Increased land valuation
A front-page headline on the subject was published in a local English daily on 1st. June. This is a move in the right direction taken by the government. The government deserves congratulations for this pragmatic move at the right time! This will provide more revenue, and also have a positive impact on collecting wealth tax where applicable. Given the rise in prices of everything; the proposed hike in a VAT like manner will ensure realisation of tax at source. Similar increase in registration fees for property sale, lease, transfer or rental may also be considered as another source of revenue income for the government.
Indirect tax options of these types on higher value of stamp paper and revenue stamps for such legal documentation and similar matters is a better mechanism of taxation, rather than increased direct taxation on income.
These and similar revenue sources can be tapped from the next financial year. Similarly, to protect public health and discourage wastage, excise duties on alcoholic products and tobacco and tobacco products, cinema and amusement tickets can be easily enhanced further in the overall national interest. It will be an appropriate move.
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