Sunday, February 05, 2017

Sindhi Dryfruits, Lajpat Nagar and Black Money

I said - "I want bill for full amount of 5700", he said "Sahab 5% VAT extra lagega". I said " Nahi ji bill chaiye"

Everyone stared at me as if I am doing a crime, by asking for bill.

That was Sindhi Dry Fruits, Lajpat Nagar.

Not only this shop, there are many other shops, which display promptly, "5% Extra for VAT for Card Payment".

Where are the Tax inspectors ?? Deep investigations needed.

Guesstimate 

Average Invoice at Sindhi Dry Fruits = 5000 (based on experience)
Avg. no of orders per counter = 1 per 3 mins = 20 per hour
Total orders per hour for 3 counters = 60 orders per hour
Total sales per day = (6+4*.5 for lean) = 8*60*5000 = 24 lacs per day = 7.2 cr per month = 84 Cr per year

VAT Tax avoided = 5%*.8*84 (80% transaction w/o tax) = 3 Cr
IT Tax Avoided = 8 Cr (assuming margins of 30%)
Total Tax loss to the Nation = 11 Cr


That is just one shop in Lajpat Nagar. There are 1000 other which use similar tactics and that too openly. We can do another guesstimate with data like mega, big, small and footpath shops etc.

But ultimately, Lajpat Nagar itself leads to a loss of around 500-1000 Cr to the nation. This is very much in Delhi, right under the nose of the all investigating agencies.

Where is the gap in enforcement? Is it intentional or just a miss??







1 comment:

Free Game said...

Stick War 1.2 is a strategy game. Your job is to have the campaign checked. It's time to prove your leadership abilities. Stick War 1.2 Complete this campaign as soon as possible! Have fun.