The recent budget approval has left ordinary citizens struggling to make ends meet. Despite rising costs of living and financial stress, the government has slapped more taxes on various sectors, including education, dairy farming, fuel, and construction. The amended finance bill has withdrawn tax exemptions, causing prices to skyrocket.
Citizens are feeling the pinch, with essential commodities like milk and dairy products increasing in price. The levy on petroleum products has been raised, and a tax on cement will make construction more expensive. The budget also imposes taxes on stationery items, international travel, and builders’ and developers’ profits.
Economic experts warn that the current tax strategy is unsustainable and disproportionately affects the lower and middle classes. The budget lacks a comprehensive strategy for long-term economic stabilization and structural reforms. Taxation should redistribute income, but the current approach exacerbates income inequalities.
The government’s focus on stability has led to increased taxes for those already within the tax net, while neglecting broader tax reforms. The budget has been criticized for lacking a clear strategy for increasing agriculture produce and for not addressing power theft and technical losses.
As prices continue to rise, citizens are feeling the burden of the budget. The expanding scope of GST will lead to inflation, making it difficult for common people to make ends meet. The budget has been dubbed as unfair, with experts predicting inflation will surge to 18% in the coming days.
