Tax Reforms in India Current Affairs, GK & News
Prior to the liberalization of Economy, India’s tax regime suffered numerous problems. These problems which were in vogue in 1960s and 1970s were as follows: There was a high degree of progressiveness (rich needed to pay exorbitant taxes). On the other hand, tax collection efficiency was very low (rich were smart enough to evade tax). ..
Argentina parliament has imposed ‘millionaire tax’ on about 12,000 of the country’s richest people to fund coronavirus countermeasures. Under this scheme, people with declared assets worth more than 200 million pesos will pay a progressive rate of up to 3.5% on wealth in Argentina and up to 5.25% on wealth outside the country. The revenue ..
First Indirect Tax Reform occurred in India when the Modified Value Added Tax (MODVAT) was introduced for selected commodities in 1986 to replace the Central Excise Duty. It was gradually extended to all commodities through Central Value Added Tax (CENVAT). The states also followed the suit and enacted the VAT acts to replace the sales ..
Topics: Tax Reforms in India
Information Technology has made the life of tax payers easy as they don’t need physically go to banks to deposit bank challans and present the case and documents to assessing officers. To make further simple, the CBDT recently came up with a proposal paperless income tax assessment over emails. This would save the taxpayer to ..
Raja Chelliah played a major role in reforming Indian economic policies. He was the main architect of the tax reforms programme when the economic reforms were implemented in 1991. He is often referred to as “The Father of Tax Reforms”. After working as Chief of the Fiscal Analysis Division in the Fiscal Affairs Department of ..
Prior to the liberalization of Economy, India’s tax regime was marred with numerous problems. In terms of direct taxes, there was a high degree of progressiveness in 1960s and 1970s that led to adverse effect on tax collection efficiency. Further, there were large number of exemptions eroded the already narrow tax base in the country. ..