How much loss goi will incur if say they forfeit income tax upto 20 to 25 lakhs and beyond that a fix rate of 10 to 15 %.
It,s pretty good number IMO . Do not expect babus to let go the gravy train. they will never let that happen.
quoting article
New Delhi's net direct tax collections for FY24 surged by 17.7%, surpassing estimates by a wide margin.
www.thehindu.com
India’s
net direct tax collections grew 17.7% in 2023-24 to hit ₹19.58 lakh crore, marginally surpassing the revised estimates for the year, thanks to a surge in personal income taxes whose
share of the tax kitty rose to 53.3% from 50.06% in the previous year while corporate taxes’ contribution dipped to 46.5% from 49.6%.
She did fed their financer's well so far .... Let us see which way Tai settles this time. Going via GST council meetings she seems a bit off her usual " I do not eat onions" stance. Only budget day will tell us which way she turns but think she is under pressure to deliver this time...People are really ready to be on streets with her vasooli and no returns. Per se economist, consumption needs a boost with stagnant salaries, only way out to put more money in peoples hand....
Election result have only added to the pain as every one knows that peacefuls got max from kaka and kaka got zero returns...So kaka hopefully understand the feeling o being let down each time!!!
To be fair now even small fastfood stalls get 80% of their payments via scanboxes. Now there can be a trick that the owner has 6 accounts/6 paytmBoxes issued in the name of 6 family members. So overall zero taxable income upto 5L each.
80% is very high number.its mostly 50-50 IMO. cash is still king. Barring us salaried, people prefer to pay in cash. we see more scan box as we look for them. Moreover there is no way for IT folks to prove that money received by these theli wala in account is business income...there are way for him to show that as gifts et all to get the nedded exemption & hoodwink IT folks.
As for second line goes. that too happen. i have seen many accepting payments on name of their wifes/ family members.
