Ashneer Grover mentioned in a separate video that when he becomes a politician, his top priority would be to lower tax rates in India.
Last month BharatPe founder, Ashneer Grover strongly criticized the recent government notification that stated an increased Tax Collected at Source (TCS) rate of 20 percent would be applied to international credit card expenses.
Ashneer Grover thinks that India’s tax system is unfair, as the government takes away 30-40 percent of our income without providing any noticeable advantages. The entrepreneur and former judge of Shark Tank India expressed in a couple of videos that paying taxes in India feels like a form of punishment.
“Paying tax is like charity in our country. They don’t receive any advantages,” Grover said. “Let me ask you something, when you know that out of the Rs 10 you earn, Rs 4 will be taken by the Indan government, you end up working for the government for five months out of twelve. Now, how many years in your life do you have to serve the government like a slave… and we have all accepted the situation by saying, ‘It is the way it is.'”
Ashneer Grover added that entrepreneurs, being aware of this, choose not to pay taxes. However, salaried employees do not have a choice as taxes are deducted directly from their income. “So taxes feel like a punishment. Moreover, we also have to pay 18 percent GST on top of that. So ultimately, who are we working and living for?” he questioned.
Here is the Video of Ashneer Grover
In another video, the former BharatPe founder Ashneer Grover mentioned that when he becomes a politician, his main focus would be to decrease the income tax rate in India. Grover also added that if the rate is set at a flat 10-15 percent for everyone and no one can avoid paying it, the government would actually collect more tax.
“In the video, he said, ‘If I become a politician, my first goal is simple – to decrease the tax rate in India.’ ‘The government thinks it can take away 30-40 percent of someone’s earnings without providing anything in return. Seriously! It’s not possible for people to not try to find ways to avoid paying taxes.'”
“India is a country where we need to try something different. Let’s set a tax rate of a fixed 10-15 percent for everyone,” Grover suggested. “And if everyone is required to pay taxes, the government will actually collect more tax than it does now with the current 40 percent marginal rate.
Last month, Grover strongly criticized the recent government announcement that stated an increased Tax Collected at Source (TCS) rate of 20 percent would be applied to international credit card expenses. Mocking the government’s “interesting” rule, the former judge of Shark Tank India pointed out that instead of tax deduction, political donations were actually exempt from taxes. Thus, he criticized in the video, that paying tax in India feels like charity in our country.
“In his tweet, he mentioned the interesting rule of applying a 20 percent TCS on foreign travel and foreign credit card spending, along with the LRS limit. He pointed out that it’s interesting to observe that political donations never have any TCS imposed on them. These individuals and companies even receive a tax rebate,” he tweeted.