UNDERSTANDING THE TRAJECTORY OF TAX REFORM IN INDIA: IMPLICATIONS AND CHALLENGES
DOI:
https://doi.org/10.29121/shodhkosh.v5.i5.2024.3760Keywords:
Tax Reform, Indian Economy, Economics, Income Tax, Finance, Fiscal Crisis, Tax Reform CommitteeAbstract [English]
Over the past two decades, there have been significant changes in the tax systems of countries with various economic structures and levels of development. The reasons behind these reforms have varied across countries, and the focus of the reforms has shifted over time, reflecting the prevailing development strategies and ideologies. In many developing nations, the primary catalyst for tax reforms has been the urgent need to boost revenue to address looming fiscal crises. As the saying goes, "fiscal crisis has been proven to be the mother of tax reform." However, these reforms are often reactive and designed to address short-term revenue needs, rather than being part of a comprehensive, long-term strategy to improve the overall effectiveness of the tax system.
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