Financial Matter Lawyer on Tax Evasion

Revenue of the government depends upon different types of taxes, such as, income tax, sales tax, corporate tax, VAT, excise duty etc. Right from the independence India is stricken within many self-imposed constraints in the form of rigid economic policies, timely processes and unwelcomed bureaucratic governance which caused upscale corruption, delays in license and approvals to the industries and evasion of the taxes. A small section of the society pay taxes and they too often hide the actual income or production. As the country is already struggling with high inflation and low productivity in the manufacturing sector, to deal with tax evasion is a big issue before the BJP led NDA government. According to Mr. Kislay Pandey - Financial  Matter Lawyer, the Supreme Court of India," To scrutinise the loopholes in the fiscal policies and tax collection should be the premier economic objectives of the new government, the economy cannot afford revenue losses due to the unsteady financial policies. The newly formed government is soon to present annual budget (2014-15) and people are expecting too much from this budget. Economy doesn't work on whims and fancies, it reacts according to the market mechanism, flow and mobility of resources and on various other macroeconomic  factors. The new government which already had inherited deficit budget has to make a perfect balance between the revenue and expenditure. According to Mr. Kislay Pandey - Financial  Matter Lawyer, the Supreme Court of India," The government should focus on long run benefits rather than short-term reliefs. A well defined, comprehensive road map for the next five years is gravely needed to ensure prosperity in the future? Both businesses and individuals hide billions of rupees of tax each year, just because of unfriendly and lengthy rules. Many small and medium enterprises failed to sustain because of  bureaucratic policies and red-tapism which often increase the operational cost. To compensate such losses they allegedly manipulate their balance-sheets and evade taxes. According to Mr. Kislay Pandey - Financial  Matter Lawyer, the Supreme Court of India," Due to financial and other constraints, small firms prefer to deal in cash and avoid paying taxes and on the other hand service sector organisations usually understates their profits, this vicious circle of tax evasion is piling-up revenue deficits on a constant basis. To achieve sustainable growth and inclusive development, the government of India must review and reform the tax administration system at the priority basis. As to sponsor development programmes government requires money which is only possible through effective tax regime.