Ban on income tax, could be next move by NAMO in coming future
Aurangabad, Anil Bokil: He (the PM, Narendra Modi) is a man of action and execution and not just thoughts. If you see this move along with the Jan Dhan Yojana and the conversion of the country’s post office into a bank and the unified payment gateways system, you realize he is working to a plan and everything is in tune,” ArthaKranti Pratishthan.
Above is one part of the statement of the man who thinks his idea has been implemented for the current demonetization and it has followed and it has followed a certain pattern overall.
According to Anil Bokil, demonetisation needs to be accompanied by tax reforms. “We are going to pursue this to the desired logical end,” Bokil believes the country will move to bank transaction tax.
So the next question, we all know the middle class business and the common people are mostly affected by the demonetization, where as the higher class is less affected. The middle class who though supportive of the demonetization move, is not happy with the sudden day to day problems caused by the cash crunch.
Next question comes to mind is quite straight forward, Is Prime Minister Narendra Modi planning another ‘masterstroke’ by abolishing income tax in the next year’s budget? Will he listen to another advice of Anil Bokil, who had suggested him to demonetize big currency notes of rupees 500 and 1000 denomination to break the backbone of black economy? Affirmative answers to these questions may see another ‘game changer’, a big economic step affecting a large section of Indian population.
As queues have decresed outside ATMs on the 13th day, however the RBI announced some reliefs for farmers and also for the home loan and car loan borrowers. Every day since the announcement, there have been changes in the guidelines related to cash withdrawal and currency exchange.
The theory of income tax ban is also arising from the current political situation arisied from the current note ban.
The news of sufferings of common people appearing in the media, the footage of men and women, young and old standing in long queues in every corner of the country and around 70 deaths caused by the stress have collectively pressurised the government to the defensive.
BJP is worried about the impact of the move in the assembly elections due early next year. The party until recently was very confident of getting the max votes in UP election. Various opinion polls also showed the BJP emerging as the single largest party. However the demonetization issue, the tide seems to be turning against it as both urban and rural population are openly voicing their disenchantment with the move, calling it haphazard and badly executed.
It might be in this context also that the whispers and murmurings about the abolition of income tax have started flowing in the air.
The idea of abolishing income tax had been said by the yoga guru Baba Ramdev and Subramanian Swami in the past as well.
The idea to abolish income tax has been discussed in the past by many governments but got rejected, due to the will of implementation and well planning.
If the income ta ban happens in the coming future, this will be the greatest move that will happens after India getting Independence