Tax System in India: Evolution and Present Structure

M.M. Sury

ISBN 10: 8177084100 / ISBN 13: 9788177084108

Published by New Century Publications, 2015

About this Item

Contents: 1. Pre-independence tax system. 2. Post-independence tax policy. 3. Combined (centre and states) tax revenue. 4. Structure of Central taxes. 5. Structure of state taxes. 6. Federal aspects of Indian taxation. 7. International aspects of Indian taxation. 7. Time series tax statistics of India: 1950-51 to 2013-14/2015-16. Index. Taxes are as old as civilizations. Taxes are imposed so that a government may perform its traditional functions (defence, and maintenance of law and order), undertake welfare and developmental activities, and make provision for public goods to satisfy collective needs of the people. It has also to pay for its own administration. It needs financial resources for these purposes and taxation is one method of transferring money from private to public hands. Taxation is necessary because what the government gives it must first take away. The Indian tax system has undergone major structural changes since Independence in 1947. It has become comprehensive and complicated over the years. It has successfully mobilised resources to finance developmental, welfare and administrative activities of public authorities. Besides being the main source of revenue, both for the Central and State Governments, it is an effective instrument to realise various socio-economic objectives of national policies. However, the tax system has been relying heavily on indirect taxes and suffering extensively from fiscal malady called tax evasion. Restructuring of the tax system has constituted a major component of fiscal reforms initiated since 1991. The main focus of the tax reforms has been on simplification and rationalisation of both direct and indirect taxes with the objective of augmenting revenues and removing anomalies in the tax structure. Tax reforms in recent years have brought the tax system much closer to international tax practices. The post-1991 period has witnessed a sharp decline in the rates of income tax, excise duty and customs tariff. The theory that high rates of duty lead to higher revenue collection has been discarded in favour of lower rates with fewer exemptions and concessions. The strategy in respect of direct taxation is to minimise distortions in tax structure by expanding the tax base, moderating tax rates, improving efficiency of tax administration and increasing the deterrence level. The strategy in respect of indirect taxes is to move towards a fully integrated national level goods and services tax (GST). This book provides an exhaustive and analytical account of tax structure developments in India since Independence in 1947 with focus on post-1991 reforms. It places current developments in the field of taxation in perspective. Containing 25 chapters (divided into 7 theme parts), it explains and examines almost every aspect of the Indian tax system. Besides, it provides detailed time-series tax statistics of India for the period 1950-51 to 2013-14/2015-16. The overall approach to the subject is descriptive, and at places analytical. The book is designed to interest a cross-section of readers, viz. teachers and students of economics, commerce, law, public administration, business management, chartered accountancy and company secretaryship. It will also serve the needs of legislators, business executives, entrepreneurs and investors, and others interested in tax structure developments in India. (jacket). Seller Inventory # 115767

Bibliographic Details

Title: Tax System in India: Evolution and Present ...

Publisher: New Century Publications

Publication Date: 2015

Binding: Hardcover

Condition: New

Dust Jacket Condition: New

Edition: 1st Edition

About this title

Synopsis:

The Indian tax system has undergone major structural changes since independence in 1947. Besides being the main source of revenue, both for the central and state governments, it is an effective instrument to realize various socio-economic objectives of national policies. However, the tax system has been relying heavily on indirect taxes and suffering extensively from tax evasion. Restructuring of the tax system has constituted a major component of fiscal reforms initiated since 1991. The main focus of the tax reforms has been on the simplification and rationalization of both direct and indirect taxes with the objective of augmenting revenues and removing anomalies in the tax structure. Tax reforms in recent years have brought the tax system much closer to international tax practices. This book provides an exhaustive and analytical account of tax structure developments in India since its independence, with a focus on post-1991 reforms, placing the current developments in perspective. [Subject: India Studies, Economics, Taxation]