The tax paid savings invested in Bank FD and Government Bonds earn measly or Negative returns due to unbridled creation of money by RBI,and banks using Fractional reserves lending. This coupled with ever increasing Government borrowings and imposing Indirect taxes GST are pushing the self employed, poor,farmers, retired people from other than Government servants and pensioners into deep poverty and debt. The pandemic and disruptive technologies add fuel to fire.

After deducting the Inflation from intrest earned from FD,Bonds,only the real income should be taxed as Inflation is created by Government policies and the Savers should not be punished. 

Learned Economists and Finance minister are aware of the fact that Indirect taxes like GST, trickle down and it is the people who do not get annual increments, dearness allowance and inflation indexed social security benefits, bear the burden. 

It is time to tax the rich and reduce service taxes.