The 1991 is a hallmark year as it launched Indian into a new era of economic freedom. It majorly changed our economy from controlled to a free economy. One of the ingredient was tax reforms. The major changes one can observed in the tax system are as follows:
- Widening of tax bases both by addition of tax payers and by addition of new taxes
- Reduction in custom and excise duties
- Lowering down of corporate taxes to give them vaccum to grow.
- Rationalisation of personal income tax rates and slabs
- Introduction of VAT in 2005. Thereby reduction of cascading effect of taxes.
- Simplification of filing of return. Eg. ITR SAHAJ for salary tax payers
- Introduction of GST
- Tax revenue as percentage of GDP has increased.
- Incorporation of IT infrastructure in Tax administration
- Major emphasis on TDS by Income tax department
Final Destination for Punjab PSC Notes and Tests, Exclusive coverage of PPSC Prelims and Mains Syllabus, Dedicated Staff and guidence for Punjab PSC PPSC Notes brings Prelims and Mains programs for PPSC Prelims and PPSC Mains Exam preparation. Various Programs initiated by PPSC Notes are as follows:-
- PPSC Mains Tests and Notes Program
- PPSC Prelims Exam 2024- Test Series and Notes Program
- PPSC Prelims and Mains Tests Series and Notes Program
- PPSC Detailed Complete Prelims Notes