Discuss fiscal policy reforms under New Economic Policy 1991.
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Reduction in rates of taxes in India have been quite high (97.7% in 1973-74), but upon recommendation of TRC, the income tax slabs were reduced. The peak rate of customs duties has been reduced to 15% in budget 2006-07.
Rationalisation of Tax Systems: Excise duties were rationalised by introducing CENVAT. VAT was introduced at state level for achieving a non-cascading, self enforcing, and harmonised commodity taxation The Fiscal Responsibility and Budget Management Act (FRBMA), 2003 has been implemented and it emphasises on
Rationalisation of Tax Systems: Excise duties were rationalised by introducing CENVAT. VAT was introduced at state level for achieving a non-cascading, self enforcing, and harmonised commodity taxation The Fiscal Responsibility and Budget Management Act (FRBMA), 2003 has been implemented and it emphasises on
- Revenue led fiscal consolidation.
- Better expenditure outcomes.
- Rationalisation of tax regime.
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