Once upon a time per capita GDP of India was higher than China. Now GDP per capita of India is one-fourth of China's GDP per capita
Indian taxation philosophy is primarily driven by the assurance and ease of tax collection. Collecting taxes from certain items (beasts of burden) is very easy for tax collectors and these items assure full tax compliance.
The annual budget time has come. On 1st February 2021 finance minister of India Mrs Nirmala Sitharaman will present the budget for the financial year 2021-22 in Loksabh. Every pink paper and some white one also are publishing expectation from the budget. We also have a list of expectation from the budget.
Well a couple of months back (around August-September 2019), many pink papers published news that GST (Goods and Services Tax) will be reduced on automobiles (Cars, Two-wheeler, trucks …). The reason given by these grapevines was low sells of automobiles; however, GST was not reduced.