Tax Reforms in India
TAX REFORMS IN INDIA * About :-
Tax reform is the process of changing the way taxes are collected or managed by the government. Tax reformers have different goals. Some seek to reduce the level of taxation of all people by the government. Some seek to make the tax system more progressive or less progressive. Others seek to simplify the tax system and make the system more understandable, or more accountable . Numerous organizations have been set up to reform tax systems worldwide, often with the intent to reform income taxes or value added taxes into something considered more economically liberal. Others propose tax systems that attempt to deal with externalities. Georgism claims that various forms of land tax can both deal with externalities and improve productivity.
* Taxation in India:- India has a three-tier tax structure, wherein the constitution empowers the union government to levy income tax, tax on capital transactions (wealth tax, inheritance tax), sales tax, service tax , customs and excise duties and the state governments to levy sales tax on intrastate sale of goods, tax on entertainment and professions, excise duties on manufacture of alcohol, stamp duties on transfer of property and collect land revenue (levy on land owned). The local governments are empowered by the state government to levy property tax and charge users for public utilities like water supply, sewage etc. More than half of the revenues of the union and state governments come from taxes, of which 3/4th come from direct taxes. More than a quarter of the union government's tax revenues Is shared with the state governments.
The tax reforms initiated in 1991, have sought to rationalise the tax structure and increase compliance by taking
Tax reform is the process of changing the way taxes are collected or managed by the government. Tax reformers have different goals. Some seek to reduce the level of taxation of all people by the government. Some seek to make the tax system more progressive or less progressive. Others seek to simplify the tax system and make the system more understandable, or more accountable . Numerous organizations have been set up to reform tax systems worldwide, often with the intent to reform income taxes or value added taxes into something considered more economically liberal. Others propose tax systems that attempt to deal with externalities. Georgism claims that various forms of land tax can both deal with externalities and improve productivity.
* Taxation in India:- India has a three-tier tax structure, wherein the constitution empowers the union government to levy income tax, tax on capital transactions (wealth tax, inheritance tax), sales tax, service tax , customs and excise duties and the state governments to levy sales tax on intrastate sale of goods, tax on entertainment and professions, excise duties on manufacture of alcohol, stamp duties on transfer of property and collect land revenue (levy on land owned). The local governments are empowered by the state government to levy property tax and charge users for public utilities like water supply, sewage etc. More than half of the revenues of the union and state governments come from taxes, of which 3/4th come from direct taxes. More than a quarter of the union government's tax revenues Is shared with the state governments.
The tax reforms initiated in 1991, have sought to rationalise the tax structure and increase compliance by taking