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Government unearths Rs 49,158 crore of indirect tax evasion in FY19


jusarrived

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https://www.cnbctv18.com/finance/government-unearths-rs-49158-crore-of-indirect-tax-evasion-in-fy19-3184471.htm

 

This is such a big news , hardly will get any attention . Been saying since Demonetisation , if you want to talk about benefits you have to wait for few years .  Add to that GST collection higtest ever this month again . 

Demon + GST was  the biggest clean up act done by any Govt , unfortunately BJP has failed to get any mileage out of it .  

Edited by jusarrived
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15 minutes ago, jusarrived said:

https://www.cnbctv18.com/finance/government-unearths-rs-49158-crore-of-indirect-tax-evasion-in-fy19-3184471.htm

 

This is such a big news , hardly will get any attention . Been saying since Demonetisation , if you want to talk about benefits you have to wait for few years .  Add to that GST collection higtest ever this month again . 

Demon + GST was  the biggest clean up act done by any Govt , unfortunately BJP has failed to get any mileage out of it .  

Demonetization cost a trillion dollars in lost economic growth.  There is no way to put lipstick on that pig with misleading sliced statistics.  

 

GST is a separate policy, and had Congress won the previous election, we probably would have had GST in pretty similar format.  While my distrust in Congress leads me to believe it probably would have been worse, the blunt reality is the current GST implementation isn't that great either. 

 

Too many people are busy giving undue credit to the current administration, and papering over its *-ups, simply because they are 'not congress'.   

 

Hate Congress by all means, I do too.  But don't let the hate blind you to incompetence, or set lower standards for the 'other' set of thieves.  

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26 minutes ago, sandeep said:

Demonetization cost a trillion dollars in lost economic growth.  There is no way to put lipstick on that pig with misleading sliced statistics.  

 

GST is a separate policy, and had Congress won the previous election, we probably would have had GST in pretty similar format.  While my distrust in Congress leads me to believe it probably would have been worse, the blunt reality is the current GST implementation isn't that great either. 

 

Too many people are busy giving undue credit to the current administration, and papering over its *-ups, simply because they are 'not congress'.   

 

Hate Congress by all means, I do too.  But don't let the hate blind you to incompetence, or set lower standards for the 'other' set of thieves.  

Can you explain the trillion dollars lost in a 2.5 trillion economy when we are still growing at 6-7%  ?

 

As for GST , not in isolation but the fact that it was implemented right after Demon makes all the difference ..bulk of tax evasion cases found are from indirect taxes 

 

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Why India’s election is among the world’s most expensive

This time the polling exercise will cost an unprecedented Rs 50,000 crore, a 40% jump from 2014 polls.

https://m.economictimes.com/news/elections/lok-sabha/india/why-indias-election-is-among-the-worlds-most-expensive/articleshow/68367262.cms

 

Elections are one of barometer to measure black money and that measure is clearly saying that Black money is very much thriving in India.

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1 hour ago, jusarrived said:

https://www.cnbctv18.com/finance/government-unearths-rs-49158-crore-of-indirect-tax-evasion-in-fy19-3184471.htm

Demon + GST was  the biggest clean up act done by any Govt , unfortunately BJP has failed to get any mileage out of it .  

I feel they have used it to their mileage by doling out populist schemes from the increased revenue.

Talking about success of Demonetisation in public rallies can be counterproductive as some businesses at ground level did suffer.

 

Edited by Number
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1 hour ago, jusarrived said:

Can you explain the trillion dollars lost in a 2.5 trillion economy when we are still growing at 6-7%  ?

 

As for GST , not in isolation but the fact that it was implemented right after Demon makes all the difference ..bulk of tax evasion cases found are from indirect taxes 

 

This brother is saying that 1/3 of India’s economy was lost due to actions against black money, which he still claims is thriving. Both statements are contradictory to each other.

 

Btw nobody is discussing about impacts of IBC, which is the reason most big businesses have turned against this govt. 

