Here is why I am upset with the Budget. Yes, it sets a direction, revs up investments in infra, reaches out to corporate sector, etc. But while it taxes the honest tax payer immediately, the benefits are statements of intent.
Every FM, including Arun Jaitley has expressed his concern for the honest tax payer, when he was not an FM. He talked about increasing the minimum slab to Rs 5 lakh for taxable salary. He was only lying.
He talks about 4.4 lacs being the exemptions from salary. Of this, 2 lakh is interest on home loans (self-occupied property) and another 2 lacs for savings. For those who cannot save nor own a home, it is zilch. It is different from the exemption slabs from taxable salary. This is cheating.
Then you increase service tax which picks our pocket every day, from hiring a taxi to eating out to watching a movie to tutoring our children. You tax us high, and of what is left with us, you steal on the sly. You are a pick pocket.
And while you are unable to pass on the benefits of crude prices, you add an Ad Valorem duty to charge us Rs.3 more. You make money on fall in crude prices, and then you rob us again. It is highway robbery.
You make one lakh crores on crude, another few lakh crores on coal auction, 3G auction, disinvestment etc. All these were windfalls gains. And every FM then is very cautious/miserly in giving anything to the honest tax payer. You don't even blink giving up a few thousand crores to crony capitalists. This is looting.
This is besides the complete inaction in making education and owning a home cheaper, loans cheaper, creating jobs, securing our lives, etc. The UPA govt. was never concerned about the honest tax payer. If UPA is the comparison, they are no different. Jaitley and Modi promised a 5 lakh limit and hence the disappointment. No other government had favourable circumstances as this one. Crude, coal, 3G. They have failed themselves while you defend them.
For me, this budget is a saga of how the honest tax payer was lied to, cheated, pick pocketed, robbed and looted. Got it?
The author is Founder & Chairman, CAREERS 360.