Technical Presentation of An Alternate TAX System in India Proposed by ArthaKranti

8/13/2019 Technical Presentation of An Alternate TAX System in India Proposed by ArthaKranti

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ArthaKrantiA design towards Principled , Prosperous & Peaceful living Home

Sunday, January 05, 2014


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Presentation

Vision

Social Reality

Economic Reality

Current Reality Loops

Proposal

Effects of Proposal

Strategy

Social Security Scheme

Linked Proposals

Empowering Democracy

Animations

CreditEstablishment

Vision

Flawed TaxationSystem

EconomicRealitySocial Reality

Appeal

FDI CreditExpansion

Local Industry

Credit Cycle

Farmers Suicides

Internal Borrowings

Banking System

Disinvestment

High Denomination Currency

ProposedS stem

Statistics

CalculationsCurrency

Denomination

Bank Money Direct &Indirect tax

Revenue afterBTT

Proposal

Anti-Social Industries

CommodityPrices

Appeal

Terrorism Analysis Strategy


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Vision

VasudhaivKutumbakam

OneEconomy

CapitalFormation

Revenue forEffective

Governance


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Economic Reality

Interest onExternal Debt

Cost ofrunning Government

National Security

Infrastructure, Agriculture,Needs of Common man

ComplexTaxationsystem


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Effects of Fiscal Deficit on Local Industry

Fiscal Deficit

PoorInfrastructure

PoliciesInfluenced by

Foreign Interests

Attract FDI SubsidiesCurbed

UncompetitiveLocal Industry /

Trade

Unemployment

Local AgricultureRendered

Uncompetitive

Reduced RuralPurchasing

Power

SocialInsecurities


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Effects of Fiscal Deficit on Credit Cycle & Government Revenue

FiscalDeficit

DeficitBudgetInflation

UncompetitiveLocal Industry /

TradeUnemployment

Hard CreditPolicy

NPAs

Increase

GDP Growth

Slows Down

ConservativeLending

InadequateCapital Supply to

Economy

PurchasingPower

Reduced

Low Demand/ Recession

InadequateTax Revenue

to Govt.

Social

Insecurities


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Effects of Internal Borrowings on Fiscal Deficit

FiscalDeficit

InternalBorrowings

Spent on Non-Developmental

Activities

Inadequate TaxRevenue to Govt.

GDP Growth

Slows Down


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Effects of Fiscal Policy & External Borrowingson Credit Policy & Banking System

FiscalDeficit

ExternalBorrowings

National PoliciesInfluenced

Threat to LocalBanking System

ExpensiveCapital

Lending RatesIncrease

Bank InterestRates

Increase

Tax Rebate + HighInterest Rates on

Savings


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Effects of Fiscal Deficit on Disinvestment Policies & Reduced Social Spending

FiscalDeficit

Pressure toDisinvestment

Threat toOrganized

Employment

SocialInsecurities

PurchasingPower Reduced

Govt. Control Lost inEssential

Commodities [e.g.Oil, Medicines etc.]

Severe Impact onWeaker Sections

Scope for MarketExploitationCost Burden

Passed ontoCommon Man

Public - PrivatePartnership

e.g. Toll

Reduced SocialSpending


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Effects of Fiscal Deficit on Anti-Social Industries

Fiscal

Deficit

Increased Congestion,Accidents, Pollution

SocialInsecurities

Inadvertent Promotion of

Anti-Social Industries

Promotion ofState Run Lottery

Schemes

Increase in oilImport Losses

(Subsidies)

Promoting Increaseduse of OilAutomobiles

Lack ofinfrastructure /public amenities

(e.g. public transportsystem)

Promotion ofLiquor, Gutkha,

Cigarettes

Direct IllEffects on

Public Health


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Effects on Taxation System & High Denomination Currency

FiscalDeficit

Inadequate TaxRevenue to Govt.

