Debate : Is Taxation good or bad?

The Department of Business Management (BBM) & MTroops Club conducted Debate on Topic, Is Taxation good or bad? 

 Taxation is the means by which a government or the taxing authority imposes or levies a tax on its citizens and business entities. From income tax to goods and services tax (GST), taxation applies to all levels. The Central and State government plays a significant role in determining the taxes in India.

 To streamline the process of taxation and ensure transparency in the country, the state and central governments have undertaken various policy reforms over the last few years. One such change was the Goods and Services Tax (GST) which eased the tax regime on the sale and deliverance of goods and services in the country. But taxes have their advantages and disadvantages. 

The second years have taken a snippet from this situation and organised a debate on whether Taxation is good or bad. Team Good have mentioned that it is compulsory and beneficial for anyone who earns a taxable salary to file their income tax returns. This is the case even if the tax liability is zero after deductions. However, even if your income is less than the basic exemption limit, there are advantages to filing taxes. They have mentioned certain advantages to taxation like loan approvals, visa applications, self employed individuals, government tenders, carrying forward of losses, claiming tax refunds, high cover life insurance and compensation. 

Team Bad have mentioned that Governments impose taxes on individuals and businesses to cover operating expenses and finance projects. Taxes can be levied at the local, state and federal levels on income, sales, property and other activities. While some level of taxation is necessary to fund government operations, excessive taxation can have negative consequences. Taxation is a controversial economic and political issue, so people are likely to disagree about the advantages and disadvantages of taxes depending on their personal opinions. They have mentioned disadvantages such as decrease in consumer spending, increase in business expenses, redistribution of wealth and increased concentration of power in the hands of government.

 In the end, They  agreed that whether taxation is good or bad, it is inevitable as the Citizens of the country, people are liable to pay taxes for their own benefits.