Taxation
Transparent tax system must: Raghuram Rajan
In order to attract higher investments, the Indian taxation system should be more transparent, Reserve Bank of India (RBI) governor Raghuram Rajan said on Monday.
 
Speaking at a seminar here, Rajan stressed that the Indian tax system should be transparent and predictable to attract foreign investments.
 
According to him, to make products in India, a framework has to be created making it easy to do business in the country.
 
He also said the supply side issues have to be addressed so that prices were under control and the demand side was taken care of.
 
Stating that nine percent growth in economy was an aspiration, Rajan said the supply side constraints had to be removed while ruling out growth sans inflation.
 
He said the human capital in the country needed to be upgraded so that businesses get the kind of people it requires.
 
Rajan also called for greater coordination between leading central banks so that the monetary policies can be used in a more effective manner.
 
Disclaimer: Information, facts or opinions expressed in this news article are presented as sourced from IANS and do not reflect views of Moneylife and hence Moneylife is not responsible or liable for the same. As a source and news provider, IANS is responsible for accuracy, completeness, suitability and validity of any information in this article.

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COMMENTS

Ganesh Kamat

1 year ago

Tax Reform Simplified,
Only 1% Tax on Receipt to get
more Taxpayers, Tax collections & more VOTES.

1) For Big Tax collections,
take 1% Tax from 20 Taxpayers,
than 20% Tax from one Taxpayer.

2) Simple Tax of 1% on Receipt /Transaction /Interest /Sale
/Gift /Loan /Benefit /Salary /Dividends /Rent /Custom.....
any & all inward cash, Cheque etc.

3) Average say on Rs. 30 L Receipt,
Pay Rs. 0.3 Lac Tax per year.
If Taxpayers = 60 Cr.
Tax collection will be 18 L- Cr.

4) Simple Tax means more Taxpayers, more collection & No refund Problem.

5) At present, we have say @ 3 Cr Taxpayers,
with Collection of say @ 3.5L-Cr,

6) So with 1% Tax, the Taxpayers will work to improve Business / Goods Services/ R.&D./
Social work.So more Employment, make in India, less Farmer Suicide & Peace of mind to the people.

7) Bank Account number is your mobile number.

8) Tax payment by your mobile number @ RBI a/c,
In bank transaction, the Bank will deposit your 1? Tax by your mobile number @ RBI a/c directly.

9) For cash Transaction pay similar to Post paid Mobile charges,
to your mobile number @ RBI a/c.
Most will pay if the Tax is 1% & simple to pay.

10) Your Bank Account Number should be mobile number & connected to PAN/ AADHAAR /Passport/ Election Card etc.
For Simplicity.

11) Tax collection will be distributed to State & Local bodies, say 10% each, from the place of collection.

12) Also add 1% more (L.P.F.)
Less Privilege Fund,
similar to PPF for,
social / self benefit,
to give Power to the people for Social Cause / in your bad days.

13) In short Pay Rs. 20- for every Rs. 1,000- Received.

i) Rs. 10- as tax to RBI
ii) Rs. 10- in your (L. P. F.) a/c. Could be use for social cause/ for your bad days.

14) L. P. F. (Less Privilege Fund)
of 18 L- Cr, with 60 Cr voters, will reduce dependency on the Government for the Social development.
Fund will be used for the Social cause / in your bad days.

15) Keep faith in 60 Cr voters, as they will take care of their neighbours, in need.
Also most will pay, if Tax is 1? & Simple to pay.
Only Indian can make better India.

16) Can consider more tax for Higher Receipt, say above 0.5 Cr per year, payable at the year ending.

17) All Transactions are Traceable as mobile number is once Bank a/c number & connected to PAN/ AADHAAR
/ Election card.....
So, No Corruption & Black Money Problem.

18) Babus Harassing the youth,
Traders, Voters.. who wants to work.
Babus are ruthless as they
pay "Protection Money" to......?
for Posting/ Promotion/ Permit...
Administrations Reform is a Must.
For getting Votes.

