Tax Concession to Corporates
--- The Incognito Subsidy Scam In the Rajya Sabha, Finance Minister Arun Jaitley today said Tax exemptions and incentives to corporates have resulted in a revenue impact of Rs 62,398.6 crore to the exchequer in 2014-15, 8 per cent higher than the previous fiscal. http://profit.ndtv.com/news/corporates/article-concessions-to-corporates-at-rs-62-398-crore-in-fy15-arun-jaitley-760723?site=full This does not come as a surprise because it is the very nature of The State to provide overt tax & covert privilege to those it wants to reward, and provide covert tax & overt privilege to those it intends to cheat. In India the elite is overtly taxed & covertly privileged (income tax v/s subsidized gas, energy, indirect tax structures) whereas the poor are overtly privileged & covertly taxed (various subsidies, schemes, NREGA, v/s everyday consumables are heavily taxed). There are two classes of people in the Indian Economy :- 1) The villager...