This refers to the Article Get the lagaan Right(ET dated 10/1/17).No doubt the budget for 2016-17 assumes importance to fix sevewral problems of the economy including the black money in one stroke. The recently concluded Demonetisation exercise with long term well intended objectives has not been a great success as envisaged due to its faulty implementation, but it has succeeded to bring the black money in banking fold which will help to fix the problem with ease. This has also created awareness on black money holders on the need to fix corrupt practices, to avoid evasion of taxes and also to opt for payments through banking modes using technology. Now what it requires only a strong administration with lots of follow up measures and provision of facilities for tax compliance voluntarily. Enhanced Tax GDP ratio through an imaginative and result oriented budget can be a reality provided there are checks and balances to fix the evasion with simplified tax laws, lower taxes, and attractive tax compliance incentives. People have whole heartedly welcomed the demonetisation expecting Ache Din ahead and have put up with all sorts of inconveniences and the Government needs to be proactive to compenasate them. liberally. The economy needs a kick start to attract investments, augment production both in agriculture and Industry to provide the much needed employment opportunities. Black Money Generation should be disincentivised by all means and the ensuing budget is the solution for that. Hope the Government will not miss the opprtunity..
Dr T. V Gopalakrishnan
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