Bikash
Choudhury
Ministry of Finance has accepted Kelkar Committee Report and
planning for fiscal consolidation. I just wish to draw attention to some new
Ideas and Convenient ways of Improving the Revenue flow of Govt.
1. I think “Rental Income” is one category of Income which
goes grossly unreported/under reported and thus from the Income Tax net; and,
those income could be brought into the IT very conveniently.
a. If IT dept. ropes in College Students as Rental Income Intelligence
Operative on contract basis and also deploy them to cajole/gently pressurize
the defaulters to file appropriate value of rental income with some training;
then, Govt. could kill two birds with one stone. Motivate the youngsters and
enhance tax revenue.
b. Govt. could expect tax revenue worth Rs.4000
Cr.-Rs.10,000 Cr. Assuming 4-8 Cr. Households for assessment with average
rental income of Rs.5000-Rs. 10,000 and with tax rate 10-20%.
2. Union Govt. could build consensus with State Govt. on a
reasonable stamp duty and registration charges for land/apartments and do away
with the concept of Govt. rates and Market rates of properties and make it
mandatory to put up the actual amount paid for the property failing which the
sale deed would stand cancelled; as and when any discrepancy were discovered.
a. In one stroke Govt. could improve the revenue of states,
bring all transactions into the main stream and bring an end to the
manufacturing of black money in the real estate sector on a daily basis.
b. This step could also help in reducing the Inflationary
pressure.
3. Govt. could announce a scheme for top 1000 High Net worth
Individuals to Name the 25 K.M stretch of N.H in memory of their Family,
Friends or Organizations @ cost of
Rs.100 Cr. for 5 Yrs.
a. Govt. could generate non tax revenue of Rs. 1,00,000
equivalent to $20billion USD.
b. This would move resources from conspicuous consumption to
a developmental expenditure in the hands of Govt.
Twitter: @ideasofhope Blog: www.ideasofhopebikash.blogspot.com
E-mail:streben.market@gmail.com
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