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Introduction to Tax Reforms
- Tax 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, broadening the tax base, and improving compliance.
- Reforms have been undertaken since the 1991 economic liberalization era.
Key Reforms in Direct Taxes
- Implementation of the Income Tax Act, 1961, as the foundational legislation for direct taxes.
- Introductio
Introduction to GST
- Goods 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 others.
- GST is governed by the GST Council, which includes representatives from the Central and State governments.
Features of GST
- It is a destination-based tax levied at the point of consumption.
- Divided into three categories: CGST (Ce
Introduction to Taxation
- Taxation 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 taxes based on their nature and method of collection.
- Taxation policies are framed by the Central and State Governments.
Direct Taxes
- Direct taxes are levied directly on the income or wealth of individuals or organizations.
- Examples inc