Disclaimer: The opinions expressed in this answer are those of the writer,
Ritij Saini, and do not represent the views of our platform.
Income Tax (IT) Related
- What are the expectations regarding the 0% Income Tax slab?
The 0% IT slab should be increased to INR 1 crore/year income. IT on income greater than INR 1 crore should be applied at the slab rate of 30%.
- Should agricultural income be taxed under Income Tax?
Yes, agricultural income should be brought under normal IT slabs.
- What is the expectation for taxation on short-term and long-term capital gains (STCG and LTCG)?
Tax on STCG and LTCG, including gains on property, should be brought under IT slabs.
GST (Goods and Services Tax) Related
- Should petrol and diesel be brought under GST?
Yes, petrol, diesel, and other fuels should be brought under GST.
- What are the suggested GST rates for different types of fuel?
- Normal petrol: 28% GST
- Diesel: 35% GST
- Ethanol-based petrol: 5% GST (to promote sugarcane farming in Maharashtra).
- Should residential and commercial rent be taxed under GST?
Yes, GST at 35% should be applicable for residential and commercial rent under the Reverse Charge Mechanism (RCM). Currently, only 18% GST is applicable on commercial rent.
- Should property transactions be taxed under GST?
Yes, GST at 0.5% should be applicable on all property transactions to help reduce black money in real estate.
- Should GST be applied to home loan EMIs?
Yes, GST at 35% should be applicable on home loan EMIs to curb rising real estate costs.
- Should GST be applied to foreign education loan EMIs?
Yes, GST at 35% should be applicable on foreign education loan EMIs to curb the trend of going abroad for education and promote fulfilling the Indian dream.
- Should mutual fund and stock market transactions be taxed under GST?
Yes, GST at 5% should be applied to all mutual fund and stock market transactions.
Startup and Business Support
- Should more funding schemes be introduced for startups and small businesses?
Yes, more funding schemes should be introduced for startups and small businesses at the pre-seed/pre-revenue stage.
- What changes are expected in the Startup India scheme?
The requirements to avail the INR 10 lakh grant under the Startup India scheme should be relaxed.
- Should small businesses and startups receive collateral-free and interest-free loans/grants?
Yes, collateral-free loans and interest-free grants should be offered to small businesses and startups, respectively, up to the amount of INR 1 crore.
- What challenges do startups face with venture capitalists (VCs)?
Startups in the pre-seed/pre-revenue stage face issues in raising funds as VCs often demand revenue before considering pitch decks. The government should intervene to address this market failure.
Liberalized Remittance Scheme (LRS)
- What changes are expected in the LRS scheme?
The LRS scheme should be relaxed to $1 million/year, and Tax Collected at Source (TCS) should be removed from LRS transactions.