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Tax System in India and its impact on Indian Economy and Indian Union Budget

. MUDASIR AHMAD GANAI and Dr. P. NALRAJ


Abstract

The present paper studies the overview of the Indian Tax System. Government imposes taxes for the use and services of the country. Taxes provide Revenue to the Government through Direct and Indirect Taxes. Direct tax is those Taxes that an entity remits to the Government directly, including income tax, property tax, etc. Indirect taxes are those that an entity remits through third parties such as Excise Duties, Value Added Tax, Goods and Services Tax, Custom Duties is an example of Indirect Tax imposed by Government of India. The main objective of the article to examined the importance of the Tax System for the Growth of Indian Economy and improves the Public Revenue in Indian Union Budget. The paper also studies the progress of the Indian Tax System will undergo many refinance because goods and services tax has replaced Indian Union Government Indirect Tax firstExcise Duties was replace into Value Added Tax, and VAT was replaced into Goods and Services Tax. In this paper, methodology is based on secondary sources of data from 2010-11 to 2019-20.

 

Keywords: Tax, Direct and Indirect Tax, Public Revenue, Tax Policy, Indian Union Budget.

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