@TheSunUS I guess you have serious problem in mentioning Captain, the hero of Fly Dubai Flight, is an Indian and a Hindu Captain. The whole world is saying it. So TheSunUs doesn't matter.
People want UPI to remain free
but don’t want to contribute to building or maintaining its robust infrastructure
People don’t want to pay taxes
but expect high-quality roads, railways, & other public infrastructure
How ?
Many have no Issues in Paying extra to VISA, MASTERCARD OR AMERICANEXPRESS
But if something homegrown needs extra cash flow, full meltdown!
UPI is accepted in 11 countries, it is further adding 11 more countries
If we really want UPI to make it to the global ecosystem, we need to stop cribbing about 4% transactions that will be affected!
@Shehzad_Ind@narendramodi@FinMinIndia@nsitharaman Then the government captures revenue through the economic activity generated around them:their spending> GST
their property>property taxes/stamp duty
their business> corporate/GST/transaction taxes
their employees>consumption/GST
their investments>transaction/capital-market taxes
@Shehzad_Ind@narendramodi@FinMinIndia@nsitharaman Now the government can increasingly see the economic bloodstream of the country.
The logical next question is:
If the state can observe economic activity almost in real time, does it still need to rely so heavily on asking...
@Shehzad_Ind@narendramodi@FinMinIndia@nsitharaman India could deliberately design the system to attract high-value residents, not merely money.
For example:
"Come to India. Establish your business here. Employ Indians. Invest here. Consume here. We won't tax your personal income."
@Shehzad_Ind@narendramodi@FinMinIndia@nsitharaman Much greater tax certainty
Imagine an entrepreneur knowing:
"Whatever I sell, whatever I buy, the tax mechanism is X. There are no complicated interpretations of deductions, exemptions, depreciation, capitalisation, etc."
That certainty itself has economic value.
@Shehzad_Ind@narendramodi@FinMinIndia@nsitharaman If income tax disappears but transactions r automatically captured through banking/digital systems, the incentive changes:
Why hide your income if being completely formal is cheaper and easier? That could bring millions of small businesses & professionals into the formal economy.
@Shehzad_Ind@narendramodi@FinMinIndia@nsitharaman While designing India's tax system 10–15 years from now, one should not start by saying:
"How can we collect more income tax?"
I'd start with:
"How can we make economic transactions transparent enough that we don't need high income tax?"
That's a very different philosophy.