ECONOMY
Badhta Bharat- Ubharata Bharat
DIGITAL PAYMENT PROMOTION & LESS CASH ECONOMY
- Mera mobile mera bank mera batua: BHIM app (based on United Payments Interface(UPI)), to promote cashless economy brings payments to people’s phones
- Cash incentives to promote digital payments – Lucky Grahak Yojana and Digi Dhan Vyapar Yojana
- Aadhar enabled Payment system in place to promote less cash economy
GST
- One Nation, One Tax- One Nation-One Market
- 4 Tax Rates- 5%, 12%, 18%, 28%
- Reduction in overall taxes on goods, estimated to be 25-30%
- Lead to ease of doing business and increase in tax revenue collections.
Benefits of GST
- Decrease in Inflation due to: Reduction in Cascading effect of Taxes and Overall Reduction in Prices
- Ease of Doing Business due to: Common National Market, Benefits to Small Taxpayers
- Decrease in “Black” Transactions due to: Self-Regulating on line Tax System, Non-Intrusive and transparent Tax System
- More informed consumer due to: Simplified Tax Regime, Reduction in Multiplicity of Taxes
- Poorer States to gain due to GST being a destination based Tax: Consumer States to benefit the most, Abolition of CST
- Make in India boost due to: Exports to be Zero Rated, Protection of Domestic Industry - IGST
EASE OF DOING BUSINESS (DIPP)
- Improved rank in Ease of Doing Business Ranking
- Self-certification
- Simplification of rules
- Scrapping of about 1200 obsolete laws
- Most of the regulatory processes put online.
- 60% of defence Items out of the licensing process
- Real Estate Bill passed to protect the interest of buyers and bring more transparency to the housing sector.
- Gas pooling for power and fertilizer sectors.