Tinkering ofTaxation System

UncompetitiveLocal Industry

/ Trade

ExpensiveCapital

Flawed TaxationSystem

Inflation

BlackMoney

ParallelEconomy

PoorGovernance

SocialInsecurities

Corruption

Non TraceableTransactions

Ease of CashTransactions

Large

DenominationNotes

Less Use

of BankingSystem

GDP GrowthSlows Down

InadequateCapital

Supply toEconomy

Poor Credit /

CapitalFormation

HighInput

Costs

TaxEvasion

FiscalDeficit


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Effects of Fiscal Deficit on Credit Cycle & Farmers Suicides

Fiscal

Deficit

Deficit

BudgetInflation

Hard CreditPolicy

Social Unrest

Less Use ofBanking System

Poor Credit /Capital Formation

Individuals CredibilityNOT Established

Low Credit Supplyto Agriculture

Unjust Borrowingsfrom Private Sources

FarmersSuicides


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Flawed Taxation System

Narrow Base and Limited Coverage of Direct Taxation

Direct to Indirect Tax Ratio is 44:56

Inequitable and hence Regressive

Non-Productive

Uncertain

Inelastic

Uneconomical

Complex nature of taxes

Tax laws open for interpretation

Show

Show

Show

Show

Show

Show

Show

Show

Statistics

How should it be Show


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Currency Denomination

Country Per CapitaIncomeHighest

DenominationPer Capita Income /

Highest Denomination

USA

UK

Japan

India

$ 40,000

20,000

40,00,000

Rs. 46,000

$ 100

50

10,000

Rs. 1,000

400

400

400

46

Currency Denomination Distribution


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Credit

Establishment

Less Use ofBanking SystemObstructs Credit

Registration of a lotof Citizens in the

National Economy

h


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Cash Transactions will not attract any tax

ArthaKranti Proposal

Withdrawal of Existing Taxation System Completely * (except Customs/Import Duties)* All Central, State and Local Government Taxes Direct and Indirect

Every Transaction routed through a bank will attract a certain deduction in appropriatepercentage as Bank Transaction Tax i.e. Single Point Tax Deducted at Source (say 2 %)

This deduction is to be effected on receiving/credit account only

This deducted amount will be credited to different Government Levels likeCentral, State and Local (as say 0.7 %, 0.6 % and 0.35 % respectively)

Transacting Bank will also have its share in this deducted amount (say 0.35 %)as the Bank has a key role to perform

Withdrawal of High Denomination Currency (say above Rs. 50)

Government should make legal provisions to restrict cash transactions up to a certainlimit (say Rs. 2,000)

This means, Cash Transactions above this limit will NOT enjoy any legal protection.

A h K i


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Effects of ArthaKranti Proposal

Bank Transaction Tax

(Say 2%)

High DenominationCurrency is Removed

(Say above Rs. 50)

Legal Provision MadeRestricting Cash Transactions

up to a Certain Limit(Say Rs. 2000)

Existing Cash

Deposited in Banks &Attracts BTT

High Value CashTransactionsNot Practical

Increase inBanking

Transactions

Tax RevenueIncreases by Orders

of Magnitude

AdequateRevenue to Govt.

AdequateRevenue to

Government

Show

A h K i


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Tax Collectionis Simplified

Opportunitiesfor Corruption

Eliminated

Black MoneyEliminated

Anti-Social and Anti-National Elements

Effectively Checked

Fake CurrencyEliminated


Effectively Checked

AdequateRevenue to

Government


(Say 2%)


(Say above Rs. 50)



Existing CashDeposited in Banks &

Attracts BTT

A th K ti


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Increase inBanking

Transactions

Part of BTTgoes to Banks

Net BankingRevenue

Increases

GloballyCompetitive

Interest Rates

Cheap and EasyCapital

PurchasingPower of Society

Increased

Market DemandBoosted

Industry Trade,Supply

Stimulated


Effectively Checked

AdequateRevenue to

Government

IndustryTrade, Supply

Stimulated


(Say 2%)


(Say above Rs. 50)




Attracts BTT

A th K ti


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Commodities andServices are FREEDfrom Tax Influence

PricesDrop

Focus Shifted toInnovation fromTax Manipulation


Stimulated

Cheap and EasyCapital

PurchasingPower of Society

Increases

Market DemandBoosted

Anti-social and anti-national elements

effectively checkedAnti-Social and Anti-

National ElementsEffectively Checked

AdequateRevenue to

Government


Stimulated

Show


(Say 2%)


(Say above Rs. 50)




Attracts BTT

A th K ti


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Black Money isConverted intoWhite

Tax RevenueIncreases by Ordersof Magnitude

SLRRevised

Money SupplyRegulated


Stimulated

AdequateRevenue to

Govt.


