The Indian Prime Minister, Modi, has taken the issue of scrapping out the income tax seriously and is also looking to chalk out on the strategy to implement the new policy imposing upon income tax. The Indian government going to implement the income tax from the FY 2017-18 and replace all taxation system with BTT (Banking Transaction Tax) from April 2017.
- The builders, Politicians and businessmen those who work on black money market, will have to pass through a troublesome journey which will cause a big displeasure for them due to this taxation system.
- The banks all over the India would provide more loans in lesser interest which will help to common people
- The entire root of terrorists are connected to black money supply. They are greatly funded by various parties and foreign organisation to weaken the country and Indian economy in the name of freedom of speech
So there is a probability that the country in coming years will be paying just two types of tax:
- Direct Tax as BTT (Banking Transaction Tax) and
- GST (Goods and Service Tax) as Indirect Tax
If executed properly, this will be one of the ground breaking economic transformations of India. There is a huge advantage if the government abolishes the income tax.
Lets’ understand how?
Suppose there is a salaried person, who pays a huge amount of his salary to the income tax, but if it is scraped the take home-salary of the person in increased which will in turn raise the spending capacity of the person. Consequently there will be no question of tax avoidance which will put an end to black money generation.
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This post first appeared on Surgical Strike On Black Money' To Fight Against Black Money Corruption:, please read the originial post: here