Playing tax might help form India's “New Regular” funds for 2021 – right here's how

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In today's "new normal", governments around the world are looking for so-called out-of-the-box measures to fill the treasury as the COVID-19 pandemic continues. In India, Finance Minister Nirmala Sitharaman stated that this year's budget will be "like never before".

"In 100 years India would not have seen such a budget," the finance minister said recently cited as a saying. "Given our size, population and the potential that India has for good growth and economic building, I would have no hesitation in saying that we, along with some other countries, will be the engine of global growth. We will become a major one Contribute to the revitalization of the global economy. "

Tax proposals for India: less is more for 2021

The 2021 finance bill introduced in Lok Sobha has been described as an attempt to demonstrate government reluctance – along with resilience and self-reliance – amid the ongoing pandemic. Hindu analysis notes: "The 2021 Union budget embodies the 'less is more' approach to cleansing the Indian economy, hit by a year-long slowdown from the coronavirus outbreak."

This year, the Union budget seeks to revise the tax assessment and dispute settlement process while reducing the compliance burden on small taxpayers and clarifying legislative intent on some widespread tax issues.

“Overall, the Finance Act of 2021 seeks, as is evident, to bring about changes that affect all areas without doing too much. Implementing these measures effectively, listening to stakeholders and introducing further clarifications where this will be critical to the success of the Union budget of this budget, ”say Hindu Analysis authors, Amit Singhania, Partner, and Suyash Sinha, Senior Associate by Shardul Amarchand Mangaldas & Co.

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Gambling Tax Can Help Form India’s ‘New Normal’ 2021 Budget—Here’s How

Yes

Legalized gambling offers more

As Sitharaman and the company are exploring different ways to raise capital, there are many out-of-the-box measures that can help the government fund the crisis. This year the Japan International Cooperation Agency (JICA) signed a loan agreement with the Government of India in Delhi for up to 30 billion yen or over 2,100 rupees for the government program to address the socio-economic impact of COVID-19 in various sectors.

Legalized gambling, meanwhile, can generate remarkable revenue for the government – and it's not just limited to sports betting and gambling Cricket in India. Casino in India, especially in Goa and Sikkim, have been open for a few months. Gaming attorney Jay Sayta said, "The casinos in both markets are almost back to normal in terms of footfall and revenue." These two states are not alone.

"The number of searches on Google for keywords related to online casinos increased over 140% year-over-year, indicating that online gambling awareness is growing among the Indian population," said Mattias Bergehed, CEO and co-founder of ENV Media

“Meghalaya is a state that is actively seeking to allow land-based casinos and recently passed a regulation regulating all types of gaming activities. We have to see the rules and licensing norms that they set up, but it looks like there will be a positive movement in the state, ”said Sayta Asia Gaming Letter.

As business coach Gaurav Bhagat says The week, “I know this has social implications, (but) the revenue this can generate for the government coffers will be really huge. There are already underground channels that exist for sports betting and legalization will help generate a staggering amount of revenue for the treasury. "

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