demonetization is a boost for Indian economy debate
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Can’t say .
We have already experienced the ill effects of demonetisation but yet to see the other side .
As per the reports , the GDP growth rate of India from mar 2016 to sept 2016 was 7.1 % . After the cash crunch or more precisely the last quarter of the financial year , the GDP growth rate slipped down to 6.1 % . The unorganised sector affected badly as compared to the organised sector . Th cottage sector , agriculture sector and other small business suffered enormously .The wholesale markets , transportations , daily labourer adversely affected . Even the sale of luxury car dipped for the first time in the last two decades . The manufacturer of two wheeler company complained that the sale of two-wheeler got reduced and etc .
This is happily surprising that about NINE MILLION assessee got registered with Income tax dept. after demonetisation . This is really a good sign . This is quite absurd but true that , less than THREE PERCENT of India’s population file their annual income tax return with income tax dept. and the number is even less when it comes to payment of tax .
Demonetisation helped to increase the assessee base . We can only hope that all the newly added assessees would pay tax if their income exceeds the exemption limit (Rs 2,50,000 ) . At any point of time, if the IT dept. found reasonable cause to believe that, a particular assessee is hiding his income , then it can scrutinise his income . This is the benefit given by demonetisation ( Increased assessee base and empowered IT officers to scrutinise assessee’s income if found something fishy ) .
If the tax generated by above means exceeds the economic losses that occurred in the 3rd and 4th quarter of the FY 2016–17 , then we could say that demonetisation is good for country like India or it is a boost for Indian economy .
Still I can’t say whether……………..
I really want this to happen .
I really want some more valid and reasonable point to say that demonetisation is boost for Indian economy .
We have already experienced the ill effects of demonetisation but yet to see the other side .
As per the reports , the GDP growth rate of India from mar 2016 to sept 2016 was 7.1 % . After the cash crunch or more precisely the last quarter of the financial year , the GDP growth rate slipped down to 6.1 % . The unorganised sector affected badly as compared to the organised sector . Th cottage sector , agriculture sector and other small business suffered enormously .The wholesale markets , transportations , daily labourer adversely affected . Even the sale of luxury car dipped for the first time in the last two decades . The manufacturer of two wheeler company complained that the sale of two-wheeler got reduced and etc .
This is happily surprising that about NINE MILLION assessee got registered with Income tax dept. after demonetisation . This is really a good sign . This is quite absurd but true that , less than THREE PERCENT of India’s population file their annual income tax return with income tax dept. and the number is even less when it comes to payment of tax .
Demonetisation helped to increase the assessee base . We can only hope that all the newly added assessees would pay tax if their income exceeds the exemption limit (Rs 2,50,000 ) . At any point of time, if the IT dept. found reasonable cause to believe that, a particular assessee is hiding his income , then it can scrutinise his income . This is the benefit given by demonetisation ( Increased assessee base and empowered IT officers to scrutinise assessee’s income if found something fishy ) .
If the tax generated by above means exceeds the economic losses that occurred in the 3rd and 4th quarter of the FY 2016–17 , then we could say that demonetisation is good for country like India or it is a boost for Indian economy .
Still I can’t say whether……………..
I really want this to happen .
I really want some more valid and reasonable point to say that demonetisation is boost for Indian economy .
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