Timeline of Taxation in India

1922: The Income Tax Department was established in the year 1922. The Income Tax Act, 1922 gave a particular classification to different income tax authorities. 1924: The Central Board of Revenue Act established the Board as a legislative body with ..

Indirect Taxes in India

Indirect taxes include service tax, sales tax, custom, excise duties, VAT, MODVAT, CENVAT, proposed Goods & Services Act etc. Initially the indirect tax regime was too complicated and there was an ubiquitous problem of tax on tax. Post liberalization, there ..

Appropriation Act and Finance Act

An Appropriation Act in India is an act of Parliament which allows the withdrawal of funds from Consolidated Fund of India or Consolidated Funds of States (in case of state budgets). Similarly, the Finance Act of Central Government gives effect ..

Taxation Powers of Union and States in India

Indian constitution has divided the taxing powers as well as the spending powers (and responsibilities) between the Union and the state governments. The subjects on which Union or State or both can levy taxes are defined in the 7th schedule ..

Goods & Services Tax (GST) and its role in Economic Growth

Goods and Services Tax which might  come in effect from April 2016, is a Value Added Tax will replace all indirect taxes levied on goods and services in India by both Central and State governments. It will help government tackle ..

Things to know about Sin Tax

Sin Tax refers to a tax levied on all products and consumer goods known as vices or unhealthy for social growth and consumption of which may cause negative externalities. Sin Tax is thus a subtle way to discourage people from participating in ..