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Policy and regulations

The super-rich tax can help the poor ink their own consumption story

Ultra HNIs allocate 55% of their income to discretionary spends. Their allocation towards investments is also on a decline. A higher surcharge on their income can in turn boost public capex, infrastructure development, direct subsidy transfers, and employment.
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madhavankutty-g
16 Aug 2019 7 Mins Read 0 comment
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It all started back in 2013. P Chidambaram, the then finance minister, was looking for a treasure trove to boost tax revenue. He spotted a group of taxpayers who had the ability to pay. A 10% surcharge on incomes above INR1 crore followed. Six years later, when Nirmala Sitharaman in her maiden budget proposed to increase the surcharge
be spent on infrastructure, public health, and to revive the animal spirits in the economy. However, as Sheel from ICRIER points out, compliance could be a major challenge and the focus should be on weaving a mix of policies aimed at better compliance and enforcement. Time to move towards a Direct Tax Code? ( Graphics by Sadhana Saxena)
It all started back in 2013. P Chidambaram, the then finance minister, was looking for a treasure trove to boost tax revenue. He spotted a group of taxpayers who had the ability to pay. A 10% surcharge on incomes above INR1 crore followed. Six years later, when Nirmala Sitharaman in her maiden budget proposed to increase the surcharge be spent on infrastructure, public health, and to revive the animal spirits in the economy. However, as Sheel from ICRIER points out, compliance could be a major challenge and the focus should be on weaving a mix of policies aimed at better compliance and enforcement. Time to move towards a Direct Tax Code? ( Graphics by Sadhana Saxena)

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