Panoramic View of Indian Taxation System
Keywords:
Tax Environment, Goods and Services Tax (GST), Bankruptcy Regulation, Double Tax Avoidance TreatiesAbstract
In India, taxation system is managed by the authorities at the union, state, and district levels. In the last two years, many important changes have been introduced in the administration of its tax rules. This primarily includes bankruptcy regulation, shutting down shell companies, amending double tax avoidance treaties, real estate regulation, clarifying place of doing business rules and enforcing the general anti-avoidance rule (GAAR). India has also adopted the Base Erosion and Profit Shifting (BEPS) measures foreshadowed by the Organization for Economic Co-operation and Development (OECD). India also initiated indirect tax reform in 2017, besides strengthening the tax monitoring system. The launch of the Goods and Services Tax (GST) in July2017, replaces multiple indirect taxes. Also, the Doing Business Report for 2018, published in October 2017 by the World Bank, ranked India at 119 out of 190 for the metric of paying taxes; the previous year India ranked 172 – showing some amount of improvement in India’s commercial taxation system.
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