During a recent press meet, the CM of Telangana KCR has shared his anticipated thoughts about the country’s future economy and about demonetization.
KCR opined that the implementation of Goods and Service Tax (GST) and Bank Transaction Tax (BTT) will affect the Income tax in a big way. He clarifies by saying that right now, the taxpayers in this country are only 1% and those are the normal employees. But by replacing the Income Tax by GST and BTT, the center’s revenue in the form of Tax multiplies by 5-6 times. Now this will be increased by extra 42% in its early’s income through taxes. He said that then the funds to the state will also be increased which helps the state’s development.
The Telangana Chief Minister interestingly supported the demonetization and said that the black money will almost go. He even declared that the 2,000 rupees note will be banned in the future as well. He thinks that this 2000 note is a nice strategy to eliminate black money in the long term circulation.