The taxation silly season is here

One of the biggest constants at the budget time of each year is to talk of how low India’s tax-to-GDP ratio is. And with the naturalness that comes from being so bright, we know how to fix this. Just look at Mukesh Ambani’s Rs 1,23,000 crore of wealth — a euphemism for the market value of the Reliance shares various companies controlled by him own — just tax this at 10 per cent and India’s personal income tax collections will rise 8.3 per cent.

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