GUWAHATI, May 20 - Union Minister of State for Finance Anurag Thakur had a telephonic conversation with Guwahati-based entrepreneur and Chairman of the Royal Group of institutions Dr AK Pansari on Tuesday, according to a press release issued here.
Minister Thakur had called Dr Pansari to know about his opinion regarding the recently announced economic package and his suggestions concerning the current economic crisis. Thakur also showed interest in an article of Dr Pansari titled Atmanirbhar Bharat- Ek Praasangik Soch published in Hindi daily Dainik Purvoday on May 19 in which Dr Pansari had focused on the rampant corruption in many of the government offices, especially those dealing with issuance of licence and the resultant problems faced by the common people.
During the conversation Dr Pansari expressed satisfaction regarding the Rs 20 lakh crore economic package announced by the government, and pointed to the areas where the government could have done better. In the field of income tax he suggested that there should be announcement of the disclosure scheme wherein if a person wanted to invest his undisclosed wealth in those priority industries announced by the government, then the government would not probe the source of such wealth.
He also suggested GST and income tax relaxations in the hotel and tourism industry which is going to be badly impacted by COVID-19. In the field of real estate, apart from other benefits, he mainly wanted that boost should be given to Pradhan Mantri Aawas Yojna by extending the Tax Holiday benefit even beyond 2021. He further suggested that the government should consider doing away with the Income Tax Act altogether. Alternatively, such a system of tax should be evolved that would not only enhance the exchequer of the government, but also provide relief to the small and medium industrialists who are unnecessarily involved in the intricacies of income tax rules and regulations which impacts them negatively.