 

people only crib when they have the most to lose.  

Edited by FischerTal
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55 minutes ago, Singh bling said:

Why India’s election is among the world’s most expensive

This time the polling exercise will cost an unprecedented Rs 50,000 crore, a 40% jump from 2014 polls.

https://m.economictimes.com/news/elections/lok-sabha/india/why-indias-election-is-among-the-worlds-most-expensive/articleshow/68367262.cms

 

Elections are one of barometer to measure black money and that measure is clearly saying that Black money is very much thriving in India.

Then how did India’s economy lose a trillion dollars? 

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3 hours ago, sandeep said:

Demonetization cost a trillion dollars in lost economic growth.  There is no way to put lipstick on that pig with misleading sliced statistics.  

Back it up cos that's a big allegation. 

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2 hours ago, Singh bling said:

Why India’s election is among the world’s most expensive

This time the polling exercise will cost an unprecedented Rs 50,000 crore, a 40% jump from 2014 polls.

https://m.economictimes.com/news/elections/lok-sabha/india/why-indias-election-is-among-the-worlds-most-expensive/articleshow/68367262.cms

 

Elections are one of barometer to measure black money and that measure is clearly saying that Black money is very much thriving in India.

actually most elections are on white money which is turned into black for elections.

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3 hours ago, Gollum said:

Back it up cos that's a big allegation. 

Here's a quick link - https://www.livemint.com/Politics/uCSwolE7ugfGfuv2O0wWbN/How-demonetisation-impacted-the-Indian-economy.html

 

I genuinely believe that Indian economy had a major, golden opportunity to really ramp up economic growth and development, co-inciding with Modi's 1st term.  Low oil prices, coupled with a slowdown in China, meant that if India had built up a bit of momentum on the industrialization and manufacturing front, it would have had a massive snowball effect.  Do not underestimate the herd mentality of investors - human beings are the same all over the globe, no matter how rich they are.  

 

Instead of ramping growth, demonetization did the exact opposite, at a really bad time.  Apparently 99.3% of the notes came back to the bank - I mean, there is simply no basis for claiming any kind of positive outcome from demonetization - there just isn't.  

 

I honestly thought that this Modi guy - aside from his religio-political trashy behavior, would do good on the administration front.  Instead of setting up SEZs and implementing policy that lay the foundation of manufacturing growth in India - what we have is a government that bought a giant chinese statue.  

 

All things considered, If I was voting in India, I might still vote for the BJP, because I perceive the Congress as a worse alternative.  But BJP and Modi, on the economic front, have demonstrated themselves to be Congress in Saffron.  And I absolutely detest the cheerleading myth-making that goes on, simply because people are fed up with Congress.  

 

Set a higher standard people.  "Not Congress" is not good enough.  Demand good governance.  Only then will India get moving on the path to development.

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@sandeep you can criticize the govt, I agree with you somewhat on the economic front and I am willing to concede that demo didn't get the desired effect. But throwing around statements like 'it cost us trillion dollars' should be avoided unless there is compelling evidence to back it up. 

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5 minutes ago, Gollum said:

@sandeep you can criticize the govt, I agree with you somewhat on the economic front and I am willing to concede that demo didn't get the desired effect. But throwing around statements like 'it cost us trillion dollars' should be avoided unless there is compelling evidence to back it up. 

When you have threads being created, shameless claiming that demonetization was a positive, "clean up", I don't think my slight exaggeration is the issue.  

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6 hours ago, sandeep said:

Here's a quick link - https://www.livemint.com/Politics/uCSwolE7ugfGfuv2O0wWbN/How-demonetisation-impacted-the-Indian-economy.html

 

I genuinely believe that Indian economy had a major, golden opportunity to really ramp up economic growth and development, co-inciding with Modi's 1st term.  Low oil prices, coupled with a slowdown in China, meant that if India had built up a bit of momentum on the industrialization and manufacturing front, it would have had a massive snowball effect.  Do not underestimate the herd mentality of investors - human beings are the same all over the globe, no matter how rich they are.  

