Whispers Forum

US Reciprocal Tax Policy is a new challenge for India. Reciprocal tariff is imposed to maintain trade balance, protect local industries and prevent unfair business competition. As far as India is concerned, the US remains India's largest export market, accounting for 17.7 per cent of total exports in FY 2023-24. Global trade experts say that India is strategically reducing its dependence on any one country. This approach includes strengthening ties with regions like Europe and the Middle East. At the same time, optimizing the supply chain network is also included. Apart from this, India is focusing on export of finished goods and high-value products from export of raw materials. This is an effort that not only increases export revenue but also ensures competitiveness in the face of rising tariffs.
Raj Ahirwar

The unethical practice of cash-for-driving licences prevails across the country including the national capital. The applicants are forced to run from pillar to post by the “non-cooperative” officials. The touts have a free run. They can be spotted roaming around the Road transport offices (RTO) searching for hapless victims. They promise to get the job done in lieu of "facilitation charges". The touts are obviously, hand in glove with the RTO officials. The vigilance squads turn a Nelson’s eye to the collusive corruption! Will the transport authorities take the call? It will be useful to have CCTVs installed at every nook and corner of RTO offices for surveillance by vigilance personnel. The offenders must be arrested red-handed, then convicted by the fast-track courts for giving/ taking bribe.
A K Saxena (Former civil servant)

The new Income Tax Bill presented by Nirmala Sitharaman in the Lok Sabha recently appears to be an important part of a larger effort to streamline the country's income tax system and increase revenue along with transparency. In the last 10 years, there has been a sharp increase in the number of people filing income tax returns and income tax collection. Still, a large number of rich people, many of them associated with the industry-business sector, either try not to pay income tax or pay very little. The income tax collected in many small economies of the world contributes significantly to their GDP. The complex words used in the old law have been simplified. Now 'assessment year' will be replaced by 'tax year'. The tax year will be from 1 April to 31 March. Certainly, the rights and powers of income tax officers have been increased in the new Bill. Along with this, efforts should also be made to increase the scope of income tax payers.
Anubhuti Mathur