Introduction Taxation is one of the most important instruments of governance. It not only finances developmental and welfare expenditure but also reflects the economic philosophy of the State. In India, taxation is broadly divided into direct taxes and indirect taxes. While indirect taxes have undergone major reforms with the introduction of the Goods and Services…
Introduction Taxation is one of the most important pillars of any nation’s economy, as it provides the government with the financial resources necessary to run the administration, build infrastructure, provide public services, and maintain law and order. Broadly, taxes in India are categorized into Direct Taxes and Indirect Taxes. Indirect taxes have undergone a significant…
Introduction Taxation is the backbone of any government’s revenue system. In India, taxes are the primary source of funding for development projects, welfare schemes, administration, and defense. The Indian tax system has evolved significantly since independence, moving from a complex web of colonial-era levies to a more structured and technology-driven framework today. Broadly, taxes in…
Introduction Economics is not only about markets and private enterprises; it is equally about the role of the government in mobilizing resources, spending them effectively, and influencing the economic structure of a nation. This role of the government is understood through Public Finance. Within public finance, two core concepts stand out—Public Revenue and Tax Revenue….
Introduction The Union Budget 2024–25 is a critical document that outlines the government’s fiscal policies and strategies for the upcoming financial year. The budget serves as a key instrument for managing the Indian economy and directly impacts inflation, economic growth, and social welfare. The fiscal policy measures announced in the budget aim to address challenges…
Introduction The Goods and Services Tax (GST) is one of the most significant tax reforms in India’s history, implemented on July 1, 2017. It replaced a complex system of multiple indirect taxes imposed by both the central and state governments, aiming to create a unified taxation structure. By eliminating tax cascading, simplifying compliance, and broadening…