DMPQ: Post 1991 reform era has seen a major changes in the tax system. Discuss the changes( economics)

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

 

 

KPSC Notes brings Prelims and Mains programs for KPSC Prelims and KPSC Mains Exam preparation. Various Programs initiated by KPSC Notes are as follows:- For any doubt, Just leave us a Chat or Fill us a querry––

Hope we have satisfied your need for KPSC Prelims and Mains Preparation

Kindly review us to serve even better


KPSC Mains Test Series 2020

20 Quality mock tests and GS Mains Notes

Mains Test Series and Notes

Mains Printed Notes (With COD)


KPSC Prelims Test Series 2020

24 Quality mock tests and GS Prelims Notes

Prelims Test Series and Notes

Prelims Printed Notes (With COD)

Subscribe to KPSC Notes

Never Miss any KPSC important update!

Join 1,971 other subscribers

error: Content is protected !!