Economic Inclusion Vs Financial Inclusion
Not only Financial Inclusion, there should be Economic Inclusion of the whole population. Every Citizen is although already a part of the Economy as manufacturer, trader, or consumer, but they are included in the economy incidentally and not willfully and actually not contributing anything to the economy. Every Citizen, who is earning should be encouraged to file Income Tax Returns (ITRs), make legitimate wealth, bring that wealth into the economic system, get that wealth rotated in the system, which will definitely increase his own wealth and the wealth of the country.
Income Tax and Other Tax Authorities should work not only as Income Tax Assessor or Revenue Assessor or Tax Collection Authority for the purpose of collecting tax, but should also work as Statistical department to keep the data of income and revenue generation even without collecting tax, which will increase the per-capita income, consumption pattern, and rotation of money in the economy.
Financial Inclusion will seem elusive unless there is a proper Economic Inclusion of the population. A proper Awareness program should be conducted for the awareness of Economic inclusion, benefits of filing of ITRs, and other taxes like GST, Excise, etc, should be circulated and informed to the common public. CA/CS/CMA, Tax Consultants should be encouraged for filing maximum ITRs, Tax collections, proper compliances, etc. So that they will also help in Economic development and Economic Inclusion.
Regards,
CS Amit Kumar Jain
Finance Consultant
Mentor Corporate Services Pvt Ltd
Email: csamitkjain@gmail.com
Cell: 09425373231