PERSPECTIVES ON TAX DESIGN AND TAX REFORM

AUTHOR – VISHNUPRIYA NARAHARISETTI, STUDENT AT SYMBIOSIS LAW SCHOOL, NOIDA, SYMBIOSIS INTERNATIONAL (DEEMED UNIVERSITY), PUNE

BEST CITATION – VISHNUPRIYA NARAHARISETTI, PERSPECTIVES ON TAX DESIGN AND TAX REFORM, ILE WEEKLY REVIEW (ILE WR), 1 (9) OF 2023, PG. 1-3, APIS – 3920 – 0037 | ISBN – 978-81-964391-3-2.

Abstract

Tax design is a complex and ongoing process aimed at balancing the need for revenue to fund public goods and services while minimizing the economic burden on taxpayers. It involves considering the potential impact of taxes on the economy, such as their effect on economic growth, investment, and job creation. In India, tax design has been a critical aspect of public finance and economic policy since its independence in 1947, with the most recent reform being the introduction of the Goods and Services Tax (GST) in 2017. This paper examines the tax design and structure of India, focusing on the various reforms that the country has undergone. Specifically, it critically analyses the impact of these reforms, particularly the introduction of GST, on the Indian economy. The findings highlight the positive effects of these reforms, such as improving the ease of doing business and increasing tax revenue. However, the paper emphasizes the need for ongoing efforts to ensure transparency, fairness, and equity in the tax system for all taxpayers. Through this analysis, the paper provides insights into the role of tax design and reforms in driving economic development in India.

Keywords – GST, VAT, GDP Ratio, tax Evasion, tax reforms.