status/1509454011069460482?t=zWw9QPR3DPQJMD6RZP7UVw&s=19

#Punjab needs #industry & that Industry won't come unless Land rates go down .Why is land so expensive in #Punjab ,well because of #MSP based #agriculture income & people buying land using remittance dollars.
No easy lunches there.

https://twitter.com/KaalaChaashma/status/1513707849385668608?t=Ngy-g-jbwn1CRz7UrvMrKA&s=19

Fact is even today multiple states like #WestBengal #Punjab #Delhi would go bankrupt unless cushioned by the much larger economy of India as a whole .

"#India needs legislation to ensure no govt can spend anything beyond a fixed percentage of receipts as subsidies/doles."

How many industries are lining up to enter #JammuKashmir ?
That said the northern state/Union Territory has other more critical problems they need to solve first .

https://twitter.com/SunbakeD96/status/1513711132317343744?t=R3zyyOcb62zonrqksPNTJg&s=19

Could've been reduced had expenses stayed constant .How do you think India pays for the 7th pay commission salaries or OROP or MSP at 1.5 times intl prices ( pre Ukraine war) , how do we pay for coal used for free power & electricity to pump free water?

https://twitter.com/bobafetta3050/status/1513728639015088131?t=wBw1wU38uj78wORaz14h6A&s=19

Absolutely true , #taxation in #India is primarily designed to underwrite the millions who pay little or nothing .
That's the reality of our nation . What the middle class gains is a measure of stability & basic comfort .

https://twitter.com/bobafetta3050/status/1513772465440235525?t=hpcUQw-lNGk2Ay7cQbvZpg&s=19