Effectively Checked

AdequateRevenue to

Government


Stimulated


(Say 2%)


(Say above Rs. 50)




Attracts BTT

ArthaKranti


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AdequateRevenue to Govt.


Stimulated


Effectively Checked

FiscalDeficit

Recovered

Govt. DebtsChecked

Empowered

Government

Appropriatesubsidies

GloballyCompetent

Agro-Segment

SocialSecurityRestored

EmploymentOpportunities

BudgetaryProvision for

Political System

Cleansed

Political SystemBlack Money

Eliminated

Effective

Governance


(Say 2%)


(Say above Rs. 50)




Attracts BTT

ArthaKranti


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Revenue forBanking

Cheap and EasyCredit

Availability

DecentralizedRevenue

Collection System

Elimination ofBlack Money

Social SecurityScheme

Tax BurdenReduced with BTT

BudgetaryProvision for

Political System

Elimination ofMeans & Motives

for Corruption

AdequateRevenue to runGovt. Programs

EMPOWEREDINDIA

Creativity FREEDfrom Tax

Manipulation

BuildingIndividualsCredibility

Industry,Trade, Supply

Stimulated


Effectively Checked

IncreasedPurchasing

Power


(Say 2%)


(Say above Rs. 50)




Attracts BTT

ArthaKranti


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ArthaKranti


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Jai Hind

ArthaKranti


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Back

ArthaKranti


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BackDistribution of Central Governments Direct & Indirect Tax Revenues

0

100000

200000

300000

400000

500000

Direct Indirect

All f igures in Rupees Crores

ArthaKranti


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BackDistribution of State Governments Direct & Indirect Tax Revenues

0

100000

200000

300000

400000

500000

Direct Indirect


ArthaKranti


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BackDistribution of Central & State Governments Combined Direct & Indirect Tax Revenues

0

100000

200000

300000

400000

500000

600000

700000

800000

Direct Indirect


ArthaKranti


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BackDistribution of Centre & State Governments Combined Direct & Indirect Tax Revenues for the Year 2010-2011

44%

56%

DirectIndirect

ArthaKranti


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Back

ArthaKranti


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Back

Highest Three Denominations account for 95 % of the Total Currency Moneywhile 37 % of our Population is below Poverty Line with Poverty Line = Rs. 20/-

ArthaKranti


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A design towards Principled , Prosperous & Peaceful living Home

Note: Absence of Denominations Larger Than $ 100 in U. S. and the fact thatconsiderable part of the U. S. Currency in $ 100 and $ 50 Bills is in use outside U. S.

it being an International Currency.

Comparison of Currency Denomination Distribution: Indian Rupee & U. S. Dollar

Back

ArthaKranti


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Banks PrimaryDeposits Cash ReservesLoans / Derivate

Deposits

Credit Expansion through Banking System

A 2000 1 200 1800 2

B 1800 180 1620

C 1620 162 1458

D 1458 145 1313

E 1313 131 1182

Eventually 20,000 2000 18,000 3

1 - Original Primary Deposit2 - Original Excess Reserves3 - Total Capital Formation through Credit Expansion with Original Primary Deposit of Rs. 2000

ArthaKranti


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Product MFG Cost Taxes

Analysis of Commodity Prices

CementBag

90 ~ 160

Motor

bike21,000 21,000

Petrol 35 / liter 38 / liter

Back

All figures in rupees

Sales Price

~ 250

42,000

73 / liter

Chinese Cost

72

25,000

-

Diesel 25 / liter 20 / liter 45 / liter -

ArthaKranti


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Sample Calculations

Narrow Money (Transaction Money) ( M1 ) = Currency Money + Demand Deposits

For year 2010-2011Currency Money = 9,50,000Demand Deposits = 7,18,000Narrow Money (M1) = 16,68,000

Assuming 20 % of M1 to be active in Daily Bank Transactions,Amount of Money in Daily Bank Transactions (D1) = 3,33,600Amount of money in Yearly Bank Transactions (Y1)= D1*365 = 3,33,600*365 = 12,17,64,000

Consider Bank Transaction Tax as 2% (notional) with shares of CentralGovernment= 0.7% , State Government= 0.6% and Local Government= 0.35% .

