Arthakranti Proposal and Benefits

The ArthaKranti proposal is a well-researched scientific approach designed to completely transform the current Indian socio-economic scenario. This approach will enable 'Principled, Prosperous and Peaceful living' for all citizens of our country.
This proposal is politically neutral, it is open for adoption by any political party at national level. On adoption, it can practically and concretely strengthen the people friendly agendas of political parties!

 ArthaKranti proposal


1. Withdrawal of Existing Taxation System Completely Except customs i.e. import duties.

Withdrawal of All Taxes and Duties of Central ,State and Local body Government except customs or import duties which functions as International Trade Balancer.

2.  Every Transaction routed through a bank will attract certain deduction in appropriate percentage as Transaction Tax i.e Single Point tax deduction at source (say 2%)

1. This deduction is to be effected on receiving/credit accounts only.
2. This deducted amount will be credited to different Government levels like Central, State and Local
   (say 0.7%, 0.6%, 0.35% respectively).
3. Transacting Bank will also have its share in this amount as the bank has a key role to perform
   (say 0.35%).

3.  Withdrawal of High Denomination Currency (say above Rs. 50)

4. Cash Transaction will not attract any Transaction Tax.

5. Government to make legal provisions to restrict cash transactions upto a certain limit (says Rs. 2000)

This means, Cash Transactions above this limit will NOT enjoy any legal protection.

Proposal Benefits

Direct benefits:

1. Savings in amount of taxes paid
   
2. No tax returns & No tax compliance cost
   
3. Adequate tax revenue for each level of Government (Center, State and Local)
   
4. Transparency in the Economy
   
5. Significant drop in commodity prices (Approx 15% to 20% )
   
6. Loans from banks at lower rates (Approx 4% to 5% annual rate of interest)
   
7. Substantial Reduction in construction cost (Approx by 15% to 20%)
   
8. Terrorist and anti-national activities can be controlled
   

 More possibilities:

1. Opportunities for corruption will be minimized
   
2. Direct subsidy benefits for all the needy
   
3. Good infrastructure across the country
   
4. Significant growth in each sector i.e. Industry, Agriculture and Service
   
5. Significant growth in employment
   
6. Social security wherever needed
   
7. Focus shift for business from tax manipulation to Innovation
   
8. Indian business will become globally competitive
   
   Click here for more information on the above proposal , supporting the above proposal.
   

 Source : http://arthakranti.org