Economic Growth and Economic Development are central to developed as well as developing economies. Classical thinkers such as Adam Smith, Karl Marx examined the problem of economic development...
Economic inequality is a hindrance to the process of growth and development in India. Even though there is an economic growth in India, it is not able to...
There are three main sources of investments viz. Internal funding using accumulated profits of a firm; Borrowing either from banks or through the issue of financial assets such...
In 1980s, India saw a sharp deterioration of the fiscal situation, which ultimately culminated in the balance of payments crisis of 1991. Within a decade of economic liberalisation,...
The overarching framework for India’s fiscal policy is provided by the constitution. This framework is made of: Article 246, Article 248 (residuary power of taxation) and Seventh Schedule...
The word fiscal comes from a French word Fisc, which means treasure of Government. All the taxation and expenditure decisions of the government comprise the Fiscal Policy. Fiscal...
Currently, challenges to implementation of GST are as follows: Enactment of Constitution amendment bill needs consensus among ruling and opposition parties because ruling party is in minority in...
Till now, introduction of Value Added Tax (VAT) at the state level and CENVAT at central level are considered to be largest indirect tax reforms in the country...
Under GST, the definition of goods has been replaced with the “supply of goods”. Under the present indirect tax regime in India various central and state levies are...
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...
