Lucknow,
Nov 8: Demonetisation has helped strengthen the country’s economy,
energised the share market and boosted foreign investments, Global Taxpayers
Trust (GTT) chairman Manish Khemka said here on Wednesday.
Demonetisation, despite widespread criticism, is a proof of Prime Minister Narendra Modi’s clean intentions in his war against corruption in the country, he said. While assessing the impact of demonetisation over the past one year, Mr Khemka pointed out that the idea of demonetisation was first recommended by Wangchu Committee in 1971 when Indira Gandhi was prime minister. However, no government had the spine to take the bold step as the Modi government took on November 8, 2016, he added.As a result of demonetisation, the taxpayer base in the country has expanded, with 6.85 crore taxpayers currently as against 2.9 crore taxpayers in 2012-13, Mr Khemka said, adding that 5.7 million new taxpayers were added to the pool after demonetisation.The surfacing of undeclared income added Rs 3.7 lakh crore to the nation’s coffers, he said.Mr Khemka, however, pointed out that that the Modi government should introspect over the problems that arose collaterally with the benefits of the tax amnesty scheme, demonetisation and Goods and Services Tax (GST). Among the problems that arose were sluggishness in business activity and increased unemployment, he added.He suggested that as is prevalent in some other countries, the Indian government could reap better results by lowering taxes.The GTT chief cited the example of Indonesia, whose GDP is half that of India’s and whose tax amnesty scheme netted in Rs 21 lakh crore of unaccounted wealth in one stroke. This amount equals India’s annual revenues.Mr Khemka demanded that just like in the United States and in some other developed countries, the government should provide social security, which is, in a way, the right of the taxpayer. Under social security scheme, the government should strive to provide free education, health services, insurance and social security, he added.
UNI
Demonetisation, despite widespread criticism, is a proof of Prime Minister Narendra Modi’s clean intentions in his war against corruption in the country, he said. While assessing the impact of demonetisation over the past one year, Mr Khemka pointed out that the idea of demonetisation was first recommended by Wangchu Committee in 1971 when Indira Gandhi was prime minister. However, no government had the spine to take the bold step as the Modi government took on November 8, 2016, he added.As a result of demonetisation, the taxpayer base in the country has expanded, with 6.85 crore taxpayers currently as against 2.9 crore taxpayers in 2012-13, Mr Khemka said, adding that 5.7 million new taxpayers were added to the pool after demonetisation.The surfacing of undeclared income added Rs 3.7 lakh crore to the nation’s coffers, he said.Mr Khemka, however, pointed out that that the Modi government should introspect over the problems that arose collaterally with the benefits of the tax amnesty scheme, demonetisation and Goods and Services Tax (GST). Among the problems that arose were sluggishness in business activity and increased unemployment, he added.He suggested that as is prevalent in some other countries, the Indian government could reap better results by lowering taxes.The GTT chief cited the example of Indonesia, whose GDP is half that of India’s and whose tax amnesty scheme netted in Rs 21 lakh crore of unaccounted wealth in one stroke. This amount equals India’s annual revenues.Mr Khemka demanded that just like in the United States and in some other developed countries, the government should provide social security, which is, in a way, the right of the taxpayer. Under social security scheme, the government should strive to provide free education, health services, insurance and social security, he added.
UNI
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