The major loophole is parallel economy. The underground or unaccounted money far exceeds the white money. There is huge tax evasion. Black money is invested abroad or in undesirable channels. The planning is more or less absent. Luxuries and useless products catering the super rich are being manufactured at cost of essentials.
There is need to control personal assets and build more public facilities.
G. K. Ajmani Tax consultant http://gkajmani-mystraythoughts.blogspot.com/
