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00:0028% GST, above 3000 bucks you buy a shirt, it's luxury, 28% GST.
00:06So they're trying to collect money again from the very people who are actually the only
00:11people left leading our consumption right now.
00:14Again individuals, not touching the companies at all.
00:18Worse, for small to medium businesses, they are also premiumising their products so that
00:24they can get to this customer base.
00:27If we do over-taxation at that level also, even that consumption will go down like the
00:32rest of the consumption pyramid and then you'll have lakhs of further job losses.
00:38But this government is not focused on that, it is focused on wherever it sees some revenue
00:43it can tax, it will come up with some convoluted reason to tax it and new cesses and new excesses
00:51under the GST regime will be introduced in some sort of vague method of rationalisation
00:59of tax.
01:00In the end, killing whatever consumption is already reducing in our economy.
01:11I think many of you must have seen the study that had came out a few months ago, where
01:17they said that, where it was clear that actually about almost two-thirds or 64% of our total
01:25GST collections actually comes from bottom 50%, 50% of our country.
01:32And you're all familiar with the fact that how big an issue income inequality is in our
01:36country.
01:37Where only the top 1 or 2% of our country control almost half of our entire wealth.
01:44Even now with GST, what we are doing is, we are actually not only, as I said, going
01:50after whatever little consumption is left in our market, because of which our industries
01:54are continuing to run.
01:56But we are also going after the poorest of the poor, half of the GST actually is being
02:02taken from them.
02:04So you can see how GST and indirect taxation as a whole, whether it is the standard GST
02:11rate or whether it is the cesses that have been put on top of them, are leading to the
02:16slowdown in our economy that now we are seeing in the GDP numbers.
02:21This has been happening for a while.
02:23Only now it is becoming apparent in the GDP numbers that can't be hidden.
02:28Six months ago, maybe this is why the finance ministry decided to stop publishing the GST
02:34numbers.
02:35Every month we used to get new high, new high for GST, new high for GST.
02:39It's too much.
02:40They stopped it.
02:41They started to keep quiet.
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