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A NEW INDIA
FRAMEWORK
FOR AN ECONOMIC SYSTEM
THAT WILL HAVE
● PERFECT ACCOUNTABILITY
● TOTAL EASE OF ACCEPTANCE
● AUTOMATED DIRECT BENEFIT
FOR ALL
WITHIN THE COUNTRY
BHARATH BHIM
A NATIONAL AUTOMATED FINANCIAL TRANSACTION &
ACCOUNTING SYSTEM LINKED TO AADHAAR & THE
EXISTING BHIM & UPI PLATFORMS
A Radical
(Non) Taxation Proposal to
Revolutionize Industry
Mindset & Life in India
BHARATH BHIM
WILL HAVE
3
COMPONENTS
10% each,
for their transacted value, into their MyBHIM, C-BHIM or K-BHIM accounts.
● All Financial transactions that do not come under GST will also come
under the BHARATH BHIM as a favoured transaction mode, but will not
be part of the credit routing process. So salaries will be paid through
BHIM establishing perfect accountability but this transaction will not get
credit as its not a GST item/transaction.
How can the Government give 20% credit
for all transactions through BHIM
● When a Commercial Financial Transaction is done
through the BHIM application -
● Buy a BMW i8 for Rs.2.6crores and receive a credit of Rs.26Lakhs into the
BHIM immediately. BMW showroom sells this i8 for Rs.2.6crores and receives
a credit of Rs.26Lakhs into the BHIM immediately.
● Right now, if you buy a milk packet in a petty shop, you dont get anything back,
but if you buy through BHIM for a month, you will get Rs.60 into your account,
and the shopkeeper also receives Rs.60, both, simply for making this
transaction through BHIM.
● The entire money given as credit is also available to the Government for a
period of 1 year. No need for both to bother with all the taxation issues.
So, if you consider the below 4 transactions ~
● You buy a packet of milk from a Petty Shop for Rs.20
○ Both you & Seller receive an automated credit of Rs.2 each
● You go to KFC and eat for Rs.1,000
○ Both You and the Outlet receive Rs.100 each as an automated credit.
● You go to an Electronic store & Buy a TV for Rs.1Lakh
○ Both You and the Store receive Rs.10,000 each as an automated credit.
● You Buy a BMW i8 for some Rs.2.6crores
○ Both You & the BMW showroom receive Rs.26Lakhs as credit.
In these 4 transactions, Government receives
Rs.52,20,204/- as credit available to them for a period of
ONE FULL YEAR
+
The transactors will also have their credit returns which they will otherwise not
receive through other modes of transactions so far + the entire transaction is
TAX FREE in every way.
C, D, W, S
Uses MyBHIM Company / Dealer /
A
to Buy Wholesaler /
Common Manufacturer
a product From
Man Sells to A using
20% common GST for all Products sold in India C-BHIM
This 10% goes into Since 20% of every transaction done in This 10% goes into the
the DD Account of the country will thus be available DD Account of C,D,W or
A’s MyBHIM where it automatically to the Govt., Ss C-BHIM where it will
will show as available there is no need for show as available credit
credit for 1 year Personal Income Tax, Corporate Tax for 1 year
After 1 year the Credit in the DD becomes DR of A,C,D,W & S & the cycle repeats
No Personal Tax, No Corporate Tax, Govt receives 20% of Each Transaction, Everybody receives
automated DD credit, No GST filing, No Tax Filing ~
Whole of India will be a Vibrant Economy with Full Automated Accountability
● Thus, Individuals & Companies are likely to
make all transactions through BHIM.
● BHIM based transactions will increase
exponentially.
● Government will have 20% of all transactions for
them to use for the whole year & this volume
will only rise.
● The credit given back after 1 year, will again
come back into the credit loop for the
government, in no time.
DD - BANK OVERDRAFTS & Personal Loans
● Banks should give ANNUAL Personal Loans and Overdraft
facility under favourable terms, for the probable amount that
can be available in the DD accounts.
● This will be another additional benefit, specially for
companies who can have large amounts of credit available in
their DD accounts.
● This will also be an additional benefit for Banks as it will also
be a SAFE LOAN directly linked to DD accounts.
● These Loans & Overdrafts will be given only as DIGITAL
RUPEES and its usage will of course return credit back to
the DD accounts.
DD - NSE BHIM scrip
● The net value of all DD credits held in India can be traded in the
FUTURES/OPTIONS segment of NSE as NSE BHIM.
● The value of DD credits is going to go up as more & more people transact
using BHIM. The NSE BHIM scrip will gain value.
● In fact, the entire value of holdings in all the BHIM accounts in India -
MyBHIM, C-BHIM, K-BHIM can also be considered as the value of NSE BHIM.
● Alternatively, we may also consider trading the NSE BHIM as one of the
permanent components of NIFTY. Trading NSE BHIM within NIFTY will also
give a solid boost to the value of NIFTY & it can strongly represent the
vibrancy of our National Economy.
● It will also enable traders to focus on NIFTY as a visible dynamic national
index.
DD - NSE BHIM scrip
● Since the value of NSE BHIM is likely to rise, a proportionate
return can be worked out to credit the DD accounts.
● So, the money that is remaining in the DD accounts should also
fetch everyone some interest based on the NSE BHIM growth
values.
● Like having money in a fixed deposit and gaining interest, the
DDs should also give automated return at the end of a year,
based on the value of NSE BHIM at the end of a financial year.
● So, the people of India, specially farmers, will also have another
additional source of income just by transacting on BHIM.
To Sum Up
● 20% GST for all products sold in India through BHIM
● Transaction through BHIM gives Tax Free Status + zero or minimal GST filing.
● Any individual, company, farmer, simply by making commercial transactions
through BHIM, will receive 10% credit for every transaction.
