Economy

GST Live: Modi Govt Transforming India with Bold Economic Reforms

GST Live: Modi Govt Transforming India with Bold Economic Reforms

GST now live. Under the bold leadership of Prime Minister Narendra Modi and by the suggestions of Amitabh Kant, Niti Ayog, India has seen unparalleled transformation with such economic reforms. Here are few key initiatives taken by Modi Government.

GST – One Tax One Nation

The government has worked hard in negotiating with the stakeholders of GST. It took nearly three years to get GST implemented. The new IT base will help the traders from harassments and will also help the government in tracking tax evaders. GST will eliminate other 14-17 taxes and there will be only one taxation system that will help the consumers as well as the traders. Nearly 81% of the goods and services are taxed at 18 or lower percentage. Nearly 50% of the goods and services that influence the inflation rate have 0% taxation. It means that in the next few months there will be reduction in inflation.

GST India Mygov

Source Mygov

Demonetization and Remonetization

The government believes in curbing corruption of all means. On November 08, 2016, Prime Minister addressed the nation and announced that notes of 500 and 1000 won’t be legal tender. Despite chaos created by the opposition, people stood by the decision and it paid them well. New currency helped in removing counterfeit notes, curbing corruption, black money, terrorism and Maoism.

The Remonetization drive introduced new 500 and 2000 rupees notes with new security features and looks. To fill the currency gap after introduction of 2000 rupee note, the RBI is very soon going to introduce 200 rupee in notes. All these initiatives are taken to for the welfare of commoners.

Black Money Disclosure Drive

Before demonetization, the government encouraged black money evaders to declare their black money under Income declaration scheme. Under Pradhan Mantri Garib Kalyan Yojna, the government asked the evaders to declare their black money by paying 49.5% tax. The tax will be of 30%, 10% will be fine and 9.9% was PMKY cess totaling to 49.5%. After paying the fine, the evader would have to put 25% of the money into PMKY account without interest for four years. The rest money he can take with some conditions.

The government made it friendly without any prosecution in order to encourage the tax evaders to pay fine. As per September 2016, 65, 250 crore rupees has been collected under this scheme and process is still going. A big achievement came forward when Swiz banks recently declared the they have noted more than 40% decrease in Indian money deposited with them.

Direct Benefit Transfer Schemes

Behind all these schemes, NITI Aayog has worked hard to ensure that the plan they put must be perfect. To avail direct benefit to the common people, the government encouraged direct benefit schemes. Under this, 27 crore accounts were opened and 665billion rupees was deposited as of Feb, 2017. In this, the government sent subsidy benefits, monthly pension, and other financial benefits to the commoners avoiding leakage of all kinds thus preventing corruption. This scheme also includes Ujwala Yojna to provide gas connection to poor people. In this, 20 million gas connections have been provided as of April, 2017. The leadership insured insurance of people by introducing PM Jivan Jyoti Bima, PM Suraksha Yojna and Atal Pension Yojna. All these direct benefit schemes have immense popularity between the people that is the result why the party is winning elections after elections.

direct benefit transfer before gst

Source Mygov

Mudra Yojna

Mudra Yojna was launched by the Prime Minister on April 08, 2015 in order to make the people job giver instead of job seeker. The intention was to help small or micro unit business by providing loan of three kinds.

  • Shishu = 50000INR
  • Kishore = 50000- 500000INR
  • Tarun = 5L-10L INR

The scheme worked well and as of May 2016, nearly 3.5 crore people benefited from the scheme with a total loan of 1.32 lakh crore rupees. Out of these 3.5 crore people, 70% of them are women which is the sign of women empowerment.

mudra yojana before gst

Source Mygov

The above all initiative reflects that the collaboration of NITI Aayog and Modi Government has produced wonders. The duo has worked well in synchronization with each other producing effective results. The transformative planning of NITI Aayog followed by bold steps of the PM has created a new India.

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  1. Pingback: RBI to Introduce New 50 Rupee and 20 Rupee Notes in the Market

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