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Founder Editor KANU SANYAL
Editor-in-Chief
VISWAM
Editorial Board Arvind Sinha Shambhu Mahato Nand Kishore Singh
Vol . 16 Issue : 03 March , 2024 e-mail : clastrugle @ yahoo . co . in
On Other Pages :
1 . Article Quick Reflection 05 Kondamodalu Tribal Movement 10 Criminal Law Amendment 17 International Working Women ’ s Day 19
2 . World Global Energy Embargo 20
3 . Statements RYSC Condemns 21
4 . Report Death Centenary of Com Lenin 22
5 . Tributes Comrade K . R . Madhavan 22
6 . Poem
Web site : www . classstruggle . in
Conversation with Comrade Lenin - Vladimir Mayakoavsky 23
7 . Call to the People
Central Committee , CPI ( ML ) 24
For Details :
Class Struggle 32-13-26 / 1 , M . R . Puram , Vijayawada , pin-520 010 .
On that assumption , if we look at this year ’ s budget , we will see that the budget figures completely ignore the working class , their plights and needs , and completely serve the corporate-crony capitalist class . Interim Central Budget 2024-25 :
The total public revenue in the revised estimates of 2023-24 Central budget is Rs . 27.56 lakh crores . Out of which , the tax revenue is Rs . 23.24 lakh crores and the revised estimates of public expenditure is Rs . 44.90 lakh crores and the share of fiscal deficit in the Gross Domestic Product is 5.8 percent . According to the estimates of Central Budget 2024-25 the public revenue excluding borrowings will be Rs . 30.80 lakh crores . Out of which , tax revenue is Rs . 26.02 lakh crores . The public expenditure is Rs . 47.66 lakh crores . The fiscal deficit in GDP is 5.1 percent . It is said that the fiscal deficit in GDP will be less than 4.5 percent by 2025 -26 as declared in 2021-22 . Despite the fact that no new benefit has been announced for the common people in this budget and the amount of many schemes given to the poor sections has been drastically reduced , the budget is in deficit of 35.365 %.
The entire focus of the budget is on the reduction of fiscal deficit . The budget policies under the neo- liberal framework directed by World Economic Organisations did not include raising employment and reducing prices . In fact , fiscal policy is a strong tool to come out of economic recession . The rise in the public expenditure which is free from profit motive definitely raises aggregate demand . It is known to all that the political results are totally disconnected from economic realities . The employment generation and controlling prices became unnecessary in front of excessive confidence on Ayodhya Ramudu . In this context , Sanjay Baru strongly states that the fiscal policy lost its significance . Tax Policy - GST :
The GST is one of the significant indirect tax . The people will not recognise that its entire burden fall on them . It is a regressive tax form where heavy burden fall on the low income groups and less burden on wealthy . The GST rate must be low on the goods which are used by common people . Consequently , their purchasing power will increase to that extent . It will decrease the burden of tax . Similarly , the GST rate should be high on the goods which are exclusively used by rich . Contrarily , as high as 18 percent GST is imposed on 480 goods which are mainly used by poor and middle classes . Its share in the GST collections is to the tune of 70 percent . Thus , the high burden of GST fall on poor and middle classes . Contrarily , the percentage of GST is just 3 percent on the gold and diamond jewellery which are exclusively used by rich class and 5 percent on the making charges . While , the GST is 12 percent on the pickles etc mainly purchased by common people and notebooks etc purchased by students .
It is stated that the GST collections are on the rise . On an average monthly GST collection increased by two times and reached to Rs 1.66 lakh crores in the present years . The budget speech states that the rise in the GST collections indicate fall in the prices and benefitted consumers is really a surprise .
Recently , the Oxfam released “ Survival of the Richest - The India Story ” states that as high as 64.3 percent collections from indirect taxes or taxes related to consumption have been paid by bottom 50 percent of the population . The middle 40 percent pay one third while the top 10 percent of the population pay just 3 -4 percent of the indirect tax collections . This clearly shows the entire burden of GST by poor and middle classes . Further , there is no GST burden on firms and is borne business units . The entire tax burden falls on the consumer only .
Small businesses , manufacturing units in informal sector and MSME units are already closed owing to demonetisation , GST and Covid-19 pandemic .
Class Struggle