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April 5, 2020

Covid-19 Economy, Tax & Spirituality How Human Being went Wrong and How to Correct Now

by facelesscompliance in Income Tax, Special Invitation Author

Covid-19 Economy, Tax & Spirituality How Human Being went Wrong and How to Correct Now

Economy

Rapid industrialisation started 200 years before, has helped population to have all essential s like food, clothing, basic home items, and necessary supplies in abundance. If there was no Industrialisation human beings would not been to able to produce with their own means and fulfill requirements of such a vast population at present. Thanks to science and technology which has allowed us to live life where majority of population get basic necessities easily

In olden times before industrialisation, an enterpreneur skills in a family was passed on generation to generation and mostly all people where enterpreneur having barter system of exchange. This led to equal concentration of business power & ownership in hands of all, however it did not last long

In the late 18th century, Stewart Kyd, the author of the first treatise on corporate Law in English, defined a corporation with artificial form, perpetual succession and limited liability. This surely helped in mass production and distribution. However it was also beginning of the greed for ownership and power, which big business houses started structuring in such a way that wealth started distributing in few hands, who where the owners. This was beginning of creation of few rich business houses world wide

What went wrong & how to change

Allowing few Billionaires to hold control and ownership of majority of profits have deprived vast population the fruits of labour and increase in divide between rich and poor. The profit motive should be secondary for businesses & value addition to the society should be primary

In one of the interview of Hospital (which was listed entity on stock exchange) the CEO was discussing the occupancy rate of beds in hospital and how they are planning to increase occupancy rate from 60% to 90% and effectively utilize all the machines installed. This would according to him increase the EPS (Earnings Per Share) and so the share price. I was wondering he could have given ratio of number of people recovered when asked the performance of this company. I felt as if I am viewing interview of CEO who runs Hotel Business and not Hospital. Imagine what all unethical practice the hospital would be doing just to increase EPS

One of the ways to measure economy is the education level and healthcare facilities of its population. If the above two sectors are for profit making, then vast population remains unskilled & in poverty, as majority cannot afford higher education and costly healthcare facilities make poor more poorer. Countries should think to make education and health care free & equal to all. May be no private player should allow in these sector. Never in History I remember students’ committing sucide in such a large number. Never in history we had so many disease . It just means something is wrong

Humans has come to level where profit and greed for money and materialism is center stage for all the activity we do. We need to change this attitude as this goes against Nature & Universal Law for prosperity of everything, everyone in this planet. Human Being has failed to realise, we are going against Law of Nature which is constant since the beginning of Universe

In current pandemic of Covid-19 some Indian business and many MNC companies where oppose to complete lockdown as it would effect profitability for few months. Thanks to our PM Narendra Modi who gave priority to people life than money, in sharp contrast of Western Countries like USA in which priority was given to wealth generation than human life. The outcome of such decision is now known to everyone

Taxes

With trade and commerce increase across globe there tax laws & compliance increase. The big business houses & political nexus ensured the rules of trade & taxes are modified and favoured few. This lead to more divide, creating a very few super rich class and majority of population poor

The new corporate structure allowing multiple subsidiaries, made it more complex for government to tax them, it helped big business house to avoid Taxes, shift base to Tax Haven in other country to evade tax and adopting means which are against law of land. Due to this the tax revenue did not match up with growth, as growth was concentrated only with few big business houses who adopted all fancy methods to avoid Taxes Globally

If I give a simple example, assume Tax rate for a country is 10% then what should be tax paid by each class ?

Class of IndividualYearly IncomeTaxes Paid
Poor1 Lakh10,000
Middle Class10 Lakh1 Lakh
Rich100 Lakh10 Lakh

The person earning Rs one lakh will pay Rs ten thousand ( poor), a person earning Rs 10 Lakhs (middle class) wil pay Rs one lakh and a person earning Rs one crore (rich) say will be paying Rs 10 lakhs. This is called concept of equity which is fair and impartial to all.

What happens in reality – The poor don’t pay any taxes, the rich pays only Rs ten thousand and the middle class pays only half. The highest percentage of tax when compared to income earned is paid by middle class, not by rich nor by poor

Class of IndividualYearly IncomeTaxes Paid
Poor1 Lakh0
Middle Class10 Lakh50,000
Rich100 Lakh10,000

The earning of the rich are majorly structured in such a way, that effective percentage of tax on total income is lowest with help of tax heaves, tax evasion or other ways

This has lead to lower collection of taxes coupled with corrupt bureaucracy, the poor has not got its fair share to come out of poverty and it has led to vicious cycle leading to more poverty.

Solution

The solution is to pay taxes honestly. We cannot blame system when we ourself are not paying tax honestly. Unless all individual respect and follow Tax laws, No country will able to progress and get out of poverty

Spiritualilty

The Upnishad and Vedas say God notes all Karma of Human being and repays back in current life or next life. The importance point is He does not notes what we do with physical body, He notes what is our inner most attitude at the time of doing Karma. If our thoughts are opposite than our physical action, then our thought are recorded as our karma. For example if I am doing charity to show & get praise form society, then from god’s point of view I am doing advertising as my innermost attitude is not of charity but for seeking praise form others. Similarly we humans do so many activities which are not in line of our thoughts. We need to correct it.

As per Osho, the amount of money world has spend on manufacturing weapons of destruction, if the same amount spend productively to elevate poverty, all individuals in world would have luxury lifestyles, which allows them to satisfy their materialistic needs and then entire world can look forward to increase their spiritual level and make world a Paradise.

God has many times descended on earth and send his saints and great souls in various time zone across world to preach the teaching of divine truth and gods laws. What we human did is converted those teaching in religions and interpret it in ways which was not the original teaching. Humans created difference which has now resulted in world of complete chaos, fights & unnecessary arguments

As per Sukyo Mahikari (Spirtual organization in which I am member) says, the Origin of the World is one, the origin of humankind is one and the origin all religions is one. There are No religion in Astral or Divine World. God through, natural disaster, disease, etc has send us warning, that we are not following His laws which created Earth and all it materials to co exist, in perfect peace, harmony and prosperity

Let all Human beings reflect upon our self, if we are facing this challenge of COVID-19 Pandemic, then there might be something wrong which we are doing at individual level and at country level. Let’s start correcting it, else as predicted by Buddhism and Christianity we are headed towards end of the world

(The author is special invitee & his views are personal. To reach him you can drop email at chirag@cachauhan.in)