Monday, February 27, 2006

My wish list for Budget

So Budget is in the air.Anone who is patient enough to follow indian Newspapers daily must have read by now dozens of Budget wishlist by people.So here is one by me also:

There is always very little for ordinary persons. why the FM has time only to meet industry associations before and after the budget, and not ordinary persons. If he did, i would like to ask him why people should pay income tax at all. People have to increasingly make their own arrangements for health, security and pension, while their tax money goes to fund the bureaucracy.

2.I also wonder how the FM is quick to borrow concepts such as Fringe Benefit Tax and Value-Added Tax from the developed world, but won’t borrow the Social Security concept to provide a safety net to honest tax payers who have a substantial chunk of their income lopped off by the FM and then continue to fork out substantial chunks for municipal and state levies and duties.

3.Ordinary people are tired of the government gouging more taxes from honest taxpayers instead of cracking down on corruption in the tax collection machinery and to improve realisation from lucrative cash generating professions and businesses such as doctors, lawyers, restaurants and jewellers. They also expect this to happen without offering carrots to dishonest persons in the form of amnesty schemes.

4. i am also sick of reading reports like so much corore spent on this development head in this village.Stop this.When you are spending 100's of crores on a scheme.Spend a few lakhs,create a website with photgraphs of all tangible assets created,clear map to that palce,view of that place before and after construction and photos of people using that facility.
I know this can also be manipulated,but here things can be cross checked and we can get rid of at least a few ghost schools or ponds or hospitals.

5. Make it clear to govt employees of all PSUs that he have no locus standi to worry about gain and loss of Nation as long as they are promised job security.So that Bigger banks can be created to take on with private banks and Govt can come out of Airlines Bussiness in which it very wrongly enterd in the firt place by Pt Nehru by taking a well functioning Air India from JRD Tata.

6. It is really astonishing that after writing so many financial softwares and managing big Finance companies we Indains are not yet able to create a national Databse for all taxable transactions.Connecting Share market,banks,IT department,ports and real property market is very far fetched thing;As tihngs stand today if you relocate from one part of country to another IT department doesn't have any peerto peer connection between different zones to check yor past records.

7. In all the technical education institutes and management institutes ( there are some 10 lakh students in this category).Make it compulsory to quote PAn no of your parents while depositing fees or disclose your source of money(such as loan etc.)

8. Same thing for all going abroad or buying consumer durables more than worth 1 lakh.

9.For god's sake impose tax on big agriculturists.Don't use this income to fend your revenue deficit but create irrigation infrastructure from this money by creating a separate fund.

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