I RECENTLY received an interesting and through-provoking yet mind-boggling message on my WhatsApp. It has an interesting point that I would like to share with the readers.
It said: “On a bank deposit of Rs2,000 for one year, what you get is Rs70 as interest at the rate of 3.5 per cent. On a bank loan of Rs2,000 for one year, what you pay is Rs260 at the rate of 13pc interest. But when you eat food for Rs2,000, you pay Rs360 as general sales tax at the rate of 18pc to the government. This is called an organised loot and legalised plunder.”
This may be just another WhatsApp message, but the point made is valid. The finance ministry should seriously look into this. It may have some logical explanations to satisfy honest taxpayers and those who have invested their savings in government institutions or banks. What do they get on their investments?
Published in Dawn, July 21st, 2021