India’s next budget to come in a few weeks Going to do. how is that, Many experts and influencers have started giving their suggestions in this regard. almost from now 30-35 Years ago Mr. Vasant Sathe and I thought of starting a campaign to abolish income tax from India, Because to avoid the hit of income tax, taxpayers have to resort to a lot of corruption and the process of filing income tax is also a big headache in itself. It is still necessary that instead of income tax, expenditure tax or tax should be levied.
Zaykar means tax levied on money that goes out of the pocket of the citizen. The incoming money should be tax free and the outgoing taxable. If there is a tax on the expenditure, then people will reduce the extravagance. money that will increase in income, People will keep it in banks. That money will be used for business. This will increase production and employment in the country. In order to calculate the tax, which are the expenses of swindlers and bribes etc., They will also get relief. about six and a half million people, who pay taxes every year, They will be grateful to the government.
Lakhs of government employees will also get relief, Those who have to do tax-calculations or keep a watch on tax-evaders. Employers and shopkeepers will also not have to do various tricks to save tax. The number of tax payers on big income is approx. 1.5 crores. Balance 5 Crores of people have to pay very little or zero tax. A useless sword hangs over his head. Small businessmen and salaried people are more among such people. They don’t even know how to make those bets, Which saves tax.
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big farmers, Politicians and big industrialists are masters of the art of tax-evasion. They spend their crores and billions of rupees. Hiding in fake accounts or foreign banks. Demonetisation was introduced in the spirit that it would curb these tendencies but it failed. Black money kept on increasing. If the system of income tax is abolished, then no black money will be generated.
At present, there is no personal income tax in more than a dozen countries of the world. Among them Saudi Arabia, UAE, Oman, Kuwait, Muslim countries like Bahrain and Maldives are also included. In these countries, there is an expense tax like sales tax or sales tax or our GST but no income tax. Their economies are doing well.
To levy tax on expenditure, our officers and experts will have to think thoroughly on all aspects with their mind. Suggestions will also have to be sought from the general public. There will be endless possibilities of evasion and manipulation in tax, but they will be very less compared to income tax. If a big country like India implements it, then it will automatically be followed in its neighboring countries also.