19) Farmers suicide can get reduced, by encouraging them to sell their farm products on Railways to commuter
& roads to motorists, also we need more Passenger Train, to help farmers to sell farm products, to nearby Towns.

20) Expecting Feedback on How to make India Peaceful Place by Refined, Simple Laws.
No blame game please.
Media/ Babus /Netas /Judicial Role is Eminent along with People.

For "Sare Jaha Se Achha Hindustan Hamara." forward this message.

[email protected]
09820867755

Ganesh Kamat

1 year ago

Tax Reform Simplified,
Only 1% Tax on Receipt to get
more Taxpayers, Tax collections & more VOTES.

1) For Big Tax collections,
take 1% Tax from 20 Taxpayers,
than 20% Tax from one Taxpayer.

2) Simple Tax of 1% on Receipt /Transaction /Interest /Sale
/Gift /Loan /Benefit /Salary /Dividends /Rent /Custom.....
any & all inward cash, Cheque etc.

3) Average say on Rs. 30 L Receipt,
Pay Rs. 0.3 Lac Tax per year.
If Taxpayers = 60 Cr.
Tax collection will be 18 L- Cr.

4) Simple Tax means more Taxpayers, more collection & No refund Problem.

5) At present, we have say @ 3 Cr Taxpayers,
with Collection of say @ 3.5L-Cr,

6) So with 1% Tax, the Taxpayers will work to improve Business / Goods Services/ R.&D./
Social work.So more Employment, make in India, less Farmer Suicide & Peace of mind to the people.

7) Bank Account number is your mobile number.

8) Tax payment by your mobile number @ RBI a/c,
In bank transaction, the Bank will deposit your 1? Tax by your mobile number @ RBI a/c directly.

9) For cash Transaction pay similar to Post paid Mobile charges,
to your mobile number @ RBI a/c.
Most will pay if the Tax is 1% & simple to pay.

10) Your Bank Account Number should be mobile number & connected to PAN/ AADHAAR /Passport/ Election Card etc.
For Simplicity.

11) Tax collection will be distributed to State & Local bodies, say 10% each, from the place of collection.

12) Also add 1% more (L.P.F.)
Less Privilege Fund,
similar to PPF for,
social / self benefit,
to give Power to the people for Social Cause / in your bad days.

13) In short Pay Rs. 20- for every Rs. 1,000- Received.

i) Rs. 10- as tax to RBI
ii) Rs. 10- in your (L. P. F.) a/c. Could be use for social cause/ for your bad days.

14) L. P. F. (Less Privilege Fund)
of 18 L- Cr, with 60 Cr voters, will reduce dependency on the Government for the Social development.
Fund will be used for the Social cause / in your bad days.

15) Keep faith in 60 Cr voters, as they will take care of their neighbours, in need.
Also most will pay, if Tax is 1? & Simple to pay.
Only Indian can make better India.

16) Can consider more tax for Higher Receipt, say above 0.5 Cr per year, payable at the year ending.

17) All Transactions are Traceable as mobile number is once Bank a/c number & connected to PAN/ AADHAAR
/ Election card.....
So, No Corruption & Black Money Problem.

18) Babus Harassing the youth,
Traders, Voters.. who wants to work.
Babus are ruthless as they
pay "Protection Money" to......?
for Posting/ Promotion/ Permit...
Administrations Reform is a Must.
For getting Votes.

19) Farmers suicide can get reduced, by encouraging them to sell their farm products on Railways to commuter
& roads to motorists, also we need more Passenger Train, to help farmers to sell farm products, to nearby Towns.

20) Expecting Feedback on How to make India Peaceful Place by Refined, Simple Laws.
No blame game please.
Media/ Babus /Netas /Judicial Role is Eminent along with People.

For "Sare Jaha Se Achha Hindustan Hamara." forward this message.

