Quantum Jump ?

While inaugurating the " Make in India " week in Mumbai on 13th Feb , Shri Narendra Modiji told the industrialists :

" Incremental changes will not suffice . We need a quantum jump "

Perhaps doubling of outlay on Agriculture / Rural Development / Highways / Railways etc, in the budget which Shri Jaitley announced yesterday , was what Shri Modi had in mind when he said this

But what about the issue of unearthing of BLACK MONEY ?

Do you consider the following announcements as a QUANTUM  JUMP  ?

#   BUDGET  2015

    " Declaration of Undisclosed Foreign Assets  Scheme "

      Restricted to " foreign assets " only 

      30 % tax + 30 % penalty

      Yield : Rs 10,000 crore

#   BUDGET  2016

    " Income Disclosure Scheme "

     What is that QUANTUM JUMP  ?

    *  Chance to declare " Domestic " undisclosed assets

    *  4 month window / pay within 2 months

    *  30 % tax + 7.5% surcharge + 7.5% penalty

    *  No scrutiny or inquiry under Income Tax Act / Wealth Tax Act

    *  Immunity from prosecution / benami transactions

    *  Yield ?  Rs 20,000 crore   ( my guess )

If past is any indication of the future , expect following ( incremental ? ) jumps in :

#   BUDGET  2017

     *  " Voluntary Disclosure Scheme "

     *  Will cover , both foreign as well as domestic undeclared assets

     *  No penalty / Just pay 30% tax / No prosecution / 6 month window

     *  Yield  :  Rs  100,000 Cr

   

#  BUDGET  2018 

     *  "  Perpetual Amnesty Scheme "

     *   No tax / no penalty / no scrutiny / no prosecution / no questions / no window

     *   Cash deposited in ATM ( Automatic Taker Machines ) will be used for Infrastructure SPV

     *   Depositors will get tax free interest of 5 % , directly credited in their Jan Dhan Bank Accounts

     *   Yield  :  Rs 340 lakh*crores ( all the BLACK MONEY stashed in bank lockers / locked up in gold / land etc )

        (  details at  w..w...hemenparekh...in )

Remember , 2018 will be the last budget for the present NDA government , before the 2019 General Elections  !

But then , waiting till 2018 may prove to be a political harakiri for BJP  !

Announcing this " Perpetual Amnesty Scheme " in 2017 Budget will ensure that BJP gets 400 seats in Lok Sabha in 2019 elections  !

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hemenparekh.in / blogs

01  March  2016

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