The individual taxpayers got a tax incentive in 2012, there were no benefits marked after that.
Since Nirmala Sitharaman announced the Union Budget 2024, it became a relenting discussion about how the new tax policies impact the middle classes. The tax-paying population of India look at the budget with hope every time the Budget reaches its doorstep. The current scenario is that people earn and pay taxes as income tax, people spend money and they pay taxes as GST. The recent Budget release is not exceptional in this line.
Also, read| Why Everyone Is Talking About Indexation After Budget 2024
Netizens shared their concerns on different platforms of social media that the budget is going to hit them hard as India witnesses a rise in direct tax. A profile named Aditya Pandey posted that people prefer to work in America than in India after the Budget session 2024.
The real reason why people prefer to work in America rather then India !!
#StockMarket #sharemarket #Trader #investor #BudgetSession #BudgetSession2024 #FinanceMinister #Nirmalasitaraman #parliamentsession pic.twitter.com/fA7zVLFvDs— Adityα pαndey™ (@btwadityapandey) July 23, 2024
Users stated that individuals are taxed on income on the contrary, corporates are charged on profits after expenses are deducted from income as the common people who pay the most tax charges have no social security, no support from the government, or at least a pension. The individual taxpayers got a tax incentive in 2012, there were no benefits marked after that.
That’s why lot of people already moved to other countries or now will start moving very briskly.this government try to save their majority try to make happy peoples and looting at the same time .
— bollycode (@Bollycodeoff) July 23, 2024
Some raised concerns that they might have to pay half of their salary as tax and it will force them to leave the country and to settle in other domains like the US and Dubai. The new budget let them beg for everyday survival.
Modi govt should go. I can’t pay 30% income tax, 12-18% GST on almost everything I buy, 1.5 lakh road tax upon car purchase, 2-5 Rs/km toll tax to Nitin Gadkari, and 12.5%-20% tax on LTCG and STCG. I can’t have the jhunjhuna of Hindutva and beg to survive every day. #Budget2024
— arun agrawal (@Arun_2014) July 23, 2024
When compared to the US and Russia, the highest 30 per cent tax for salaried have to pay even if they have lower income. The Goods and Services Tax stays as the beast of the burden the corporates get some relief, but the middle-class individuals are not even in consideration leaving people to think about relocating to some other country.
Also, read| “Union Budget Disappointing For Poor, Marginalised, SCs, STs, And Religious Minorities”: Muslim Body
