And for a Friday in Mumbai….. some thoughts….. some musings…..
Mumbai to me is the iconic city in India symbolising India’s Entrepreneurship, will-do spirit for big dreamers, for Rags to Riches….. there is opportunity for all, the legal way, the “Khandani way” and well, the scamster way. Harshad Mehta to Nirav Modi have used innovative ways to become millionaires. Of course facilitated and in cahoots with Business, Politicians and Bureaucrats of the Corrupt Variety.
The biggest enabler for Corruption is BLACK MONEY and now it’s public knowledge that Demonetisation failed cos the corrupt are Powerful and cleverly use all Tax shields such as Agricultural Income, Cooperative Banking, Religious Trusts, India’s huge appetite for Gold obtained by Havala Penny stocks and ofcourse the King of them all “Landdeal”. Let’s be honest. The biggest advantage of demonetisation was the fear in the land sharks. It’s now possible to buy an apartment “full cheque” basis, at least from Reputed Builders. But the current average across most of the country is 80:20. Will it move to the bad old days of 50:50 – well maybe not. Your guess is as good as mine.
The biggest reform we need is in the Income tax department. Full page advertisements praising Tax payers as Nation builders seem hollow, if the genuine Tax paying Individual/Company faces harassment and intimidation. The National Academy of Direct Taxes ( NADT) must change its current Training and Development methods. A whole attitudinal change in IT officers as enablers and not intimidators must be developed. If two views are possible, they must take the view in favour of the honest tax payer / Company whose previous years of tax paid is available on record.
India is at the point of take-off. The hard working intelligent Millennials are our biggest Asset. Let’s all endeavour to instill in them the Winning Mumbai Spirit the legal way, the Ethical way, the SEEGOS way.