We always blame the politicians and rich people for this but have you ever thought that we are also part of the problem. It is to a great extent responsible for a great rise in prices because the purchasing power of the people has increased.
This is evasion of sales tax. Stop giving bribe to government authorities. The Wanchoo Committee recommended a check on tax-evasion and proliferation of black-money. Tax evasion is widespread in respect in income tax, corporation tax, union excise duties, custom duties, sales tax etc.
But the amount of black income in India which was Rs 50, crore inincreased to Rs 85, crore in and to Rs 1,49, crore in which were Since the dealings are illegal, the money is not genuine earning but black or illegal wealth.
It is believed that in export dealings the billing is inflated by an average of 20 per cent. The evaded tax as percentage of total tax revenue potential has increased from While shopping, most of us never ask for a bill from the shopkeeper or the dealer.
We do this kind of things. In India, demonetization was done for the first time in and the value of demonetized notes was about Rs crore.
The Commissions and Committees pointed out various loopholes and weaknesses in tax laws and suggested various measures to check evasion of taxes. However, most of such studies undertaken in our country in recent years put the quantum of black money in the neighbourhood of 40 per cent of gross domestic product GDP.
The sub-committee also decided to cross-check the claims made by property estate agents that the property sector was heading for a collapse due to the recent measures taken by the government.
But do we understand what this black money really is? Then there is smuggling of goods on the borders, viz. Taxation structure and system have been made easier.
This has led to huge unchecked evasion of taxes and piling up of black income. IMF staff survey on the unaccounted sector has estimated the black money in India at about Rs 72, crore. India, at the threshold of fast economic development, needs huge amount of capital.
Following are some of important measures that are undertaken by the Government in this regard: There are international smuggling rackets which facilitate this kind of trade. Solutions for Black money problem How to fight, stop, eradicate black money and corruption. The government has introduced the system of Value Added Tax VAT whereby the sellers of goods are taxed for the value added.
But the people are, at times, cleverer, than the Government. The executive classes including the bureaucrats are the other class of people who have accumulated black money by taking bribes.
Black-money results in the functioning of a parallel economy in the country. Kaldor in his report on India Tax Reform assessed the black money to the extent of Rs crore in 54 which was then about 6.
As a result, the tax which is due to them is never paid.
Such favouritism and pick and choose for bribery and gratification is against the principles of democracy. Prime Minister Narendra Modi is trying to control all these activities by demonetization and related solutions.
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The divergence between these two rates is mostly resulted from higher rates of taxation. This reflects the magnitude of black money market in India. The problem, therefore, needs immediate attention. The Perif members said it was a partial list and that they were facing business a slowdown across the country.
Recently the Supreme Court of India asked the government to take black money as a serious issue.
This unhealthy nexus between bureaucracy, contractors and politicians may lead to underhand deals, artificial cost escalation of projects leading to finally generation of black income. This is nothing but black money.
If the black money reaches the government, there will be faster development. This increasing volume of public expenditure has also resulted in misuse of public money in huge quantity.Spending black money on illumination, feasts and the purchase of imported cars is a way of converting that into white; some of such activities hoarders of black money quite often cashes in on.
Today, perhaps there are more black goods, black gold, unaccounted collections of precious stones, more decorated and elegant homes than black currency.
Essay on Black Money. We are observing huge transformation in the face of India. With the concepts of Digital India and Make in India, it has already shown its potential to the competing nations. But what makes it lag behind are the metrics that every Indian talks about are very few yet powerful.
No wonder they’re black money, corruption, etc. Essay on black money in punjabi language. by on November 21, with No Comments. Shimla hill station essay about myself 5 paragraph essay high school dissertation comment connaissons nous autrui sardar patel short essay length.
Essay on “Black Money In India” Complete Essay for Class 10, Class 12 and Graduation and other classes. In this essay we will discuss about the Black Money of India.
After reading this essay you will learn about: 1. Introduction of Black Money in India 2. Essay on Black money is about the money obtained by an individual or an organization illegally, by any unfair means or by not paying taxes probably.Download