Tax Evasion in India

Name: Date: ESTIMATE OF TAX EVASION IN INDIA: India loses 14 trillion rupees ($314 billion) from tax evasion annually, depriving it of funds for enthronement in roads, ports, and power, says Arun Kumar, author of The Black Economy in India. normal government tax revenue is an approximationd 18 percent of Indias $1.5 trillion in gross domestic product, the lowest among the quartet BRIC nations, International Monetary Fund data show. With so little revenue coming in, Prime Minister Manmohan Singh is now attempting Indias biggest overhaul of the tax code in half a century. Se veral attempts have been made to quantify discolour notes in India.

The main findings of the various studies on black bills are:- i) The serve in of black currency has not wholly been suppuration in absolute terms, but also in congenator terms as a percentage of arrant(a) National crossing (GNP). ii) Black money which was less than 10% of GNP up to 1975-76 began to grow at a often red-hot roll thereafter. IMF (International Monetary Fund) staff survey on the unaccounted sector of the sparing has estimated black money in India at 50% of GNP, which was Rs.145000 crores in 1982-83 at current prices. On this computation, Indias unaccounted sector ! is of the array of Rs.72000 crores. In 1994-95 the black money is estimated by the Parliament rest Committee on Finance as Rs. 1100000 crores against the GNP estimate of Rs.845000 crores, i.e. 130% of GNP. iii) The rate of growth of black income generation is faster than the rate of growth of GNP. The total amount of black money deposited in foreign banks by Indians is chartless but in Feb 2012, Central Bureau of Investigation (CBI) manager A.P. Singh speaking at the inauguration of first Interpol...If you want to urinate a broad essay, order it on our website: OrderCustomPaper.com

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