GST Conundrum : A
Compromise Formula
Last evening , TV channels were reporting
that BJP and Congress are quite close to reaching a compromise on GST bill ,
expected to be tabled in Rajya Sabha next week
I believe , it is possible to break the
deadlock , by exploring introduction of some variation of suggestions made by
me in my following blogs ( emailed to Ministers / MPs / Political Leaders ) :
--------------------------------------------------------------------------------------------------------------------------------
Jan Dhan Sarjan Yojana ( 31 Aug 2015 )
By launching , Jan Dhan
Sarjan Yojana
( People's Wealth
Creation Scheme )
As follows :
> If GST
is going to be ( say ) 20 % , Government will transfer from this ,
2 %
( ie 10 % of that 20 % ) , to the PPF account of the Consumer /
Buyer , who pays for the Goods / Services purchased , using a RuPay
Card
or a " Mobile Wallet " app
This
will motivate millions of self - employed to open PPF accounts !
> Since
interest from a PPF account is tax-free , every citizen would , now
want
to make all payments thru RuPay card or a Mobile Wallet App
> RuPay
cards are already tied up with accounts opened under Jan Dhan
Yojana
> Mobile
Wallets Apps will also get tied-up with thousands of branches of
Payment Banks , which will open in next 18 months
Just
imagine the number of new accounts that will get opened in the
1,55,000 + post offices of India Post !
> In this way
, Social Security will become " Self Financing " !
> Currently
, in India , some 97 % of all payments are " Cash Payments ".
With
introduction of this proposal , these will drastically decline
> Any
payment made , using RuPay card or a Mobile Wallet App , will make
available to the Income Tax Department , full digitized record of each
such
transaction , including :
* Who made the payment
*
To whom was that payment made
* When was that payment made
*
For what purchase , was that payment made
*
What was the amount paid
> One ,
very desirable consequence of Jan Dhan Sarjan Yojana
will
be that our " Domestic Savings Rate " will climb back to 30
% !
In turn , this will help us wither global economic crisis , much
better !
I have a feeling that my
proposal will be welcomed by all sections of our Society and find overwhelming
support for the passing of the GST bill by all political parties
------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------
Making a
Mountain out of a Mole hill ( 19 Nov 2015 )
* 2 % (
out of 27 % ) of GST , to be directly deposited in the PPF a/c of the buyer
( This
will ensure that all citizens have PPF account )
* This 2 %
to be used to pay the premium for that person's health insurance
-----------------------------------------------------------------------------------------------------------------------------------------
Structural Reforms ( 30 Jan 2016
)
*
Transferring 10% of GST ( ie 1.8 % out of 18 % ) to PPF accounts
of the buyers ( increase Domestic Savings )
------------------------------------------------------------------------------------------------------------------------------
People
of India are watching - and hoping !
------------------------------------------------------------------------------------------------------------------------------
29
July 2016
www.hemenparekh.in / blogs
hemen
parekh
Marol
, Mumbai , India
(
M ) +91 - 98,67,55,08,08
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