Make IT transparent, Make IT Work!
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Any reaction right now would be a bit premature, however many verdicts are out. A revision of the haggard 60+ years Income Tax (IT) law, is a welcome move, IMO.
The reform is a re-look at the taxation system, which a lot of people believe is skewed and makes Chartered Accountants(CA) revered. It's unfortunate that in a country of 1.3 billion, only 1.9 percent of people pay their taxes; the bulk being from the IT sector.
Which brings me to the next question: 98 percent of SMEs, big businesses and other sectors, are evading taxes, which under a democratic rule is close to a punishable offence!
Well, we all have a mindset of saving taxes, done through various monetary schemes such as Life Insurance Corporation (LIC) investments, mutual funds and bears and bulls investments. Those with the clout of money, earned through illegal means, end up investing it offshore, through hawalas (slowly getting defunct) which in turn hits the Government's exchequer.
So, isn't it as good as saying, that people themselves are to blame for the Government's inability to reclaim and rebuild the nation?
One would argue that, a lot of Government officials are corrupt and are part of the nexus, that facilitates the development of hawalas, however let's give this Government a chance. Aren't they right, to bring reforms in a nation, where the potential to surprise in a good manner is very high?
Can an IT reform, build a new order in this nation, where people are receptive of better ideas of governance, technology and innovative ideas? Can the new IT reform blur the disparaging economic gap between the rich and monetarily challenged?
Is there a possibility where tax reforms, can make people better money managers, and act as a support arm towards national building?
A lot of questions will be answered, as people take Demonetization and Goods and Service Tax (GST) reforms with a pinch of salt. Can this new IT reform usher in a new chapter for the 'achche din' we all want? A new glorious chapter for India awaits!
Let's clink our glasses, filled with lemonade or champagne (whatever you may please!) and refresh ourselves, allowing the world take notice of this wonderful nation - Inspirational India!
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