Roadmap to Tax-free India

Roadmap to Tax-free India

Emergence of the notion that Nations can live without taxes

This situation that nations can not only live but flourish by generating revenue from the huge bank of Natural Resources, Concrete assets, Financial Assets and Intangible assets like power to grant license, etc. has emerged as a sequel to my years of research how to evaluate and put a value to the assets of a country. I feel so gratified that ultimately God has rewarded me and now my research has culminated in to devising a methodology that shall enable evaluation of assets of every country. 

This methodology explains in detail all related issues and runs into some 650 pages.  It is being brought in a document under the title “MONETIZING NATIONS” and is being sent for Copyright registration to Government of India. Thereafter it shall be put up at “INNOVATION” platform of Government of India for review by all concerned people not only in India but globally. This methodology shall present financial profile of every village, town, city and metro (which are called Geographical Entities – GEs, by Census of India. There are 6.58 lakh GEs in India as per 2011 census) as to the value of all assets of different kinds grouped suitably, are there.  

The methodology shall give authentic information about various kinds of natural resources and concrete and financial assets in every Geographical Entity as actual data of stock in hand as on ‘Year-end’ date shall be entered by concerned government officials of all departments in an online Data Input Format.  Secondly a data base shall be prepared for prices of these assets. A sophisticated Computer program shall produce several kinds of output reports from this huge data base. The reports that shall be generated would include Financial Profile of every Geographical Entity, Financial profile of every district by consolidating data of all villages, towns and cities under it, Financial profile of every Ministry of State and Central Government. The Financial Profile of Ministries shall be computed by consolidating data concerning them existing in the relevant Geographical Entities.  Consolidation of data of all Geographical Entities of a State shall enable computation of a Balance Sheet of the State.  Consolidation of data of all States shall produce a Balance Sheet of the country as a whole. A Balance Sheet is a statement of All Assets and Liabilities of an Enterprise on a particular date. Additional staff required to achieve this information shall be appointment of only a Chartered Accountant for every Ministry and a Chief Chartered Accountant at the Center and in every State of India.

Once financial profile of a Ministry shall be known then the natural query from that shall be what revenue the Ministry is generating from the assets under its control. Is it commensurate, can it be augmented? If yes, how? Thus  financial information of a Ministry shall open a flood gate of host of issues. Result shall be increase in generation of revenue from assets of every Ministry by managing them in a better businesslike manner.

Countries shall start generating more revenue from their assets.  The pressure on tax revenue shall start decreasing. Extracting hard earned money from people as a necessity is a heartless job that all governments have to do.  It can be safely assumed that Governments all over the world shall welcome this transformation of earning revenue for administering the country from marketing goods and services produced from assets at their command. As the income from assets shall start rising dependence on taxes shall start reducing and a day shall come when all monetary requirements of a country shall be met from revenue of its assets. Result, a Tax-free regime! 

Ahoy, can you  believe it can ever happen? No, because we have been brought up in an environment where revenue from taxes is the Rule and not exception. My joy is that I am foreseeing it happening one lucky day.  This experiment shall be first started in my country India and so India shall be the first Tax free nation. In all likelihood next election of 2024 in India shall be fought on this plank – Tax free India and for this even the richest people shall rush to cast their vote because taxes bite them most.

Things are not so Rosy

For a Tax-free regime to become a reality a qualitative transformation shall be required in thinking of our rulers. Country is ruled by two cadres – Executive and Legislators. Executive are Secretaries and Legislators are Ministers. These people have their own priorities. Executives are bound by various kinds of rules and regulations. They run the risk of losing their position and risk of investigation if any of their decision goes wrong. Legislators are elected by voters of their constituency. So their first priority is to provide more facilities for their voters. Working under such environment it is doubtful if both these authorities can think out of normal box.   A revolutionary step may backfire also costing them their job. Hence a new cadre of CEOs may have to be brought in from commercial world.

CEOs (Chief Executive Officers)

A CEO is trained to generate commensurate revenue from the resources provided to him by the Entrepreneur. A CEO has to be a EARNER in contrast to a Minister who suffices in being a good SPENDER. A politician’s primary attention is to create good living condition for their voters.  Resources for this expenditure is available to them from tax revenue which is earned painlessly by Government.  In contrast CEO has not only to give commensurate return but it is even more important that the revenue goes up every successive year. A CEO loses importance as soon as revenue of an enterprise stops growing.

So creation of a new Cadre of CEOs for every Ministry can be one of the necessary stepS to achieve the noble goal of a Tax-less Society !

I have been a CEO in good part of my life so I shall attempt to make an appropriate work plan for every ministry of government of India on the basis of published data whereby they start earning more revenue, generate more employment and provide good quality of goods and services to the people at economical price.  i shall publish my study on my blog under the series “roadmap to tax free india !

Mr M.K. Agarwal

Retd CEO

Twitter handle :  @Ramsewak

Mumbai, India

P.S.

1. I shall be glad to share my Research paper on Monetizing Nations, running in to some 650 pages, for review by any Economists.

2. Secondly I shall gladly send a Power Point Presentation explaining my theory to any interested viewer Kindly ask me at my email id : mkagarwal42@gmail.com

 3. Due to precarious health I am confined to my house and cannot undertake any physical activity but God is giving me energy to share my thoughts based on my knowledge and experience on social media.

4.  I am seeking an Alliance Partner who can present my concept to Governments of India and World to derive unimaginable benefit from them.  

Disclaimer: The article has been compiled for the purpose of providing general knowledge only.  Viewers should make further research on the subject for taking any decision which can have consequences.  This information has been collected through secondary research and publisher is not responsible for any errors in the same

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