When people are talking about New DTC and GST, recently on the news I came to see Baba Ramdev ji advising to withdraw all the Tax and bring a single Bank Transaction Tax. Since he is a Yog Guru, I am not sure how much he knows about tax and economics. But this issue has been raised many times in the past too. Mr Nitin Gadkari also advised the same but his party was not with him. I understand that it is not very easy in india to withdraw taxes due to dirty politics. But whatever, being in finance and tax field i understand that tax is required so that Govt. can serve us and develop our country. After all the tax paid by us is ultimatley used for our benefits only (assume no corruption). But I too agree that the tax system is more complicated in india than need. This creats doubts in my mind.
1) Whether it is practically possible that simple tax system may be followed or all the taxes like income tax, excise, customs, vat can be withdrawn and a single tax can be introduced? (ignore the political interference)
2) Income tax is levied everywhere in the world except UAE? Then how this country gets finance for its developments? Donation or else?
3) It is many times said that there is shortage of CA's but the Fresher CAs who are unemployed brings a different picture. And If Future of tax is so uncertain, then it will further affect the demand for CAs. Whether the future of CA is also uncertain since tax services being (ok not everything) but major souce of revenue for CAs?
My doubts may not be justified but it will be helpfull if you share your view on the above matters.
CAclubindia
