Tax reforms in IndiaIntroduction to Tax ReformsTax reforms in India aim to create a more efficient, transparent, and equitable tax system.The focus has been on simplifying the direct and indirect tax structure,…
GST: Features, benefits, and challengesIntroduction to GSTGoods and Services Tax (GST) is a comprehensive indirect tax implemented in India from July 1, 2017.It replaced multiple indirect taxes like VAT, Service Tax, Excise Duty, and…
Types of taxes: Direct and indirectIntroduction to TaxationTaxation is a primary source of revenue for the government, used to fund public services and development projects.In India, taxes are categorized into direct and indirect…
FRBM Act: Objectives and challengesIntroductionThe FRBM Act was enacted in 2003 to ensure fiscal discipline and long-term financial stability in India.It aims to reduce the fiscal deficit, control public debt, and promote transparency…
Types of deficits: Fiscal, revenue, primaryIntroductionA deficit occurs when a government's expenditure exceeds its revenue.There are three key types of deficits in public finance: Fiscal Deficit, Revenue Deficit, and Primary Deficit.Deficits…
Structure: Revenue and capital budgetsIntroductionThe Government Budget is a statement of estimated receipts and expenditures of the government over a financial year.It is divided into two main components: the Revenue Budget and the…