[email protected]
09820867755

MG Warrier

1 year ago

It is comforting to know that a healthy debate is on, about the Indian tax system. The ‘Take as it comes’ approach to revenue(read taxes) and ‘Pay as you go’ approach to expenditure which is a legacy of the pre-independence governments need a quick re-visit. Though government finances cannot be compared to accounts of banks or companies, if the arrogance of ownership settles down in the mind as a ‘right to do anything, come what may’, we may not need an astrologer to predict doom.
Escape routes are many to compensate for the dwindling savings rates. If trust is restored, the accumulated wealth in the form of gold and jewellery as also hidden savings in the form of unaccounted money and ‘undervalued’ assets will surface which will be available for investment. The short-term measures like dipping into the reserves of central bank and selling ‘family jewels’ for meeting fancy targets of modern economic planning(showing a lower fiscal deficit) without ensuring corresponding reduction in debt or increase in productive assets can be suicidal, in the long term.
The earlier example was when GOI discontinued pension facilities for future employees in 2004, to avoid funding of pension liabilities which were being met (and are even now being met) on a “Pay As You Go” basis. Such camouflaging may not work always.
Sooner the government looks at its financial planning with a prudent ALM approach, it would be better for the country.
M G Warrier, Mumbai

Robot trucks now operating at Rio Tinto
Global mining giant Rio Tinto has started using automated, driverless trucks to move iron ore in its Pilbara mines, controlled from operations centre 1,200 km away in Perth.
 
The world's first commercial implementation of the technology removes high risk, repetitive roles which expose employees to fatigue while also reducing operating costs and maintaining consistency, Xinhua news agency quoted Rio Tinto Yandicoogina operations manager Josh Bennett as saying.
 
Rio Tinto now has 69 driverless trucks operating 24 hours per day, estimating a saving of 500 work hours per truck per year.
 
"So, there is obvious capital savings, in terms of setting up camps, flying people to site, there are less people so there is less operating costs, but there are some costs that come into running the system and maintenance of the system as well," Bennett said.
 
The resources giant is also testing unmanned trains and robot drills, aiming for a roll out of the machines to as many mine sites as possible in the next year.
 
Global resource rivals BHP Billiton and local middleweight Fortescue Metals are also in on the act, trialling similar technology at their mines.
 
Global automotive manufacturers have recently created a new battleground in market against the likes of Google and Apple, snapping up software experts in the race to develop a self-driving car for the consumer market.
 
"Obviously it's not public because there is a lot of money... and it's a competitive industry with different automotive manufacturers, therefore they keep it behind closed doors," University of New South Wales associate professor of industrial automation and engineering, Jay Katupitiya, said on Monday.
 
Disclaimer: Information, facts or opinions expressed in this news article are presented as sourced from IANS and do not reflect views of Moneylife and hence Moneylife is not responsible or liable for the same. As a source and news provider, IANS is responsible for accuracy, completeness, suitability and validity of any information in this article.

User

Shiv Sainiks protest at BCCI office in Mumbai
A group of Shiv Sainiks on Monday morning protested at BCCI president Shashank Manohar's office here against his move to hold talks with his Pakistani counterpart Shahryar Khan to resume cricket ties between the two countries.
 
The Shiv Sainiks, numbering over 70, carried a black flag and shouted slogans of 'Pakistan murdabad' and 'Shashank Manohar murdabad'.
 
Later, police detained more than two dozen activists and whisked them away, even as Manohar quietly watched from his office.
 
A protester said the Shiv Sena would not permit any cricket relations between the two countries until Pakistan stopped the killing of Indian soldiers and civilians on the border.
 
Disclaimer: Information, facts or opinions expressed in this news article are presented as sourced from IANS and do not reflect views of Moneylife and hence Moneylife is not responsible or liable for the same. As a source and news provider, IANS is responsible for accuracy, completeness, suitability and validity of any information in this article.

User

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