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Every citizen must consider it as his sacred duty to pay taxes

While addressing the National Seminar on Contemporary Challenges and Issues in Finance, Marketing and Taxation, held at Keshav Memorial College in Hyderabad on 23 January 2018, the Vice President of India Shri M. Venkaiah Naidy called upon all the citizens to consider paying taxes as their sacred duty. Tax evasion must be dealt with sternly but tax-payers must not be harassed by the officials, he said.

The Deputy Chief Minister of Telangana, Shri Mohammad Mahmood Ali and other dignitaries were present on the occasion.

Talking about the historic tax reform with the introduction of GST, a revolutionary initiative since Independence, the Vice President brought out the advantages of GST briefly, pointing out how India is finally ‘One country, one market’.

India’s tax-to-GDP ratio is 16.6 per cent in FY2017, which compares with 26.0 per cent in the USA, 20.1 per cent in China, and 34.3 per cent in OECD countries. India needs to significantly ramp up its tax-to-GDP ratio to fund a modern 21st century government which can offer basic public goods and social security to its citizens. Direct tax collected in FY2018YTD has grown at 18.2 per cent. This increase in collection has been driven by increase in compliances with the number of taxpayers increasing for both direct and indirect taxes. 5.9 million tax-payers have registered for GST and 28.2 million people filed their income-tax returns for FY2017.

Demonetization, SIT on black money and notification of the Benami Transactions Act, 1988 are some of the strong steps taken to bring more economic activity into the tax net,  even as the war on black money needs to continue unabated, he added.

In keeping with the context, the Vice President’s address was comprehensive touching upon all significant challenges and issues now facing the country like taking advantage of expanding middle class, creating job opportunities for the young population, imparting skills to the youth so as to enable them to earn their livelihood and at the same time keeping them committed to ethical and moral values.

He even referred to the popular types of marketing like social marketing, Not-For-Profit Marketing, Guerilla Marketing, Green Marketing and Buzz Marketing. And he concluded saying:

Implementation of new tax reforms, raising commodities prices and uncertain global economic environment are expected to have a bearing on the Indian economy.

In the wake of these changes and challenges, the academic institutions need to make their curriculum relevant to the contemporary needs of the society. I am sure, the participants at this national seminar on the challenges to Finance, Marketing and Taxation will analyze the trends and suggest solutions to various issues pertaining to economy and provide right inputs to students, researchers and the government.

 

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