Monday, May 29, 2023



‘Tax terrorism’ severely hurting India’s economic growth

- Advertisement -

New Delhi, Aug 1, 2019-

The death of entrepreneur V.G. Siddhartha has brought to limelight the unwarranted and unending pressure being exerted by government authorities of late on corporates in the name of probing tax evasion.

The dramatic disappearance of Cafe Coffee Day (CCD) founder Siddhartha under mysterious circumstances on Monday night and the subsequent discovery of his body in the backwaters of Netravathi river near Karnataka’s Mangaluru coast on early Wednesday have sent shock waves in the corporate world, as he was an expert in brewing an empire, which ironically took a toll on his life at the age of 60.

Industry honchos and experts are of the view that the very method of crackdown on tax evasion has not only proven futile, but also hampered entrepreneurship and the overall economic scenario in the country.

Chairman of Manipal Global Education and former Infosys Director Mohandas Pai has said that the tax justice system is “broken” in India and the Prime Minister and the Finance Minister should be asked to intervene and handle the scenario.

Kiran Mazumdar Shaw, Managing Director of Biocon, told a news channel: “India has moved from Licence Raj to Inspector Raj. There is an effort to clean India Inc, but the pendulum cannot swing from one extreme to the other. The government needs to exchange with honest businessmen.”

Shaw on Tuesday also retweeted a tweet by one Rajiv Mantri which said: “Highest interest rates in the world, usurious income tax rates, triple tax on dividend, tax on buy back, tax on securities transactions, progressive taxation with GST. And then we are surprised, what killed sentiment, what destroyed animal spirits.”

The sentiments among the corporates seem to be very subdued and negative with regard to the economic and tax scenario in the country.

The whole issue came to light after Siddhartha’s letter to his comapny’s board became public, which said: “I am very sorry to let down all the people that put their trust in me. I fought for a long time but today I gave up as I could not take any more pressure from one of the private equity partners forcing me to buy back shares, a transaction I had partially completed six months ago by borrowing a large sum of money from a friend.”

As support poured in for Siddhartha, fugitive businessman Vijay Mallya too pitched in with his words of condolence as he correlated the CCD chief’s situation with his own.

“I am indirectly related to VG Siddhartha. Excellent human and brilliant entrepreneur. I am devastated with the contents of his letter. The Govt Agencies and Banks can drive anyone to despair. See what they are doing to me despite offer of full repayment. Vicious and unrelenting,” Mallya tweeted on Wednesday.

“In Western Countries, Government and Banks help borrowers repay their debts. In my case they are obstructing every possible effort for me to repay my debt whilst competing for my assets. As far as the prima facie criminal case goes wait for the appeal granted,” Mallya said in another tweet.

As several crackdowns have taken place in the last few months with the government taking a tough stand on any form of tax evasion, the unwarranted and continuous pressure on several corporates actually goes against the government’s own philosophy of “ease of doing business”, eventually hurting the industry and the cycle of job creation.  (Agency)

- Advertisement -

Yes Punjab - TOP STORIES

Punjab News

Sikh News

Transfers, Postings, Promotions


Stay Connected



Priyanka Chopra paid her way out of a movie to escape ‘dehumanising’ director

Los Angeles, May 28, 2023- Early into Priyanka Chopra Jonas' Bollywood career, the Indian-born actress paid back a film production after she backed out...

Parineeti and Raghav Chadha arrive in Jaipur to finalise wedding destination

Jaipur, May 28, 2023- Bollywood actor Parineeti Chopra and Aam Aadmi Party MP Raghav Chadha are in Jaipur on Sunday, reportedly busy finalising the...

Vikramjeet Virk rocks ‘Kurta Chadra’ in first look of Punjabi film ‘Maurh’

Mumbai, May 27, 2023- The first look of actor Vikramjeet Virk from the Punjabi film 'Maurh' was unveiled recently. It shows the actor dressed...

Parineeti Chopra, Raghav Chadha may tie the knot in Rajasthan

Jaipur, May 27, 2023- Bollywood actress Parineeti Chopra and Aam Aadmi Party (AAP) MP Raghav Chadha may tie the knot in Rajasthan, if the...

Abhishek at IIFA: ‘Any actor would be greedy to work with Amitabh Bachchan’

Abu Dhabi, May 28, 2023- Abhishek Bachchan, who was last seen making a cameo appearance in Ajay Devgn's 'Bholaa', believes every actor in the...

‘New abode of democracy’: Shah Rukh Khan’s ode to ‘A New Parliament for a New India’

New Delhi, May 28, 2023- In a ringing endorsement of the new Parliament House in New Delhi, Bollywood superstar Shah Rukh Khan has tweeted:...

A day after Vicky was pushed by his bodyguards, Salman hugs and makes up

Mumbai, May 27, 2023- A day after a video of Bollywood superstar Salman Khan's security team pushing aside actor Vicky Kaushal went viral, the...

Beyonce halts Paris gig to pay tribute to Tina Turner

Los Angeles, May 27, 2023- Singer-songwriter Beyonce paused her show in Paris to make reference to the passing of music legend Tina Turner and...




Rajouri and Kandi attacks: Can the failed Kashmir militancy bounce back with new tactics? – by Abhinav Pandya

New Delhi, May 15, 2023- Amidst disturbing developments, the good news is that the terror groups are finding it difficult to recruit the local...

Being ambivalent about faith-based terrorism is harmful – by DC Pathak

Amidst the continuing danger posed to national security by the Pak-instigated radicalisation and terrorism, many academicians and even some major think tanks are underplaying...

Will Pak military stay united after Imran Khan’s dramatic arrest? – by Rana Banerji

Former Prime Minister Imran Khan was arrested from the premises of Islamabad High Court on May 09 afternoon by a team of Pakistan Rangers...


Health & Fitness

Gadgets & Tech

error: Content is protected !!