If drawn into a competitive tax war, India may need to make further concessions, which in turn will have negative consequences for our already troubled investment-GDP ratio.
Quarterly filing and higher turnover limits need to be intertwined to stop the GST from becoming a car-wreck for the country’s SMEs.
By taxing the incomes of the top 4.1% of total agricultural households, as much as Rs. 25,000 crore could be collected as agriculture income tax.
The finance minister needs to begin to think of strategies to counter the negative impact of a tax war on business taxation.
The next stage of the ArthaKranti proposal is the introduction of a bank transaction tax – a taxation system that is not based on sound economic reasoning.