Combined Revenue for Centre ( 0.7% ) and States ( 0.6% ) = Y1 * 1.3/100= 12,17,64,000 * 0.013= ~ 15,83,000

Revenue of State Governments (0.6 %) = ~7,31,000Revenue of Local Governments (0.35 %) = ~4,27,000Revenue for Banks (0.35 %) = ~4,27,000

Al l f igu res in Rupees Cro res

ArthaKranti


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ArthaKrantiH


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ArthaKrantiH


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ArthaKrantif Home


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ArthaKrantiA d i d P i i l d P & P f l li i Home


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ArthaKrantiA d ig t d P i i l d P & P f l li i g Home


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ArthaKrantiA design towards Principled Prosperous & Peaceful living Home


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A design towards Principled , Prosperous & Peaceful living o e

Dependency on FDI


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ArthaKrantiA design towards Principled Prosperous & Peaceful living Home


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A design towards Principled , Prosperous & Peaceful living

Back

Al l f igu res in Rupees Crores



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A design towards Principled , Prosperous & Peaceful living

ArthaKrantiPratishthan

AdvertisingCampaign

PublicPresentation

Media Tools

The IndianCitizen

BusinessLeaders

Political Leaders& Parties Experts

Members ofParliament

The ArthaKrantiDoctrine

The CitizensCharter of Demand

The ArthaKrantiNational Reform Bill Implementation

Show ShowShow

Media

Show



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g p , p g

Implementation of ArthaKranti proposal. Its Effects are Enough revenues with government to make legal provision offunds for political system High valued cash transactions difficult Increase the use of the banking system Effective taxation system leading to eradication of black money.

Provision for funding of the political system Funding of the political parties based on a per person amount forthe entire population for a five year period. Say Rs. 100/person Total population is to be considered while making this provision The actual fund availability will be in proportion to the actual

voting percentage This funding will be available only to Registered political partiessecuring more than a certain minimum percentage of votes cast

Sample Calculation for funding political parties

Giving healthy monthly allowances to the elected representatives

The proposal for allowance of elected representatives

Empowering Democracy



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g p , p g

Empowering DemocracyCalculations

At the Central Level: Total provision for the entire population for the period of 5 years -

121 Cr. * 100 (per Person Amount) = Rs. 12,100 Cr. Provision per year Rs. 2,420 Cr.

The total Amount available in proportion to a total valid votes percentage -Say 60%

Amount available for 5 year period = 12,100 * 60/100 = 7,260 Cr.

At the State Level: State population say 10 Crores Funds provision for 5 year period = 10 Cr. * Rs. 100 = Rs. 1,000 Cr.

At the Local level: Population of the urban areas is say, 10 Lakh Funds provision for 5 year period = 10 L * Rs. 100 = Rs. 10 Cr.

Actual funding will depend upon the total percentage of votes cast.

Back



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Empowering DemocracyAllowance for Elected Representatives

For MPs at Rs 10 Lakh/month For MLAs at Rs 5 Lakh/month

For Corporators at Rs. 1,00,000/month

For Village Development Officer at Rs. 10,000/month

The spending with these provisions will be- At the central level -- 785*10L*12 = Rs. 942 Cr. against a projectedrevenue of ~Rs. 7,46,651 Cr. = ~0.13 % of the revenue

- At the state level (e.g. Maharashtra) 366*5L*12 = ~Rs. 220 Cr. against a projected revenue of~Rs. 50,000 Cr. = 0.44 % of the revenue

- At the local corporation level (e.g. Aurangabad) 100*1,00,000*12 = Rs. 12 Cr. against a revenue of ~Rs. 250 Cr.

