GST Reforms in India: Challenges of Rationalising
Journal Title: IOSR journal of Business and Management - Year 2018, Vol 20, Issue 11
Abstract
Direct and Indirect taxes are the main sources for any government to manage its revenues and expenditure. In an economy which is transparent and citizen friendly tax reforms and its rationalization will be much easier compared a coercive government. In case of India, where the tax evasion is still high, government will have to find the resources to match its expenditure through levying taxes in a way that does not hurt its citizens. Rather than increasing the tax rates in the given context the governments will prefer to opt for consolidation of the taxes levied in different ways. Increasing the tax base and bringing more business under taxation thus prompts the governments to look for efficient alternatives of tax regimes. GST is right move in this direction – this move not only has avoided an increase in tax rates, but has initiated a comprehensive tax reform coupled with rationalization of subsidies and government expenditure to curb fiscal deficit. This paper is an attempt to understand this process of rationalization of taxation made by the fiscal authority to change the pre-existing ad-hoc pattern of taxation into one which is based on a set of published rules after simultaneous research and practical observation. The aim and purpose of rationalization of tax system is to bring about efficiency, coordination and control of the tax collecting procedure. This paper is a review of the same and runs to around 8 pages with nearly a 2000 word descriptive content.
Authors and Affiliations
Srihari Vadavi, Dharwad .
Keywords
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- EP ID EP413124
- DOI 10.9790/487X-2011010104.
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