Economical Revolution Steps Suggestions

Today I came across the message from our Finance Minister Smt Nirmala Sitaraman urged citizen to provide suggestions for Indian budget and other finance-related activities of the Nation. I hereby forward my humble suggestions here with. The following amendment if implemented would bring in a huge encouragement to the nation's market's mood.

The banking sector is the most important where the amendment is mostly needed. If India wants to fulfil its dream of making India  "Digitial India" in true means, then India must implement the following for revolutionary growth.

RBI should stop "merchant charges" for the transactions through debit card and credit cards. This will encourage merchants to happily accept cards, unlike small businessmen who have cultivated the tendency to discourage.

Banks minimum balance criteria must be avoided atleast to a category who are poors so that the most celebrated efforts that was lauded worldwide, was taken and successfully implemented through 'Jandhan' account holders, are not let down or discouraged.

Sales tax refund system could be introduced wherein buyers could be charged 2 or 3 % extra on every purchase and they will get the refund on submitting the details on the website designed by the government. The buyer's Aadhar number, Pan number and Bank account details will be the login id for uploading the Invoice details. Password must be generated separately.

Apart from Gold, Diamonds, Gems, Cement, Hardware, Software, Building materials and Provision branded items, even for Petrol, Diesel and every product must be enrolled in this category. (Duplicate inflated Invoices being generated for saving tax will stop automatically due to this effect).

The refund must be to the bank account directly automatically too. This may lead to the habit of demanding for Invoice automatically. The website must seek the details like, "Name of the shop", Product, GST number, amount paid, Refund tax amount.

Income Tax rebate must be considered for total deduction from the net income for the "sales tax paid" by individuals for the purchases done by individuals during the financial year. The income tax website must have the provision to keep updated details in one's respective PAN number based login ID. This will help demand for Invoices for almost every small items which could accumulate to become a handsome amount moreover every shop keepers would be compelled to keep his items totally taxed.

All long term growth funds and income through Fixed deposits, Infrastructure bonds, and Pension income should attract 0% taxes in order to encourage people to  motivate to save through Infrastructure bonds and pension fund. 

Sudesh DJV
Indore MP India
27th June 2019
2:30 pm

Sudesh DJV writes on contemporary subjects in the form of Articles and poems which is in the interest of the Nation in particular and for Mankind in general.