GST was a huge bargain when States gave up their rights to collect sales tax while the Centre gave up excise and service tax. Australia also shares the GST anniversary with us where the rates have been constant at 10%. Thus, a single rate in India can be a huge reform, and a matter of discussion too! But there is an urgent need for structural reforms in GST, in order to be a leading economy.
Corporate tax cut, a sensible move to boost the spirit of market and customer delight – Hail Modi Govt
If Modi had only weighed political interest and winning election, he could have be tougher with corporate and generous in social welfare schemes. But Modi never believes and want politics in governance and for Modi India comes first.
If agri income is made completely tax free without any limit, it clearly means that the farmers are not the real beneficiaries of this tax exemption and there is a larger conspiracy for providing this exemption of unlimited amount, by making a provision for the same in the Income Tax Act.
This is what a common man wants along with a sound budget for India's betterment.
A radical idea but which needs to be thought about
How would government raise a huge sum of money from external agencies needed for recapitalization?
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