Open Letter to FM Nirmala Sitharaman regarding Concerns over High Taxation on Citizens:

Open Letter to FM Nirmala Sitharaman regarding Concerns over High Taxation on Citizens The Founder of Equitynest, a Mutual Fund Distributor, Darshit Patel has wrote a open letter a Honorable Finance Minister Nirmala Sitharaman regarding Concerns over High Taxation on Citizens. In this letter, he highlighted the points that pressed the shoulder of Indian citizens with burden of higher tax liability. He emphasized the issues with current tax structure and certain welfare schemes that government initiated for the lower group citizens of India and financial instability that today's people are facing. The Open Letter Read as Follows: I am writing to express my concerns regarding the burden of high taxation and Capital Gain on citizens and its impact on their financial well-being. While I understand that taxes are necessary to fund the government's initiatives and welfare schemes, the current tax structure seems to be increasingly heavy, especially for individuals who are already facing financial pressures. The escalating taxes have made it difficult for many to maintain a comfortable standard of living. It has also reduced disposable income, which directly impacts consumption, savings, and investment, thereby slowing down the overall economic growth. Higher the Taxation - Higher the Tax Evasion. Specifically, I would like to highlight the following issues: 1. High Income Tax Rates: The existing income tax rates for the middle class appear to be disproportionately high compared to their earning potential. This has led to an increased financial burden on families that are already managing inflation, rising living costs, and various other expenses. 2. Indirect Taxes: The rising Goods and Services Tax (GST) on essential goods and services has also added to the financial strain. Many items that are part of everyday life have become costlier, and this has only worsened the situation for the common man. 3. Limited Tax Relief: There seems to be insufficient tax relief options for individuals to reduce their overall tax liabilities, particularly for middle-income earners. Simplification of tax brackets and better rebates would offer significant relief. While I fully support the government's vision of promoting economic growth and ensuring the welfare of all citizens, I would like to request a review of the tax structure with a focus on easing the burden on Tax payers. A more balanced taxation policy, which considers both the country's fiscal needs and the citizens' capacity to contribute, would be greatly appreciated. I believe that modifying the current tax framework to provide some relief to taxpayers will improve citizens' quality of life while also stimulating spending and investment, resulting in long-term economic growth. There are just 9 crore taxpayers out of a population of 150 crore. The government should focus on increasing the number of tax payers rather than increasing the tax burden on these 9 crore people. I remain hopeful that the Ministry will consider these concerns and take necessary actions to alleviate the financial stress of the common man.