Indian Government for the
last many years kept on trying to bring both citizens and business entity into
proper tax fold to help the country broader citizen base. Unfortunately, the
lack of initiation by the previous government always kept Indian taxation system
under scanner.
Many citizens and business
took an undue advantage of system which impacted overall growth of
country. The rampant corruption at all
levels restricted government to get the actual investment converted into
reality.
Thanks to current government
& its decision to take the attacking mode instead of vote bank politics
took everyone by surprise. The whole credit should go to government for their
bold step for the betterment of India.
Till now the individual
tax payers are around 60 million plus given the fact that there are millions of
individuals are indulged in his business.
The message sent out by
government by discontinuing INR 500 & INR 1000 sent fear factor among all.
It is expected that many
traders doing their business will start charging taxes at sources and start
submitting the same to tax authorities. At the same time, it is expected that
many will go for paperless payment mechanism which will lead to individual
filing their income tax return.
More than trillion $
economy of India may witness immediate jump in direct and indirect tax
collection. Still we have five months to go to for FY17 and expect that India
fiscal deficit will go down to a level which will be negligible.
Given the focused mantra
of current government towards development may witness work on the ground level.
Extremely happy that
current government is so focused in fulfilling their commitment which they
committed during general election 2014 and wish the government and people of
India best wishes for electing them.
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