This is Life of a Salaried Employee in India
• Income Tax takes 0-30% & Surcharge
So if you Earn around ₹50 Lakhs Annually, which is certainly a good income in India
Government takes away roughly ₹10 Lakh as Income Tax as Per New Tax Regime (Subjected to your CTC Breakup)
Now you’re left with some ₹40 Lakhs
But this is just start of Taxation
• When you buy a Car🚗
-Pay upto 28% GST on Purchase
-Registration & Road Tax upto 18%
- Additional Cess, Toll
-GST on Insurance, Parts, Loan Fee etc too
• When you buy a Home 🏠
- Pay Upto 8% Stamp Duty Registration
- GST upto 18% on Loan Processing Fee & Foreclosure
• When you Get Medical/Health Insurance 😷
- Pay 18% GST on Insurance Premiums
• When you Invest your Hard Earned Money (Already Taxed)
- Pay LTCG, STCG, STT, TDS etc on Gains
We pay GST on everything from Food, LPG, Travel, Electronics, Medical Supplies, Stationary, Books etc
Income Tax with GST is a Painful Combination for Citizens
We pay Taxes like First World Countries & still struggle for Good Public Healthcare, Education & Quality Infra
Taxpayers should get some tax rebate in Essentials like Housing, Insurance, Toll etc
After tweeting to sell at this most local bottom, and previously saying "you have no idea how short I am" at the bottom before that.
Michael Burry has deleted his account, again.