Introduction: The GST Council in India convenes periodically to discuss and refine tax structures. Each meeting brings forth a mix of positive and negative developments, often revealing new ironies and fallacies within the economy. This article sheds light on certain inconsistencies, focusing on the taxation of non-branded atta or wheat, the exemption of cricket games like IPL from GST, and the associated revenue generation. Taxing Essentials, Exempting Entertainment: One of the glaring ironies in the Indian tax system is the imposition of GST on non-branded atta or wheat, an essential commodity consumed by the poor. Despite the burden on those struggling to make ends meet, cricket, a form of entertainment, remains exempt from GST. The Board of Control for Cricket in India (BCCI), the governing body of cricket in India, enjoys tax-free status despite being the wealthiest cricket governing body globally. Example: A daily wage laborer, s...
In the bustling markets of India, the price of a simple loaf of white bread, once a mere 15-20 Rs, has doubled to 30-50 Rs in just a few years. This seemingly trivial change is a stark reminder of the escalating cost of living in India's urban centers. If you find yourself grappling with rising expenses, here are some crucial insights to help you understand and navigate this economic landscape. 1. The Urban Price Surge: Major cities in India are becoming increasingly expensive. With limited land and an influx of capital into the country, land prices are soaring. For instance, construction costs in Goa have risen by approximately 25-30% recently. This increase directly impacts the prices of virtually everything. In the realm of traditional economics, the means of production are defined as Land, Labour, and Capital. When the cost of land escalates, it triggers a domino effect, causing a rise in rent, business costs, and more. While the prices of flats in big cities may not sky...