Union Budget 2011-12 indicated compulsion of coalition
All Union Budgets are not just economic exercises, they also have to appropriate national and state-level political considerations. Clearly, this was reflected in this budget as the Finance Minister did not take measures to widen the tax net.
THE DIRECTIONLESS Union Budget for the year 2011-12 with gimmickries of statistics also seems to be a product of compulsion of alliance politics, because perhaps corrupt allies of Prime Minister did not allow Union Finance Minister to make any provision for bringing black and corrupt money in national economy in a legitimate manner. Measures should have been taken to snatch taxes from rich and elite like by double rate of excise duty on bigger-priced cars say with ex-factory price above rupees four lakhs. Policy should be to concentrate more on taxes on expenses rather than incomes where tax-evasion has admittedly crossed all limits. It can be done by having a uniform and maximum Income-tax slab of just 10-percent on incomes above rupees five lakhs per annum withdrawing all exemptions from taxation-system. Such a system will fetch much more money by tax in other sectors like in getting more registration-fees in sale-purchase of property. Presently a very little fraction of actual deal-price is registered in accounted money resulting in large-scale evasion of registration-fees.
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