Reforms needed in multi-tax system: Ashok Juneja
Author(s): Ludhiana News Desk @ city air newsLudhiana, November 11, 2014: Economic development on industrial and trade fronts and suitable reforms in multi-taxation systems is the immediate need of the hour for landmark progress of economy.,...
Ludhiana, November 11, 2014: Economic development on industrial and trade fronts and suitable reforms in multi-taxation systems is the immediate need of the hour for landmark progress of economy., said Ashok Kumar Juneja, Convener, Economic Cell (BJP) Punjab while addressing the leading industrialist of city and office-bearers of Economic Cell.
He added a memorandum of suggestions has been forwarded to the Union Finance Minister Arun Jaitley. It has been suggested that the Central and the state government should deliberate themselves for starting industrial clusters including Ludhiana for making all round progress. Big Industrial houses from various parts of the country who were ready to install large pro-agro and other Industrial units in Punjab on the Gujarat pattern be approached again to solve their obstacles and difficulties, if any, since it will also help upcoming and progress of the micro and small scale industry which will be supplying machinery tools and ancillary parts to big units.
Ashok Juneja who is also President of Punjab Tax Bar Association (PTBA) and also an taxation expert previously, telephonically discussed with Arun Jaitley, and now sent a representation that multi-tax system prevailing currently in India be reduced and curtailed to minimum possible number of taxes such as Income Tax, Custom, Banking Transaction Tax (BTT), Service Tax & VAT and rates of Income Tax be reduced to maximum 25% on Income, since higher the tax rates higher the evasion. Number of assesses & tax payers which are 3% of Indian population be increased to 8 to 10 % easily be adopting & acting on Annual Information Reports (AIR) and by convincing measures.
-----------------------------
Readers may send their news/views/feedback to us:
Date:
Tuesday, November 11, 2014