Demonetisation: News, Updates & Discussions

Discussion in 'Economy & Infrastructure' started by Mercury, Nov 8, 2016.

?

Vote For or Against Demonitisation

Poll closed Nov 18, 2016.
  1. Good Idea, Well Executed

    19 vote(s)
    67.9%
  2. Bad Idea, Badly Executed

    1 vote(s)
    3.6%
  3. Good Idea, Badly Executed

    8 vote(s)
    28.6%
  1. randomradio
    Offline

    randomradio Mod Staff Member MODERATOR

    Messages:
    7,941
    Likes Received:
    2,391
    http://www.hindustantimes.com/india...-collection/story-O3YsryY0WtdefZy8vdBMFM.html

    Civic agencies are recording a demonetisation windfall as people are taking advantage of schemes to clear longstanding tax dues with abolished 500- and 1,000-rupee notes.

    But experts believe the returns don’t reflect improved efficiency in tax collection.

    Figures provided by 47 urban local bodies to the Union urban development ministry show their tax collection increased by 268% in November 2016 compared to the same period last year.

    These municipalities collected Rs 3,607 crore last November. But the corresponding figure till November 22 this year is Rs 13,192 crore already.

    A majority of this tax has been collected after November 8, the day Prime Minister Narendra Modi announced scrapping of the high-value notes. The collection figures for the preceding months were far less.

    Mumbai municipality’s tax collection has been Rs 11,913 crore this month, which way better than the Rs 3,185 crore it collected last November. Surat’s municipal revenue increased from a mere Rs 7.19 crore to Rs 100 crore.

    The fantastic returns could be attributed state governments’ special schemes for taxpayers to pay their dues — some of which are said to have been unsettled for years — with the demonetised notes.

    “This is the positive effect of demonetisation. People are clearing up their old dues, paying with Rs 500 and Rs 1,000 notes. For the urban local bodies, it has meant substantial mopping up of tax collection,” urban development minister M Venkaiah Naidu said.

    But expert Srikanth Viswanathan, the CEO of advocacy group Janagraaha, called the increase in municipal revenue a reflection of people using up their defunct notes, rather than an indication of improved tax efficiency.

    “The municipalities’ own revenues continue to be in the range of 1-1.5%, far less than in countries such as Brazil and South Africa. But the increase does reflect the huge potential from such revenues once the entire property tax administration is overhauled across urban local bodies,” he said.

    Viswanathan said municipalities could transform the system by levying property tax on rational market-oriented base capital values, ensure a good tax assessment register and significantly improve their collection efficiency through spatial analytics and outsourcing.



    [​IMG]
    * Figures till November 22, 2016 (HT Graphics)
     
  2. VCheng
    Offline

    VCheng RIDER THINK TANK

    Messages:
    821
    Likes Received:
    1,081
    More data will be forthcoming in due course. We can discuss this further a few months down the road too. I am in no rush to judge. :D
     
    Nilgiri likes this.
  3. GSLV Mk III
    Offline

    GSLV Mk III FULL MEMBER

    Messages:
    89
    Likes Received:
    201
    Country Flag:
    India
    True. The Economist is more about political propaganda than economics.
     
    Tejasmk3, ReddyMan and Nilgiri like this.
  4. Tejasmk3
    Offline

    Tejasmk3 2nd Lieutant FULL MEMBER

    Messages:
    218
    Likes Received:
    439
    Country Flag:
    India
    "Final Solution", "Gas Chambers", "Bengal Famine" :lol: :D
    [​IMG]
     
  5. Nilgiri
    Online

    Nilgiri 2nd Lieutant FULL MEMBER

    Messages:
    223
    Likes Received:
    526
    Country Flag:
    India

    They basically have such article frameworks ready to go, and they fill it in with whatever X Y or Z is the current topic of note.

    Leftists generally leave all the thinking for others to do and indulge in parroting. Fun to make them squawk though when the opportunity presents itself :D

    Meanwhile, really bad news ;) :

    http://timesofindia.indiatimes.com/...rows-5-7-in-november/articleshow/56501273.cms

    http://timesofindia.indiatimes.com/...spite-demonetisation/articleshow/56508354.cms
     
    Tejasmk3 likes this.
  6. Tejasmk3
    Offline

    Tejasmk3 2nd Lieutant FULL MEMBER

    Messages:
    218
    Likes Received:
    439
    Country Flag:
    India
    I am a little disappointed it does not have any Manuwadi/Brahmanwadi in it :(, they usually find a way to sneak it in somewhere, But I guess this is meant for a foreign audience :p

    Oh No :D Mudi must answer!
     
    Nilgiri likes this.

Share This Page