The Economic Survey 2016 is out and it states very interesting points. (Note: All bold points are my doing, not the survey’s) 400,000 cr. stuck in DRT and no progress There’s more than 400,000 cr. stuck in the debt recovery tribunals in 2014-15 and the pending number is just increasing year on year. There needs to be a bankruptcy law, argues the Survey, but we also need to be a way to empower the bureaucrats that run institutions so they can resolve problems faster. Only 5.5% of earning individuals pay tax! The Eco Survey says there has been too much exemptions and we should either maintain thresholds or cut them. And reduce tax rates. And that we should tax agriculture and Real Estate too: Laying out the fiscal capacity roadmap for the 21 st Century, the Survey calls for widening of the individual tax payers’ base. Despite the number of tax returns filed picking up from mid-1980 onwards, nearly 85 percent of the economy remains outside the tax net. … (Read On…)
[via Capital Mind]
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