Business Mantra News
Raising standard of middle class is key driver of the country’s economic growth and the need of the hour is to take full benefits of our demography by creating adequate job opportunity for the young generation. India must grow it GDP ratio from tax revenue but the tax payers should not be unnecessarily harassed.
While speaking at the inaugural session on a seminar on ‘Contemporary issues and challenges in Finance, Marketing and Taxation’, Vice President Mr. Venkaiah Naidu said that merely getting of degrees was not enough for the students and they must be taught “Life Skills”. Vice President added that ‘transforming the economy’ was the third agenda of the present Government in line of reforms initiated by the predecessor’s of BJP Government i.e. P.V. Narsimharao & Atal Bihari Vajpayee.
One of the main objectives of both demonetization and GST was to get better tax compliances. The enactment of new Bankruptcy Code has reinforced rights of the creditors.
To counter the ill-effects of high growth in population, it is necessary to create more and more employment opportunities.
Roll out of Goods and Service Tax Act which has replaced number of indirect taxes and has changed the scenario of indirect tax regime.
The expansion of economy would lead to increased revenue from tax collections and this revenue would be used to speed up development projects related to infrastructures within the country.