= 4 8 % of the revenue

Back



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Eradicationof Black

Money

Appropriateremuneration for

elected representativesat all levels

Legal provision of fundsfor politics at all levels

Provision of fundingfor political parties

based on population

Effective funding availablefor political parties depends

upon voting percentage

Funding to politicalparties based on the

percentage of votes won

Decreased dependence oncorruption and criminals

Assuredclean

funding

Transparencyin politics

Dignity & publictrust restored

Politicsprofessionalized

as the qualified peoplewill take it up

Decreases ill-influence

of local partiesin national politics

Political parties

interestedin increasing voting

Politics focused on realissues

and national interests

Increasedstability of

government

Improvedfunctioning anddecision making

Increased lawand order

Improvedgovernance

Empoweringdemocracy



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Jai Hind


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Social Security ProposalCalculations

In first phase, scheme will be implemented for people below poverty line.

Number of people below poverty line (monthly income below Rs. 300/-)is 30 Cr

Total monthly expenditure = Rs. 2,000 * 30 Cr = Rs. 60,000 Cr Total yearly expenditure = Rs. 60,000 Cr * 12 = Rs. 7,20,000 Cr

Excluding current expenditure of Government over subsidies of -Rs. 1,50,000 Cr, additional yearly expenditure will be -

7,20,000 - 1,50,000 = Rs. 5,70,000 Cr

Considering current national income of Rs. 40,00,000 Cr, this additionalexpenditure would be ~15% of national income



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SSA beneficiaries willnot have right on

income from hereditaryproperty

Bank accountfor SSA

(associatedwith SS Code)

SSA cant beused as

security for anyother loan

Unique SScode for

everycitizen

Maximum CreditLimit

For SSA beneficiariesup to say, Rs. 50,000

Withdrawal ofNon-meritsubsidies

(Central and State)

Social Security Allowance

(Say Rs. 2,000 monthly)(linked to DA)(Food, clothing, shelter,

health insurance)

Saved Gov. RevenueExpenditure

Effectiveimplementationof child welfarelaws & schemes

Increase inPurchasing

power of thepoor people

Increaseduse of

Bankingsystem

Creditavailable

to the poor

Credit / Capitalexpansion

in the banking systemas a whole

Opportunities ofCorruption are

reduced (PDS, fueletc.)

Pricedistortionremoved

Assureddignified

existence forevery citizen

Hugely increaseddemand

for goods andservices

(Necessities)

Establishmentof Individual

credibilitywith bank

Increased Business/ Employmentopportunities

locally

Farmerssuicidechecked

Decreased SocialUnrest (reduced

Naxalism, terrorism,extremism, etc.)

BalancedDevelopment

(Rural andUrban)

Disseminationof Population

Socialsecurity

Market drivenquality supply

of goods &services

Improvedquality of life



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Jai Hind



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Back



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B k


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B k


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Back


Back


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BackGovernment Officials

H.E. Smt. Pratibhatai Patil , Hon. President of India

(Personal meeting twice)

Dr. Montek Singh Ahluwalia , Deputy Chairman, Planning

Commission (Book)

Dr. Bhalchandra Mungekar ,Member, Planning Commission

(Presentation)

Dr. Parthasarathy Shome ,Ex-Chief Economic Advisor to

the Union Finance Minister(Presentation North Block)

Dr. Adarsh Kishore Saxena -Ex-Union Finance Secretary (Presentation in the presence of Smt. Pratibhatai Patil)

Mr. Johny Joseph -Chief Secretary, Maharashtra (Presentation To CM, Maharashtra )

Mr. Agarwal -Finance and Planning Secretary, Maharashtra (Presentation To CM, Maharashtra )

Mr. Sangith Rao -Principal Secretary, Maharashtra (Presentation To CM, Maharashtra )


