Proposal Made to Mr.Modi to Change India

I think this post ("Arthakranti Proposal") is almost reached spamming proportions, being beamed in wattsapp, facebook, and what not, the patenting and all just seems faux, nobody can patent taxation. What we need right now is Mobile payment system, and probably move away from Income Tax to VAT/transaction tax system, as the rich business people can game their Income Tax and get away with less than what their salaried counterpart pays. So a transaction tax is good, and BTW it is practiced in many countries, there is nothing patentable in this. Once we move to mobile payment gateway, by allowing banks to issue accounts to anyone with verifiable address and ID (which is what KYC is) with just one SMS. Anyone with such an account must be able to send and receive money to other mobiles, and encash their own money through an ATM. There is a high likelihood we move all cash transactions done by small vendors throughout the nation from untraceable cash to traceable which is very very large amounts of money. We would've solved a large part of our problems. Another major source of black money is real estate, and property deals, one of the main problems is the stamp duties at the time of buying and selling, they are at 10% right now (may differ from state to state, need verification), these are way way too high. If I have to sell my property say @ 1 Cr. I need to shell out 10 Lakhs as stamp duty and another 1 to 2 Lakhs, towards other charges and bribe (it's rampant), and I need to pay 10% inflation adjusted capital gains tax if I had made any profit between buying and selling this propert,the entire affair will cost me about 20 Lakhs. Unless if I can sell it at a valuation of 50 Lakhs, every thing reduces and my net impact can be as less as 5 to 7 Lakhs, I am sure whoever has sold or bought a property is well aware of this practice. I propose we abolish stamp duty at the time of property registration, or at least reduce it to 1 or 2%, and over time let people buy and sell at realistic rates, remember there is still capital gains tax which will earn govt. money in proportion to my profits. The other benefit is people will make more property transactions, rather than executing mutual bonds. This has an avalanche effect of bringing a large part of black money into white, by large I mean really really large. This is where all the wealth of the nation is locked up right now. Thanks more  

(1) As on today total banking transaction is more than 2.7 lakh crores per day say more than 800 lakh crores annually. (2) Less than 20% transaction is made through banking system as on today and more than 80% transaction made in cash only, which is not traceable. (3) 78% of Indian population spend less than 20/- rupees daily why they need 1000/- rupee note. What will happen if All FIFTY SIX Taxes including income tax scrapped : (1) Salaried people will bring home more money which will increase purchasing power of the family. (2) All commodities including Petrol, Diesel, FMCG will become cheaper by 35% to 52% . (3) No question of Tax evasion so no black money generation. (4) Business sector will get boosted. So self employment. more  

I agree with all points except with the scrapping of Income Tax. more