The 1991 is a hallmark year as it launched Indian into a new era of economic freedom. It majorly changed our economy from controlled to a free economy. One of the ingredient was tax reforms. The major changes one can observed in the tax system are as follows:
- Widening of tax bases both by addition of tax payers and by addition of new taxes
- Reduction in custom and excise duties
- Lowering down of corporate taxes to give them vaccum to grow.
- Rationalisation of personal income tax rates and slabs
- Introduction of VAT in 2005. Thereby reduction of cascading effect of taxes.
- Simplification of filing of return. Eg. ITR SAHAJ for salary tax payers
- Introduction of GST
- Tax revenue as percentage of GDP has increased.
- Incorporation of IT infrastructure in Tax administration
- Major emphasis on TDS by Income tax department
CGPCS Notes brings Prelims and Mains programs for CGPCS Prelims and CGPCS Mains Exam preparation. Various Programs initiated by CGPCS Notes are as follows:-