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Handbook of Tax System in India

Handbook of Tax System in India An Analysis of Tax Policy and Governance

Author: Mahesh C. Purohit; Vishnu Kanta Purohit
Publisher: Oxford University Press
ISBN: 9780198092278
Published In: September 2014
Format: Hardback , 412 pages
Jurisdiction: India ? Disclaimer:
Countri(es) stated herein are used as reference only

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Description
Contents
Author

Details

The book provides an overview of the developments in the Indian tax system during post-reform period
It analyses the forthcoming, Direct Tax code and the Goods and Services Tax
It provides estimates of tax revenue's growth rate and buoyancy and tax effort.

The existing tax system in India yields a low tax-GDP ratio as a major proportion of the population is dependent on agriculture which is practically untaxed. Similarly the service sector, which has the largest contribution in GDP, is also not fully taxed. Due to the structural reforms that were initiated in the nineties, the growth in revenue from indirect taxes has come down while the revenue from direct taxes has showed an accelerated growth. This study on the tax system in India evaluates the existing taxes that are being levied by both the Centre and the State Governments. It analyses tax structure in terms of rates, base, slabs, and exemptions, and its administration and operations to provide estimates of revenue's growth rate and buoyancy and tax effort.

The authors not only provide detailed data on the existing structure and administration but also discuss the second generation reforms to address the issues that have emerged since the earlier reforms in 1991. More particularly they discuss the significant and important Direct Tax Code (DTC) and Goods and Services Tax (GST) that the Indian government is likely to introduce soon. They stress that these tax reforms will help India make further progress towards an open economy as well as ensure that Indian traders and manufacturers become more competitive and efficient in the international market.

Readership: Primary: Libraries of the university departments, institutions, and research centres working on Indian economy and public finance. Secondary: Postgraduate economics students, chartered accountants, and financial analysts working on tax-related issues.

Preface
List of Tables
List of Figures
List of Boxes
List of Annexures
List of Abbreviations
1. Introduction
2. Fiscal Significance of Taxes
3. Taxes on International Trade
4. Union Taxes on Income and Property
5. Central Domestic Trade Taxes
6. State Taxes on Income and Property
7. States' Domestic Trade Taxes
8. Local Taxes
9. Need for Further Reforms
References
Index
About the Authors

Mahesh C Purohit is Director and President at Foundation for Public Economics and Policy Research, New Delhi. Vishnu Kanta Purohit is Associate Professor at Indraprastha College for Women, University of Delhi.