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Maity, Bipasha
- The Framework and Process of Indian Union Budget with Reference to 2015-2016
Abstract Views :206 |
PDF Views:83
Authors
Affiliations
1 Thiagarajar School of Management, Pambansamy Nagar, Madurai-625 005, IN
1 Thiagarajar School of Management, Pambansamy Nagar, Madurai-625 005, IN
Source
TSM Business Review, Vol 3, No 1 (2015), Pagination: 88-104Abstract
The budget documents are fascinating. When we dissect them, we understand the purpose of the government, its policies, priorities, allocation of resources and funds among different regions, sectors and industries. These are expected to bring conclusive change and progress in the growth of the economy and its people. The budget process was first introduced on 7th April, 1860, two years after the transfer of Indian administration from East-India Company to British Crown. The first Finance Member, who presented the Budget, was Mr. James Wilson. After independence, India's first Finance Minister Shri R. K. Shanmukham Chetty, presented the first Budget on 26th November, 1947. Since then, this has evolved over the past six decades to reflect the firmness of our democratic processes in framing our economy. It has come to light as a crucial tool for public finance management. In this paper, we have tried to explain the layout and activities connected with the preparation of the Annual Budget with a brief note on latest union budget of 2015-2016.Keywords
Union Budget, The Planning Commission, Budget Process, Budget 2015-2016.- Indian Economy: A Snapshot
Abstract Views :220 |
PDF Views:72
Authors
Affiliations
1 Thiagarajar School of Management, Madurai-625 005, IN
2 Thiagarajar School of Management, Madurai- 625 005, IN
1 Thiagarajar School of Management, Madurai-625 005, IN
2 Thiagarajar School of Management, Madurai- 625 005, IN
Source
TSM Business Review, Vol 2, No 1 (2014), Pagination: 100-109Abstract
This report is an evaluation of India's macroeconomic management since 2010. It proceeds to examine the supply side of the economy followed by demand side contribution to GDP and thereafter examines various indicators that impact on the economic growth. India's growth is expected to recover from 4.4 per cent in 2013 to 5.2 percent in third and fourth quarter of 2014 and 4.9 percent for the whole year. This rate of domestic growth has to be supported by stronger global growth impulses, better export competitiveness and implementation of stalled investment projects. The effect of key macro factors on economy and policy dilemma shall be highlighted in this paper.Keywords
Indian Economy, GDP, Inflation, CAD, Rupee Depreciation.- Goods and Services Tax (GST):A Paradigm Shift in Indian Tax System
Abstract Views :233 |
PDF Views:90
Authors
Affiliations
1 Thiagarajar School of Management, Pamban Swamy Nagar, Thirupparankundram, Madurai – 625005, IN
2 Thiagarajar School of Management, Pamban Swamy Nagar, Thirupparankundram, Madurai–625005, IN
1 Thiagarajar School of Management, Pamban Swamy Nagar, Thirupparankundram, Madurai – 625005, IN
2 Thiagarajar School of Management, Pamban Swamy Nagar, Thirupparankundram, Madurai–625005, IN
Source
TSM Business Review, Vol 4, No 2 (2016), Pagination: 67-72Abstract
The political and economic case for GST is straight and simple: Income is taxed irrespective of source and use and therefore, consumption should also be taxed on the same principle. India has witnessed many reforms in indirect taxes over the past two decades with the replacement of state sales taxes by Value Added Tax (VAT) in 2005. Prior to VAT implementation, the tax structure was complicated due to the "cascading effect of taxes" whereby an item is taxed more than once from the production to the final retail sales stage. VAT was introduced to avoid this irrational tax system and taxes are paid on the "value added portion" by each producer and the hurdles of the cascading effect are done away with. Due to shortcomings in VAT, government realized the real need for harmonization of Goods and Services Tax (GST). This paper attempts to provide descriptive analysis of GST with reference to India.Keywords
GST, Goods and Services Tax, Indirect Tax in India, Direct and Indirect Taxes.References
- http://www.answers.com/Q/When_did_VAT_start_in_UK
- http://www.gstindiaexpert.com/Home/AboutGST/GST-and-its-Benefits
- http://www.ncaer.org/news_details.php?nID=171
- https://iasaspirant.wordpress.com/2010/03/04/13th-finance-commission
- https://www.scribd.com/document/325930414/Comparativeratioanalysis.
- “Referencer on Goods and Service tax”, ICSI report, September 2015.