A Flipkart employee shared his frustration of paying taxes on both earnings and spending which turned out to be over 50% of his earning.
Sanchit Goyal, Category Manager at Flipkart shared a Tweet expressing his frustration, “Today I earned Rs 5000. I had to give 30% to the Government as tax.”
“I thought of buying some caffeinated beverages from the remaining money & had to give 28% as tax. I realized I am working 12 hrs a day just to pay 50%+ of my income to the Government. #IncomeTax“, the tweet added.
Today I earned Rs 5000.
— Sanchit Goyal (@sanchitg14) July 15, 2023
I had to give 30% to the Government as tax.
I thought of buying some caffeinated beverages from the remaining money & had to give 28% as tax.
I realized I am working 12 hrs a day just to pay 50%+ of my income to the Government. #IncomeTax
His Tweet has been viral and has received several reactions.
One User wrote, “FM is working for 18 hrs to determine how to tax 100% of your income so that you don’t get worried about investing, the safety of money, getting married, having kids, buying a home, etc and work for 24 hrs without pay, that is Ram-Rajya when they wud like you believe we will dole you”
“and your blood boils when you know that a great portion of tax revenue is going towards salaries, pensions of Government employees, and unnecessary freebies rather than building infrastructure”, another Twitter user wrote.
Sanchit Goyal, Category Manager at Flipkart another tweet said, “Tax earned by Government on Rs 20 choco-bar: 18% GST by end customer – Rs 3.6 Calculated on unit economics- 18% on Sugar – Rs 0.36 18% on Cocoa – Rs 0.9 12% on Condensed Milk – Rs 0.6 5% on Cream – 0.1 Total #GST earned – Rs 5.5 which is close to 27.5% of the final cost. #tax“
Tax earned by Government on Rs 20 choco-bar:
— Sanchit Goyal (@sanchitg14) July 18, 2023
18% GST by end customer – Rs 3.6
Calculated on unit economics-
18% on Sugar – Rs 0.36
18% on Cocoa – Rs 0.9
12% on Condensed Milk – Rs 0.6
5% on Cream – 0.1
Total #GST earned – Rs 5.5 which is close to 27.5% of the final cost.#tax
Recently, Flipkart set to provide a one-time cash payout for its employees. The company will be providing a $700 million employee stock option (Esop) buyback and it will be disbursed by July 31.
The Eligible current and former employees will receive approximately Rs 3,615 (or $43.67) for each unit of Esop held on Flipkart. However, the current employees will also receive benefits for their unvested options.
