BJP ADVOCATES ABOLITION OF INCOME TAX, SERVICE TAX, SALES TAX
BJP Vision Document viz-a-viz Economic reforms:
1. Abolish Income Tax (will boost savings)
2. Abolish Sales Tax.
3. Abolish Service Tax.
4. Introduction of only expenditure and transaction taxes.
5. Ban high denomination currency as a corruption control measure, as there is no need for big denomination currency notes for doing white transactions, as also suggested by yogi guru Baba Ramdev.
6. Asserting and implementing the Supreme Court of India's directions on bringing Black Money which may worth around 1.4 trillion dollars.
7. INR vs Dollar currency ratio imbalance to be restored to lower twenties, by boosting indigenous industrial Manufacturing, infrastructure and agricultural growth.
There will be more things inside the vision document which will be published soon, for public discourse and suggestions.
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1. Abolish Income Tax (will boost savings)
2. Abolish Sales Tax.
3. Abolish Service Tax.
4. Introduction of only expenditure and transaction taxes.
5. Ban high denomination currency as a corruption control measure, as there is no need for big denomination currency notes for doing white transactions, as also suggested by yogi guru Baba Ramdev.
6. Asserting and implementing the Supreme Court of India's directions on bringing Black Money which may worth around 1.4 trillion dollars.
7. INR vs Dollar currency ratio imbalance to be restored to lower twenties, by boosting indigenous industrial Manufacturing, infrastructure and agricultural growth.
There will be more things inside the vision document which will be published soon, for public discourse and suggestions.
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Former Bharatiya Janata Party (BJP) president Nitin Gadkari's take on taxes would be music to the ears of India's 35-millionincome tax payees.
Gadkari said he was contemplating to include a proposal to abolish income, sales and excise taxes in the vision document of his party. "A Pune-based institute has done a study and has recommended abolishing these taxes. I am thinking about this proposal," he said. Gadkari is heading the team that is preparing the vision document for the general election. Gadkari was addressing an interactive session with industrialists, organised by the PHD Chambers of Commerce and Industry (PHDCCI). He was accompanied by former commerce minister Subramanian Swamy. Swamy is the convenor of the vision document committee.
According to reports, Swamy had in the past suggested abolishing income tax. But then, he had qualified this as his personal view.
Swamy had argued that abolishing income tax would boost savings. Gadkari said instead of these three taxes, it was better to have expenditure and transaction taxes.
He said if the latter were introduced at a rate of 1-1.5 per cent, the country could expect a revenue of Rs 40,000 crore. Also, in this tax regime, there "will be no need for (tax) tribunals and (tax) commissioners".
The former BJP president also had an innovative way of solving the problem of corruption. He suggested the government ban high denomination currency. "If Rs 500 and Rs 1,000 denomination currency notes are banned, then corruption money will have to be delivered in trucks," he said. Interestingly, Yoga guru Baba Ramdev had also made such a suggestion.
Article Link :http://www.business-standard.com/article/current-affairs/scrap-income-tax-sales-tax-service-tax-says-gadkari-113121100658_1.html
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Video Link : https://www.youtube.com/watch?v=eJeSqUXC17Y
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Gadkari said he was contemplating to include a proposal to abolish income, sales and excise taxes in the vision document of his party. "A Pune-based institute has done a study and has recommended abolishing these taxes. I am thinking about this proposal," he said. Gadkari is heading the team that is preparing the vision document for the general election. Gadkari was addressing an interactive session with industrialists, organised by the PHD Chambers of Commerce and Industry (PHDCCI). He was accompanied by former commerce minister Subramanian Swamy. Swamy is the convenor of the vision document committee.
According to reports, Swamy had in the past suggested abolishing income tax. But then, he had qualified this as his personal view.
Swamy had argued that abolishing income tax would boost savings. Gadkari said instead of these three taxes, it was better to have expenditure and transaction taxes.
He said if the latter were introduced at a rate of 1-1.5 per cent, the country could expect a revenue of Rs 40,000 crore. Also, in this tax regime, there "will be no need for (tax) tribunals and (tax) commissioners".
The former BJP president also had an innovative way of solving the problem of corruption. He suggested the government ban high denomination currency. "If Rs 500 and Rs 1,000 denomination currency notes are banned, then corruption money will have to be delivered in trucks," he said. Interestingly, Yoga guru Baba Ramdev had also made such a suggestion.
Article Link :http://www.business-standard.com/article/current-affairs/scrap-income-tax-sales-tax-service-tax-says-gadkari-113121100658_1.html
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Video Link : https://www.youtube.com/watch?v=eJeSqUXC17Y
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) hari krishnamurthy K. HARIHARAN)"
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