Make Taxation real-time & burden free through Non-Cascading Transaction Tax
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Organizations & Businesses expects simplicity in tax compliance along with tax savings, while the middle class expects serious tax savings in the yearly budget, and high income individuals feel inconvenient to pay tax at a higher slab when compared to others, and intellectuals think politicians postpone reforms while focusing on vote bank politics and welfare schemes, overall, many expect promises of politicians in bringing back black money to be fulfilled, that enables governments to do a lot of development in the country.
While our Prime Minister Shri Narendra Modi thinks to simplify taxation in a holistic way, Shri Nirmala Sitharaman thinks to reduce tax slabs while still maintaining fiscal balance, Shri Subramanian Swamy advocating to scrap low efficient Income Tax over many years, many CEOs, CFOs of Businesses asking to simplify compliance, middle class asking to reduce tax burden, we having some of the aspiring tax reform proposals from Arthakranthi and Mr.Edgar L. Feige, and India/Bharatavarsha is awaiting to see that ground breaking tax policy reforms, that enables this change, but is this ever possible?
The answer is YES, in the form of Non-Cascading Transaction Tax proposal from Ideal Nation.
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To brief it out, Non-Cascading Transaction Tax is a Pro-digitization initiative, that advocates Digital Majority Economy, to facilitate real time tax collection on Gross Income (w.r.t. Credit Transactions, those that are received in to recipient’s Bank Accounts), and in the transaction level, in a non-cascading approach, that is applicable at National Level (while respecting existing Double Taxation Treaties with Other Countries), to Individuals / Organizations.
Unlike early Transaction Tax proposals from Arthakranthi and from Mr.Edgar L. Feige, this Non-Cascading Transaction Tax Proposal from Ideal Nation is something that is devised to be applied in a non-cascading way from Day1, and when addressing different business, non-profit and individual transaction scenarios, all in real-time and with simplicity in compliance as some of the core goals.
It is surely possible for
- Individuals to pay 3% tax on received income, without IT Returns.
- Businesses to pay 6% tax on received gross revenue while submitting IT Returns and be allowed to claim Input Tax Credit (ITC)/Refund.
- Political Parties to go transparent before people w.r.t. their received donations by paying 6% tax, while being allowed to claim 100% tax refund, post submission of IT Returns, all while scraping the concept of Electoral bonds etc...
- NGOs/Spiritual Organizations/PM & CM Relief Funds to go transparent w.r.t. their received donations by paying 6% tax, while being allowed to claim 100% tax refund, post submission of IT Returns
all while reducing the tax burden on economically weaker sections, middle class, businesses and by riding upon the pro-digitization initiatives of the government and with the support of Banks & Payment Companies, who will collect the tax as transaction happens, while ensuring tax collection happens in a non-cascading way, and when submitting the collected tax amount to the government on a daily basis.
Introducing Non-Cascading Transaction Tax while scraping the prevailing Income Tax, GST and Property Tax means, Government of India/Bharatavarsha is ready to spur Indian Economy, by turning on the perpetual demand engine on one hand, while announcing itself as the de facto destination for FDI & Domestic Investments into Indian Businesses & joint ventures.
Do remember, any society/nation with it's citizens/residents having tax awareness and nation first perspective, will automatically denigrate gray practices and BLACK MONEY will be a thing of the past very soon.
Request you all to sign this petition, so we all can get Non-Cascading Transaction Tax implemented in our country and make our lives better and our country great again.
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