GST and Revenue Neutral Rate

Because GST removes the problem of tax on tax and cascading effect of various taxes; and because GST is a value added tax, it is expected that tax collection would fall when it comes into effect. This implies that government ..

Impact of Goods and Services Tax on Multiple Taxes

GST will come into effect by enactment of constitution 122nd amendment bill. This bill is the current and slightly modified version of Constitution 115th amendment bill, which was proposed by the UPA Government in 2011 but failed to get it ..

Financial Investment and Real Investment

The meaning of the term “investment” is different for economists than the rest of the world. When we ask our banker for investment, he / she would probably start taking about stocks, mutual funds, some deposit accounts or insurance products. ..

Goods and Services Tax

Goods and Services Tax is a comprehensive indirect tax which is to be levied on the manufacture, sale and consumption of goods and services in India. This is so far the biggest tax reform in the country. GST eliminates the ..

Indirect Tax Reforms in India

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). ..

Recent Direct 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 ..

Tax Information Network

On behalf of the Income Tax Department, the National Securities Depository Limited (NSDL) established Tax Information Network (TIN). This is a source of the countrywide tax related data.  The basic idea behind establishing TIN was to modernise collection, processing, monitoring ..

Vijay Kelkar Committee (2002) Recommendations on Direct Taxes

Impetus to direct tax reforms in India, came with the recommendations of the Task Force on Direct & Indirect Taxes under the chairmanship of Vijay Kelkar in 2002. The main recommendations of this task force related to the direct taxes ..