Ashneer Grover, the former Co-founder of BharatPe, was a featured speaker at the ETCIO Annual Conclave 2023. During his talk, he candidly expressed his opinions on India's tax system, specifically addressing what he viewed as an unfair distribution of the tax burden, particularly in terms of direct taxes imposed on taxpayers. One of his notable statements was that taxpayers are doing a form of charity in India by paying taxes.
While these viewpoints represent Ashneer Grover's personal perspective, they have initiated conversations among honest taxpayers regarding the key points he raised during his speech. Before delving into the details of these discussions, let's first explore who Ashneer Grover is ?
Who is Ashneer Grover ?
Ashneer Grover co-founded BharatPe , a financial technology company in India that primarily focused on providing digital payment solutions for small and medium-sized businesses. Grover gained significant attention for his role as a judge on the Indian version of the television show "Shark Tank," known as "Shark Tank India." . As far as Ashneer grover education goes , He is a B.Tech in Civil Engineering from IIT Delhi & MBA from prestigious IIM Ahmedabad .
Ashneer Grover’s Professionl Background
Ashneer Grover's career has been marked by diverse professional experiences. Following his MBA in Finance in 2006, he started as a Vice President at Kotak Investment Banking for seven years. In 2013, he transitioned to American Express as a Director – Corporate for two years.
His was the Chief Financial Officer (CFO) at Grofers for 2 years starting March 2015 and ending in August 2017. Subsequently, he briefly held the position of Business Head at PC Jewellers, contributing towards payment strategies and overall business development for a year .
In 2018, Ashneer co-founded BharatPe, a rapidly rising fintech firm headquartered in New Delhi, along with Shashvat Nakrani and Bhavik Koladiya. His tenure as the Managing Director and board director came to an end on February 28, 2022, following controversies.
Notably, Ashneer Grover showcased his entrepreneurial spirit by serving as a judge on the Indian version of Shark Tank in 2021, investing in 50+ startups. As per the public data Ashneer grover net worth seems $108 M however this is not verified by Trewards .
From Family perspective , Ashneer Grover Wife is Madhuri Jain and has a son Avy Grover .
Summary of Ashneer Grover’s Interview :
Few interesting points raised were :
1. An honest Taxpayer pays 5 months of salary to 12months to Government
Considering the significant sum that taxpayers contribute, it's striking how they often find themselves parting with almost five months' worth of their hard-earned income in taxes. Many toil diligently for years before they can truly begin to enjoy the fruits of their labor, only to see a substantial portion of it redirected to the government's coffers. This ongoing discrepancy underscores the importance of implementing a more equitable tax policy that distributes the tax burden more uniformly among all income earners. Until we achieve a more balanced approach to taxation, this inequality is likely to persist.
2. Paying taxes is charity
Ashneer felt that Paying taxes in India is charity for taxpayers . In general , this has been a topic of discussion among honest taxpayers . Many folks feel this way because it seems like a significant chunk of the tax burden falls on a relatively small group. Those who do pay taxes are essentially chipping in to help fund government services and public goods.It highlights concerns about whether our taxation methods are truly effective and whether we need to make some changes to ensure everyone's paying their fair share .
3. No tangible return against taxes paid for honest taxpayer
For the honest taxpayer in India, the frustration often lies in the lack of tangible returns on the significant taxes they dutifully pay.They contribute their hard-earned income with the expectation that it will fund essential public services and infrastructure. However, the reality often falls short and there is no transparency or reward system in place where the taxpayers can get some tangible return directly .
4. If Ashneer Grover become politician and have power
Ashneer had a great take on if he comes to power as politician , then he would like to have a flat tax structure with everyone contributing towards the same figure say 20% . He wants to simplify the overall system for the betterment of honest tax payers so that they don't feel cheated .
In Conclusion , Ashneer has candidly shared his personal journey as an honest taxpayer, a sentiment that many fellow taxpayers in our nation can likely relate to. There are moments when it feels disheartening, as if one's efforts aren't fully recognized, and we yearn for a system that offers more meaningful rewards. It's a sentiment echoed by the 5-6% of direct taxpayers who shoulder nearly 50% of the total tax revenue burden for the government. They, too, hope for a fairer and more rewarding tax experience
You can refer my other article on Significance of Rewarding Honest Income Taxpayer in India?
You can also find the video here :
I am building Trewards ( https://www.trewards.in/), a community of honest taxpayer where like-minded individuals can contribute towards each other’s growth by sharing their own learnings on tax savings and also getting rewarded by the platform by various initiatives .If you are one of those and want to be rewarded for being an honest taxpayer , you are welcome to join the community .
What do you think , an honest taxpayer should be rewarded ?
Yes
No
Disclaimer: This material is just meant to provide general information and is published in the interest of the entire public. The article's contents should not be taken as definitive advice, thus readers are urged to use caution. Readers should conduct more research or speak with a specialist in this area.
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