Thread by @sri9011

What is needed to be done to get the #economy up and running on the 5th gear

1.States should slash stamp duty and registration fee on immovable property deals to 0.5% levels for registries done from 24.10.2019 to 24.12.2019. This will set real estate on fire, eliminate black 💰,

enable banks to auction seized properties of defaulters and clean their books. Govt will realise lot of stamp duty revenue and even demand for renovation /construction and home loans also will go up.

2.States should scrap profession tax. Now that they have GST which empowers them to tax services, they should let go of profession tax which only hassles employers with lot of unproductive work
3.Centre should cut interest rates on postal savings except PPF & Sukanya Samridhi.

At any rate, tax incentives for investments in postal schemes except PPF &Sukanya be withdrawn and a new section 80CA be inserted to incentivize investment in bank deposits. This will help banks expand credit creation and help transmit rate cuts

4.RBI needs to stop scaremongering about inflation and cut rates deeply by at least 50 to 75bps as suggested by @karanbhasin95
5.Rationalise TDS on residents and make it less TDS. No TDS on cashless payments and 30 % TDS on cash payments to reduce workload, promote cashless ++

++and also help increase money circulation

6. Provide cash back of 50% of GST paid on cashless purchases between 23.10.2019 to 01.12.2019 .This will provide incentives to use cashless means, boost demands and boost collections. Centre should bear this expenditure

7.Cut Dividend Distribution Tax to 5%.Reduce buyback tax to 5%. Repeal section 115BBDA which taxes dividend above 10L again in shareholders' hands
8.Bring back LTCG exemption on listed shares. Increase long term period from 12 months to 18 months

9. Tweak section 115BBE as regards voluntary disclosure of evaded income in ITRs

https://twitter.com/sri9011/status/1144941698285334528

This will help Govt raise huge revenue for its 100 lakh cr investment

cc: @dmuthuk

@dmuthuk Govt plans rejig in personal tax slabs to boost spending hindustantimes.com/india-news/gov…
(Great idea but premature. When 3 tyres of your car are punctured, fix the puncture first. Then refuel by driving it to the nearest bunk.)

@dmuthuk Items 1 to 9 are needed in priority and will kill many birds in one stone like Sri Rama's single arrow piercing 7 saal trees.. Individual personal tax relief is at this stage a beginner archer hitting one target with one arrow

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