You must Sign In to post a response.
  • Category: Miscellaneous

    Traits of a successful businessmen.

    I was talking to a friend of mine who belongs to a business family having a middle size grocery store. He was telling me the reason about the low cost of the food products of a newly opened restaurant in my hood. And the reason was that the restaurant owner was not paying the printed reciepts to customers and in a way he was averting paying tax which in turn has reduced the cost of the items. I critisized his action but got to know that many were operating the same way. When I told my friend the action as a wrong thing then he mocked at me by saying that the customers look for immediate and apparent profit and as a customer, he would be happy with lower price without caring about who pays the tax or give the reciept. But then I counter him by saying that tax should be paid for larger good and he said that what would be the good for me of having the metro train built in other part of my state rather than having in my own state. Same logic applies to me, according to which I would see my nearest profit without getting into the detail, and that's how the business survives and flourishes. You have to compromise many a time.That statement made me kept silence. I mean as far as my knowledge goes, be it Jobs, be it Zuckerberg, almost every successful businessman has done some mischievous action to be on profit statement. So I wonder, can a business flourish on sheer honesty?
  • #579476
    You have dealt on a very relevant topic. Tax is never paid by anyone willingly or happily. The intention to avoid tax is more when the tax amount is more.
    Even the most sincere, law abiding and honest person feels betrayed when he experiences that he does not get what he deserves even after obeying and complying, but the defaulters and violators get all the benefits. Those who do not pay a single paisa as tax also get huge benefits from government one way o other.
    What is needed is to make everyone aware that tax is a participation contribution in nation building and public benefit. Tax should be kept very low. Compliance should be made and defaulters should be punished exemplary.

    In the present political set up, all this is utopia only. We will have more Mallyas who fly as Kingfishers and get the best from everywhere.

    Let us keep faith on ourselves and work sincerely, not leave everything to fate.

  • #579482
    In most of the traditional businesses, the new entrants fail as they don't know the trade secrets which are primarily the malpractices of the business concerned. Tax evasion is one such malpractice. Other common types of malpractices are under measurement and adulteration or sale of spurious goods.

    However, the shopkeepers do so on popular demand with the connivance of their customers. In a developing economy, many people don't find it necessary to pay the taxes with a view to further reduce the net cost of the product.

    A large chunk of taxes collected by the Government is spent on social welfare measures for financing pro-poor schemes and for funding subsidies. The average middle-class customers find themselves poorer enough to not to get motivated to contribute toward philanthropic activities of the Government.

    However, it is a primary duty of the citizens to pay taxes but it appears to be easier said than done.

    Let us encourage each other in sharing knowledge.

Sign In to post your comments