Thank you sir:-)

Originally posted by : rama krishnan
	thanks for understanding my point of view

Dear Rama Krishnan , I think the question of law regarding issue of " excess generation of capital  under presumptive taxation " was made very clear in my other post/reply to you  https://www.caclubindia.com/forum/presumptive-taxation-query-462993.asp?offset=1  in the light of hight court orders/decision   ...actually problem is " Presumptive taxation " is not very well understood concept .. though the assesse has option to declare " Higher then prescribed rate percent " but its only at the descretion of the assesse ( optional )....Law only compels him to declare at least a certain prescribed percentage to avail this special scheme ...almost same applies to indirect taxation scheme like " composition scheme " .
Post GST implementation , I think the " Income tax presumptive taxation "    will help in boost GST revenues from informal sector / Micro scale enterprises ... presently what I observed on the ground is that people out of fear of paying income tax conceals/under report gross turnovers....so IT here acts as two edge sword..it kill itself and at the same time kill indirect tax revenues too...just think what if an entity earning very good profits honestly discloses full sales turnovers , by doing so government will be getting Flat 18% (assuming his output commodity falls in 18% GST tax bracket ) tax on his sales (also to be noted here is the point that more honestly he is declaring his sales more part of his profit he is offering to tax under indirect taxation..wow...).. so government earning flat 18% on his profit that too under indirect taxation ... 
So presumptive taxation of income tax MAY result in direct tax revenue loss in few cases  (though that is only possible in few bussiness types where average profits are much higher then 8%/6%) BUT big picture indicates of more tax compliant society + more taxation revenue for the government + people getting extra purchasing power which will be a key driving factor in economic growth .... will also help in more people coming to main stream...more the accounted money one has...more he will utilize this accounted money in formal purchases/bussiness ...that again will generate more indirect taxes for government ...

P.S : Sorry for the long post...but I feeled that we should held discussions like this so that the ordinary citizens and government , both are in win win situation...and in long run help bring more prosperity to our country.... :-)