Modi says new tax reform will weed out black money

by Wade Massey July 4, 2017, 0:10
Modi says new tax reform will weed out black money

In what was looked at as keeping the tone of the speech alive, Prime Minister Modi was seen waving to his supporters as the Darth Vader's theme song played in the background. Government has cancelled registration of over 1 lakh companies and more than 37,000 shell firms have been identified for strong action. "Nation's growth is dependent on clean tax regime".

He added: "A nation can not scale new heights if a few loot it".

"People who deposited money in foreign banks will face a tough time", he said. The prime minister said that the government will now get real-time data from Swiss banks, which will make it much harder to circulate black money overseas.

In a veiled dig at the CAs who might have helped entities in dealing with illicit funds post demonetisation, Modi said that he heard that after November 8, CAs had to do a lot of work but not sure how many did work for their clients and how many for the nation.

While stating that there are four goals of a human being - dharma, arth, kama and moksh - Modi said that in the economy, it would not be wrong to say that chartered accountants are rishi munis (saints). Strict action will be taken against these shell companies if they are found guilty of hoarding black money, Modi said. PM Modi also warned black money hoarders that they would not be spared.

PM Modi pointed out to the huge problem of tax evasion in India. He compared CA's to "sage monks of the economy" who will show the Indian economy the way to success.

PM Modi urged chartered accountants to play a constructive role in the implementation of GST. He said that it is an issue that 1,400 cases are still pending amidst the accountants, all of which would take years to resolve. You are tasked to ensure that the economic health of the society remains fine.

"We will always remember how the community of professionals took a lead during the freedom struggle of India", he added. "I urge the CAs to take the lead in the journey towards India's economic growth".

He recounted the various steps, including demonetization, taken by the Union Government in the last three years, against black money, and to bring elements indulging in corruption, to book. "Your signature carries vast faith, please do not break that trust that is placed in you", he said. "Parliament has given you a big responsibility of certifying and auditing the accounts".

He also called for creating four big Indian accounting firms that are counted among the world's Big-8 even as he cautioned CAs against misuse of their all-powerful signature.

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