There is no doubt that the implementation of GST has had more than its fair share of problems. However, it is neither disastrous nor bringing the economy to a grinding halt as many people would want us to believe.
If we want to understand the new age cryptocurrencies, we need to look at the commodity markets and how they function. Here are a few similarities that Bitcoin has with crude oil trading, that could have Prince Alwaleed and Jamie Dimon think again.
GST evasion is rampant and nationwide. But even before proceeding against offenders the government needs to create awareness about tax cheats and tighten evidence against the offenders through digital tracking of accounts.
If the purpose of your investment is to earn profits and not dream of getting super rich it is time to sell Bitcoins. Move to other cryptocurrencies that are cheap, if you have earned more than 30% on your Bitcoin investment.
Corruption and the reluctance to pay taxes forced the Government to dish out a rigid GST framework. Retailers especially the small and medium business men should be mindful of the fact the Government can provide compliance relaxation only if tax cheating ends.
Despite risks, cryptocurrencies are gaining popularity every day. More than half a dozen appreciated by 1000 per cent last year and on 13th October 2017 Bitcoin breached the $5000 mark for the first time.
If you dream to really grow rich while maintaining your comfort level of working at a salaried job, you should be ready to put away some money for high-risk investments. Just try out new investments with the money and don't bother if you lose it all.
In this concluding part of the 14-part article on planning savings we briefly revisit the investment strategy proposed to get wealthy. Our next series on high-risk high gain investments shall start this midweek.
In one of the early raids on GST evasion, a senior tax officer in Andhra Pradesh slapped a Rs. 20,000 fine on a business man for the omission of Rs. 15 as GST in a bill. Is the inspector raj returning in the digital era?
The Government says that 49.68 lakh returns in GSTR-3B were filed for July as against 87 lakh registered tax payers. That was the data for July the roll out month. That still leaves out 4 million tax payers or 40% of those registered.