Black: The colour of evasion

Black money of Indian citizens held abroad might only be a fraction of the black income in the domestic economy. All black money, whether held in India or abroad, should be traced to individual accounts, and legal proceedings undertaken to ensure payment of taxes. At the same time, black money is being generated in the domestic economy all the time. This is a consequence of the failure to implement the goods and services tax (GST), to remove loopholes in the tax system, to get rid of high statutory tax rates and reform the tax administration. These are issues that can be solved more quickly.

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