GS-3, Indian Economy

GST Council and Corporate Tax

The Goods & Services Tax (GST) Council held a meeting on 20th September 2019 to decide on tax moderation, keeping in mind the revenue position and the need to boost sagging economic growth. The GST Council had its 37th meeting in Goa in the backdrop of economic growth hitting a six-year low of 5% for the first quarter of the current fiscal (April -… Continue reading GST Council and Corporate Tax

GS-3, Indian Economy, Uncategorized

‘Mauritius Leaks’ and Need for Tax Reforms

Context In July 2019, the International Consortium of International Journalists published over 200,000 confidential documents from the offices of Conyers Dill & Pearman, a Bermuda-based law firm that allegedly aids large Western businesses to set up letterbox companies in Mauritius aimed at making tax-motivated investments in Africa and Asia. The leak has reignited the debate on multinational tax avoidance and how businesses use tax-friendly… Continue reading ‘Mauritius Leaks’ and Need for Tax Reforms

Editorials, GS-2, Uncategorized

Changes in the tax treaty with Mauritius

What is DTAA? Double Taxation Avoidance Agreement (DTAA) also referred as Tax Treaty is a bilateral economic agreement between two nations that aims to avoid or eliminate double taxation of the same income in two countries.   Importance of this It is not unusual for a business or individual who is resident in one country… Continue reading Changes in the tax treaty with Mauritius

Editorials, GS-3, Indian Economy, Uncategorized

A taxing agenda

Summary: India’s income tax department recently released time series data for the period 2000-01 to 2014-15. This was an attempt to enhance transparency and encourage analysis which could provide insights for policymakers. This is also being seen as an attempt by the government to sensitize many on the need for the affluent to contribute more… Continue reading A taxing agenda

GS-3, Indian Economy, Uncategorized

Two committees to ensure consistency in tax policies

The Union Government has constituted two new committees: Tax Policy Research Unit (TPRU) Tax Policy Council (TPC) Aim: To streamline the taxation policy and administration These committees have been constituted based on the recommendation of the Tax Administration Reform Commission (TARC) Tax Policy Research Unit The TPRU will be headed by Revenue Secretary It will carry… Continue reading Two committees to ensure consistency in tax policies

GS-3, Indian Economy, Uncategorized

Arvind Subramanian Panel on GST Tax Rates

The Chief Economic Advisor Arvind Subramanian led panel submitted its report on Possible Tax rates under Goods and Services Tax (GST) to Finance Minister Arun Jaitley Union government had set up the committee under chairmanship of CEA Dr. Subramanian in June 2015 to arrive at GST rates by factoring in the economic growth rate,  taxpayer… Continue reading Arvind Subramanian Panel on GST Tax Rates

Editorials, GS-3, Indian Economy, Uncategorized

Sort out the tax maze

Article Link Recent Panama leaks have exposed various loopholes in India’s tax regime. It is widely being assumed that tax havens are used only for illegal activities. However, tax havens are more likely to be used not just for illegal activity but even for legitimate businesses. People prefer tax haven for the sake of avoiding… Continue reading Sort out the tax maze

Editorials, GS-3, Indian Economy, Uncategorized

A Ringside View of the Proposed GST

Article Link If implemented, GST will be the single most important tax reform in the country since independence. However, it has been in the offing for a decade now and continues to figure as a top priority on the economic agenda of the government. What’s the issue now? Although the model GST has been the… Continue reading A Ringside View of the Proposed GST