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

Hardcover | September 11, 2014

byMahesh C. Purohit, Vishnu Kanta Purohit

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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 thatwere 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. Itanalyses 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) andGoods 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 internationalmarket.

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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 thatwere initiated in the nineties, the growth in r...

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.
Format:HardcoverDimensions:412 pagesPublished:September 11, 2014Publisher:Oxford University PressLanguage:English

The following ISBNs are associated with this title:

ISBN - 10:019809227X

ISBN - 13:9780198092278

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Table of Contents

PrefaceList of TablesList of FiguresList of AnnexuresList of Abbreviations1. Introduction2. Fiscal Significance of Taxes3. Taxes on International Trade4. Union Taxes on Income and Property5. Central Domestic Trade Taxes6. State Taxes on Income and Property7. States' Domestic Trade Taxes8. Local Taxes9. Need for Further ReformsReferencesIndexAbout the Authors