 

Instead of ramping growth, demonetization did the exact opposite, at a really bad time.  Apparently 99.3% of the notes came back to the bank - I mean, there is simply no basis for claiming any kind of positive outcome from demonetization - there just isn't.  

 

I honestly thought that this Modi guy - aside from his religio-political trashy behavior, would do good on the administration front.  Instead of setting up SEZs and implementing policy that lay the foundation of manufacturing growth in India - what we have is a government that bought a giant chinese statue.  

 

All things considered, If I was voting in India, I might still vote for the BJP, because I perceive the Congress as a worse alternative.  But BJP and Modi, on the economic front, have demonstrated themselves to be Congress in Saffron.  And I absolutely detest the cheerleading myth-making that goes on, simply because people are fed up with Congress.  

 

Set a higher standard people.  "Not Congress" is not good enough.  Demand good governance.  Only then will India get moving on the path to development.

I don't get why money coming back to banks was bad. It shows it was a success. All the black money was back in the banks which was lying in the coffers before that and people now would have to pay taxes on that money.

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51 minutes ago, Jatboy said:

   Still waiting on Some money in my Bank account. Bhakts please Watch the full video before start abusing me.

 

Bahut fekta hai yar yeh. 

 

Where did he say 15 lacs? Did he talk about time period of that? Did that money come back yet? If it hasn't then how is he going to give to people?

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3 hours ago, rkt.india said:

I don't get why money coming back to banks was bad. It shows it was a success. All the black money was back in the banks which was lying in the coffers before that and people now would have to pay taxes on that money.

Money did not stay in bank. Today 21.5 lakh crores of cash is in economy. If what you are saying is true then why people need so much cash? They can do business through cheque and various cashless methods to do business.

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2 hours ago, ProudLiberal said:

Are you deliberately being daft and asking questions just for the sake of it? 

Modi's promises in the video

1. Set up task force right after coming into govt. 

2. Bring back black money from tax havens

3. Give 5 to 10 precent money as gift to honest tax payers

 

Estimates of black money are 90 lakh crore rupees, 5 to 10 percent means around 4.5 to 9 lakh crore, no. of tax payers in India are 2.7 crore, so he should give be able to give 3 lakh rupees to every tax payer and not just honest tax payer. 

If the black money isnt back then who's fault is that? Modi was the one making promises, so question him

Daft here is you.  Modi did what he could to get the black money back and will do in the future too.  Money has not yet come back, neither he gave any time line when will it come back.  it may take 5 years, 10 years, 15 years, it may not even come back.  Also, this is not the most important thing.  you dont win or get everything you want all the time because you can only what is in your control.  The most important thing is intentions.  Modi at least showed intention, at least talked about it and money might even come back in future who knows if Modi returns because If Gandhis come back then forget about it.  You are only talking about it because Modi talked about it.  Only leader to talk about bringing the black money back.  Ever heard any such thing from any opposition leaders.  At least, Modi talked about it, others do not even do that.  Modi knew if he failed to do it, he will be considered a failure, still he talked about it.  Congress and their ilk were here for 10 years, did they even talk about it.  Modi did, trying to destabilize the status quo.

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2 hours ago, Singh bling said:

 

I did not say trillions but damage clearly outweighs gain.

5 million men lost their jobs after demonetisation, says SWI 2019 report

https://wap.business-standard.com/article/economy-policy/5-million-men-lost-their-jobs-after-demonetisation-says-swi-2019-report-119041700386_1.html

 

 

 

EPFO payroll data reports 8.96 lakh new jobs in January, 76.48 lakh in last 17 months

 

https://www.businesstoday.in/current/economy-politics/epfo-payroll-data-reports-8-96-lakh-new-jobs-in-january-76-48-lakh-in-last-17-months/story/330093.html

 

 

So 7.5 million jobs added in last 17 months.

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