Tuesday, June 2, 2020

More Stringent Meaures Required


The marked economic recession resultant of Covid lockdown is widely expected to have a far reaching impact on India's economy. A significant dip in revenue by way of taxes, diminished foreign investments, resources crunch, marked decline in industrial production, loss of crores of man hours, pressing necessity to expend more etc. have been causing a severe strain on the economy. The government must now be straining every nerve to augment resources to tide  over the precarious position. 

As a part of its multipronged strategy, the government should launch a campaign to recover the arrears of various unpaid taxes and to deal with tax evasion without any compromise. It is high time that non-payment/non-remittance of collected taxes to the government and tax evasion were treated very stringently with absolutely no compromise. The machinery to recover what is due to the government from those who have defaulted needs to be strengthened a lot. There is no point in allowing  more and more time to tax defaulters and in bearing with tax evaders.

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