Back


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Economists & Experts

Dr. D. R. Pendse Dr. Narendra Jadhav M N Chaini

Chandrahas Deshpande

Sunil Bhandare

Jairaj Salgaonkar

V. M. Govilkar

Back

P B SawantJustice Supreme Court

R A Mashelkar


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P li i l L d BJPBack


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Political Leaders BJP

LK Advani Bhairon SinghShekhawat

Yashwant Sinha Arun Shourie Sushma Swaraj

Balbir Punj SS Ahluwalia Rajeev

Chandrashekhar

Nitin GadkariGopinath Munde

Sompal Shastri VinaySahasrabuddhe

SudheendraKulkarni


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P liti l L d NCPBack


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Political Leaders NCP

Sharad Pawar Jayant Patil

Political leaders CPI

D Raja

Dr. Kango


IndustrialistsBack


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Industrialists

Deepak GhaisasI-Flex solutions

Narayan MurthyInfosys

Arvind Padhye TCS Pune Center Head


Media ExpertsBack


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Media Experts

Kumar KetkarLoksatta

Raju ParulekarE TV

Prem Shankar JhaHindustan Times

Rajeev Khandekar Star TV

Yamaji Malkar - Sakal


Creative ArtistsBack


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Creative Artists

Vijay Tendulkar Mangesh Tendulkar Sachin Pilgaonkar Ashok Saraf

Nina Kulkarni

Nivedita Saraf

Mohan Joshi Kiran Shantaram Atul Parchure Prashant Damle

Swapnil Bandodkar


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Terrorism in India



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Terrorism Analysis


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Poverty

ReducedSocialSpending

Unemployment ReducedPurchasingPower

Flawed Taxation System

Tax Evasion

Under-utilizedBankingSystem

InadequateMoney Supply

to Economy

IndividualsCredibility not

Established

High CommodityPrices due to Heavy

Indirect Taxes

Deprivation fromResources and Means

(Credit) to Acquire Them

No Accessto Credit

Lack ofEducation &Skills


Terrorism Analysis


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Loss of faith in peaceful, democratic process,no hopes of getting justice without resortingto violence

Deprivation, Extreme

Disparity, Envy

PovertySocial Oppression

(Communal / Religious /Caste / Linguistic etc.)

Sense of Hurt, Damage to

Self Esteem, Indignation

Desperation Rebellious Tendency


Physical constraints (Porous borders, Parallel economy, Corruption, Fake /


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Loss of faith in peaceful, democratic process, no hopes of getting justice without resortingto violence

ReligiousDogma

Terrorism

PerceivedHistorical injustice

Political / Economic /Philosophical ideology

Propaganda for masses,Indoctrination of

individuals

Birth of amilitant

Public sympathy, Weaknational Character

Lack of clear and firmForeign (therefore,

Defense) policy

ys ca co st a ts ( o ous bo de s,unregulated coastlines)

Parallel economy, Corruption, Fake /high denomination currency

Logistic support, fundingand training etc from

hostile foreignorganizations / nations

Systemic Administrative

weaknesses in governanceand law enforcement


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ArthaKrantiA design towards Principled , Prosperous & Peaceful living HomeEffects of Proposal


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Poverty

Reducedsocial

spendingUnemployment Reducedpurchasing

power

Flawed taxation system

Tax evasion

Under-utilizedbanking

system

Inadequatemoney supply

to economy

Individualscredibility not

established

High commodityprices due to heavy

indirect taxes

Deprivation fromresources and means

(credit) to acquire them

No accessto credit

Lack ofeducation &skills

Adequaterevenue withGovernment


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Poverty

UnemploymentReduced

purchasingpower

Under-utilizedbanking

system

Inadequatemoney supply

to economy

Individualscredibility not

established

Deprivation fromresources and means

(credit) to acquire them

No accessto credit

Bankingtransactions

increased

Individualscredibility

established


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ArthaKrantiA design towards Principled , Prosperous & Peaceful living HomeEffects of proposal


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Terrorism

Birth of amilitant



Defense) policy

Physical constraints (Porous borders,unregulated coastlines)




Systemic Administrativeweaknesses in governance

and law enforcement



established

Single pointtaxationsystem

NoBlack

Money

Purchasingpower

increased

Poverty

Industry,trade, supply

stimulated



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Terrorism

Birth of amilitant



Defense) policy

Physical constraints (Porous borders,unregulated coastlines)




Systemic Administrativeweaknesses in governance

and law enforcement



established

Single pointtaxationsystem

NoBlack

Money

Purchasingpower

increased

SocialSecurity

Industry,trade, supply

stimulated

EmpoweredGovernment



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Technical Presentation of An Alternate TAX System in India Proposed by ArthaKranti

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Transcript of Technical Presentation of An Alternate TAX System in India Proposed by ArthaKranti