India's 'Great Tax Squeeze': 48% Levy on Car Purchases Sparks Middle-Class Outrage
2025-01-29
Business Today on MSN.com
India's taxation system has come under fire, with former IMF Executive Director Surjit Bhalla labelling it 'unprecedented'. Citing data from the IMF, OECD, and World Bank, Bhalla argues that the country is overtaxing its citizens to an extreme degree, with middle-class individuals bearing the brunt. With a whopping 48% tax on car purchases, many are slamming the Finance Ministry for its 'great Indian tax squeeze'. As the nation grapples with economic pressures, 'tax reform' and 'economic growth' have become buzzwords, with many calling for a more balanced approach to taxation. India's 'tax burden' is a growing concern, with experts warning of a potential impact on 'financial stability'
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