'Through the use of technology, the GSTN will tip the balance in favour of compliance rather than tax evasion, lowering the barriers for entry into the tax payment system while making it much harder to cheat on payments,' says Nandan Nilekani.
FM proposed rationalisation of various tax exemptions.
'The IAS officers are after the rich people, the IRS officers are after the middle class and the IPS officers are after the poor. This is the new varnashrama created by the bureaucracy.'
'If my understanding is correct, one has to file not less than 37 returns per year for every ordinary business, and that too per state.' 'If you are doing businesses in Chennai, Bangalore and Hyderabad, you have to file 37x3 returns every year!' 'The consequence of GST will be chaos, confusion and possibly economic crisis.'
The challenge is to convince productive sectors that a lower general rate would benefit all and remove the prevalent system of favours targeted towards narrow industry and service sector groups.
'I feel now we have a leader who is non-corruptible.' 'But he needs time as corruption is deep-rooted in our society, and people have no shame about being corrupt.' 'It will take at least 7 years to make some changes.'
A moderate GST rate obviates the need for the two-rate structure.
Boost to dairy sector will generate jobs
Indeed, Prime Minister Narendra Modi, who as Gujarat chief minister was considered close to certain business groups and industrialists, has hardly been seen with any Indian business head.
The Budget chose to stick to an ambitious disinvestment programme for 2016-17.
A glance back at some of the important ups and down Indian Inc faced in 2018.
Modi government has to come up with a robust economic agenda to impress the masses.
Any attempt to defang Islamic State must first cut off its main sources of funding, especially its revenue from oil sales, extortion and crime, ransom payments, and support from foreign donors. This will also be need to be backed up by efficient forces on the ground.
Indian economy about to take-off
'Otherwise, how is the government going to make more revenue?' 'The most important thing the GST does is to transfer money from the household consumers who are the most productive users of capital to the most unproductive users of capital, namely the government.'
Shreekant Sambrani is confident that today's adversity will make the country emerge even stronger
The government has provided a long-term vision.
Concluding the three-part series, Paranjoy Guha Thakurta says that the black money law is likely to fail because of the ineptness of India's investigative and enforcement agencies.