● 20% value of all commercial transactions within the county will always be
available to the Government for their Budget, to Rotate, as an automated
process with minimal effort and without the trouble of tax filing etc.
● People & businesses get their 10% credit as spending money after 1 year.
● Traders can trade the NSE BHIM Scrip & money transacted through BHIM, in
this process, will also generate good income.
● All Transactions within the country go through a fully accountable,
automated DIGITAL LOOP that benefits all.
● As of now, 50% of the daily economic activity is NOT EVEN ACCOUNTABLE
and the TAX RECEIVED BY THE GOVERNMENT currently IS ONLY
PROBABLY AROUND 20% OF THIS 50%
TAX FREE NATION
NO PERSONAL INCOME TAX
NO CORPORATE TAX
In Tax Free India,
if the GDP is worth
$2Trillion,
20% of this value should
be available to the
government for its
budget with minimal
effort and hassle for
anyone, which is more
than the current budget
& as a result of the ease
of doing business, the
economy will leapfrog
ADDITIONAL BENEFITS ON THE BHARATH BHIM
COMPLETE INSURANCE
FOR ALL IN INDIA
As indicated earlier, the MyBHIM
account also has within it
2 other sub-accounts
○ MIA - Medical Insurance Account
○ LIA - Life Insurance Account
NO GST FILING
NO CORPORATE TAX
FILING
● They dont even need to have a smart phone to conduct their business. A
BHIM QR card can be carried by them to receive and make payments into
their accounts. Through OTPs/PINs/SMS confirmations, they can make
and receive payments.
● This section that comes within the DPR is the section that is likely to
create and sustain an informal economy. So, there should not be any
unnecessary rules & blocks that will hinder them from becoming part
of the Digital Economy.
● The 20% credit that the Government can receive from each DPR
transaction will be a huge figure. The DPR itself can cover half the
GDP.
NO GST
Digital Proprietorship Registrations (DPR)
● These small businesses will also receive all the benefits-10%,Complete Tax
Free Transactions, free MI & LI through MyBHIM+credits from their personal
as well as commercial transactions.
● Current proprietorship registrations can be converted to the DPR.
● Through a simple application report, they can have figures available on their
phones, either as sms or a screen report such as -
○ Total Money received - for the Day
○ Total Expenses - for the day
○ Total Money received - Month to Date
○ Total Expenses - Month to Date
○ Money received - Year to Date
○ Total Expenses - Year to Date
FDI through BHIM
● Foreign Direct Investment into India should also be made
100% Tax Free by routing it through BHIM, and C-BHIM
of the company.
● Since there is no tax, the performance of their
companies and investment will be directly related to their
own ability to run their companies. Hence, no other
concessions should be given to them.
● The best managed companies & the availability of the
best technology from around the world will also be a
dynamic job provider for the economy.
Overseas Money remittance through BHIM
● Under the BHIM system, the registration charges should be very minimal
because the objective is to get the bigger amount fully into the system.
● ALL PROPERTY TRANSACTIONS TO BE DONE ONLY THROUGH BHIM
● Any property sale value should AUTOMATICALLY include 20% GST. This will
be a GST Inclusive Invoice. So 1Crore or any property Sale Value will include
20% GST. It is not a certain value+20%; any declared sale value will be with
20% GST inclusive.
● Buyer & Seller will receive 10% each, of the Sale Value into their DD accounts
which will be available to them after 1 year, for use within BHIM.
● So, the whole value of the Property comes into the INDF. Government gets to
use 20% DD amount (Rs.20Lks here)
● The Transaction becomes Tax Free as a further incentive + net DD values go
up.
Rental Transactions & General Transactions through BHIM
● Similarly, for Rental and similar Transactions like House Lease,
Commercial Spaces etc, an AUTOMATED GST INCLUSIVE invoice can be
issued through C-BHIM.
● The Advance Payment for the Rented/Leased space can have a 20%
inclusive amount into whatever the Advance Amount is.
● A rent paid can have a similar 20% GST amount as an AUTOMATED
INCLUSIVE AMOUNT.
● Eg. A Home Rent of Rs.10,000/month will have the 20% GST amount
automatically built into it under a Rent Category. When the rent of
Rs.10,000/- is paid, Rs.1,000 each goes automatically into the DD account
of both Payer and Receiver.
Based on these, a typical Basic Household expense payments through BHIM & gains are
shown
Monthly Credit Monthly Credit
General Monthly expenses of a Basic Household, Annual Credit Annual Credit
Monthly Expenses Return to Payer in Return to receiver i
Billed through C-BHIM with 20% GST Return to Payer Return to Receiver
DD account DD account
Rent collected with 20% GST 10,000 1,000 1,000
Phone Bill like Jio 150 15 15
Electricity Bill 500 50 50
TV channels 200 20 20
2 Lts Petrol @Rs.75//day for 30 days 4,500 450 450
Groceries 10,000 1,000 1,000
Cooking Gas 1cylinder for month 700 70 70
Total Monthly Monthly GST Monthly GST credit Annual GST Credit Annual GST Credit
Expenditure of Basic Credit into Payer's into Receiver's DD into Payer's DD into Receiver's DD
Household DD account account account account
26,050 2,605 2,605 31,260 31,260
Annual Expense Monthly Availability to Govt Annual Availability to Govt.
312,600 5,210 62,520
Total Money available at the end of one year, to a basic householder just by transacting through BHIM 41,260 (31,260 + 10,000)
General Money available to the Government by a Basic Householder transacting through BHIM for 1 year 82,520 62,520 + 20,000
A BASIC HOUSHOLDER GAINS SIMPLY BY
TRANSACTING THROUGH BHIM
JAI HIND