Taxation

December 2, 2015

Implications of GST as a Destination Based Tax

Indirect taxes can be either origin based or destination based. Origin based tax (also known as production tax) is levied where goods or services are produced. Destination based tax (consumption tax) are levied where goods and services are consumed. In…

November 23, 2015

Comparison of Direct and Indirect Taxes

There are several parameters on which the direct and indirect taxes can be compared. Firstly, direct taxes are progressive and they help to reduce inequalities but indirect taxes are regressive and they widen the gap of inequalities. Thus, direct taxes…

November 23, 2015

Functions of a Budget

The key functions of a government budget are discussed below: Public Policy Document The budget serves as a public policy document expressed in money and is an embodiment of implied policy objective in monetary terms. Redistribution of Wealth The most…

November 23, 2015

History of Budget in India

Etymologically, the term budget is related to Latin bulga , which refers to a ‘leather bag. The term comes from a Gaulish source connected to the Irish bolg, which means a bag. It got associated with finance in mid 18th century following…

November 22, 2015

Merits and Demerits of Progressive Taxation

A progressive tax is imposed to raise the tax rate effectively more than the rate at which it was applied. It is characterised by a more than proportional rise in the tax burden relative to the increase in income. Thus,…

November 11, 2015

Exempt-Exempt Tax

Under the Exempt-Exempt Tax (EET) principle, the contributions towards certain savings are deductible from income (this represents the first 'E' under the EET method), the accumulation/accretions are exempt (free from any tax incidence) till such time as they remain invested…

funds-rupees

Drafting the Indian Financial Code

India’s financial market is deepening with the global inter-connectedness and growing complexity in the economy. In such circumstances consumer at times become vulnerable to exploitation by the market forces. In an environment of ill-information and institutionalized mis-selling, consumers do not…

March 4, 2013

Parthasarathy Shome Panel Recommendations

The Parthasarathy Shome panel was formed by PM of India in 2012, for drawing up the final guidelines on GAAR and mainly to bring about tax clarity and address the concerns of foreign investors. Instead of only FIIs, the panel…