Among one of his priorities as part of election manifesto, Prime Minister Narendra Modi had mentioned that he would remove the concept of Income Tax completely. According to his vision, people will have to pay a percentage based on the bank transactions they would be making. But given the current situations, is that possible.
There is no doubt that if he really removes the taxes as mentioned, he will become a revolutionary Prime Minister in the world. But that model has to be successful and for that, Modi and his team has to come up with foolproof initiatives that can break the black money system and to a large extent the taxation policies.
On the brighter side, this concept has a very good chance of working because the population is huge and the turnover revenue for the government will be intact if the percentage model is implemented. This is just a step towards revolutionizing the Indian economy and if a perfect formula is worked out then it can become a possibility.