The Significance of Goods and Service Tax in Indian Economy
Journal Title: International Journal of Research in Social Sciences - Year 2017, Vol 7, Issue 9
Abstract
Most developing countries continue to face severe issues in developing adequate and quick to respond tax system. While each of these paths to reform is necessary. In the end what 50 years of experience tells us is that improving the precision and understanding with which fiscal issues both within and outside government. Is the really essential ingredient to developing viable and sustainable tax system in developing countries like India. Indian taxation system in has undergone remarkable reform the last decade. The tax rate has been rationalized and tax laws have been simplified resulting in better compliance, ease of tax payment and better enforcement. The process of validation of tax administration is ongoing in India. Another key objective of tax reform measures has been to increase total tax to GDP ratio as a means of achieving fiscal consolidation and improving resource allocation. GDP, easier tax filing methodology and simpler tax structure – government of India is working to enhance the government’s revenue collection, at the same time ensuring that cumbersome taxes do not deter investors. This paper review the two principles ways in which developing countries like India may develop and progress their taxation system through the their economy.
Authors and Affiliations
Arjuna E And Dr. Manoj Dolli
Keywords
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