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Tax Reforms, Fiscal Illusion and Moral Hazard: Some Econometric Evidence from Indian Economy 税制改革、财政错觉与道德风险:来自印度经济的计量经济学证据
VISION : Journal of Indian Taxation Pub Date : 2018-12-25 DOI: 10.17492/VISION.V5I2.14516
N. Sinha
{"title":"Tax Reforms, Fiscal Illusion and Moral Hazard: Some Econometric Evidence from Indian Economy","authors":"N. Sinha","doi":"10.17492/VISION.V5I2.14516","DOIUrl":"https://doi.org/10.17492/VISION.V5I2.14516","url":null,"abstract":"Theory of Fiscal illusion as a theory of government expenditure was first conceived by an Italian economist Puviani suggesting that the benefits from tax revenue through government expenditure are not fully understood by the taxpayers if the government revenues are unobserved. This is due to information asymmetry. Since some or all taxpayers benefit from government expenditures from these unobserved or hidden revenues the public's demand for government expenditures increases, thus providing politicians incentive to expand the size of government. Fiscal Illusion is invoked as an explanation of the flypaper effect when a higher level of government provides a grant to a lower level of government because the local taxpayers are under the mistaken perception that the grant is to local government and not, in fact, to them. One of the sources of fiscal illusion is the complexity of the tax system. According to the fiscal illusion hypothesis, governments spending can be influenced by the size of the public sector and complexity in the tax system. An attempt is made in the present study to examine the fiscal illusion and explore its relationship with the fiscal dimension including revenue receipts and spending of the government. Considering the Indian federal system, the paper examines revenue diversification that has occurred during 1970 and 2016, and it estimates a model that examines the degree of moral hazard which arises mainly due to fiscal illusion within the framework of the principal agent.","PeriodicalId":249264,"journal":{"name":"VISION : Journal of Indian Taxation","volume":"40 1","pages":"0"},"PeriodicalIF":0.0,"publicationDate":"2018-12-25","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"125667266","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":0,"RegionCategory":"","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":"","EPubDate":null,"PubModel":null,"JCR":null,"JCRName":null,"Score":null,"Total":0}
引用次数: 0
Fiscal Management in India: A Study of the Impact of FRBM Act 印度财政管理:FRBM法案的影响研究
VISION : Journal of Indian Taxation Pub Date : 2018-12-25 DOI: 10.17492/VISION.V5I2.14388
Ankita Singh, Akanksha Singh Fouzdar
{"title":"Fiscal Management in India: A Study of the Impact of FRBM Act","authors":"Ankita Singh, Akanksha Singh Fouzdar","doi":"10.17492/VISION.V5I2.14388","DOIUrl":"https://doi.org/10.17492/VISION.V5I2.14388","url":null,"abstract":"Fiscal deficit, the gap between government's aggregate receipts and aggregate consumption, gives the flag to the union about the aggregate acquiring necessary from all sources. Since these deficits had to be met by borrowings, the internal debt of the government accumulated rapidly from 35 percent of GDP at the end of 1980-81 to 53 percent of GDP at the end of 1990-91. Fiscal profligacy seen to have caused balance of payments crisis in 1991 and a reduction in the fiscal deficit was therefore an urgent priority at the start of the reforms. This paper aims at describing intricacies of fiscal deficit and to assess the impact of FRBMA on fiscal deficit in India from 1991-92 to 2016-17 by statistical techniques. The study observes a significant impact of FRBMA on fiscal deficit discipline in India and offers some valuable suggestions for effective fiscal governance and achieving targets pre-set in FRBMA.","PeriodicalId":249264,"journal":{"name":"VISION : Journal of Indian Taxation","volume":"19 1","pages":"0"},"PeriodicalIF":0.0,"publicationDate":"2018-12-25","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"133493382","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":0,"RegionCategory":"","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":"","EPubDate":null,"PubModel":null,"JCR":null,"JCRName":null,"Score":null,"Total":0}
引用次数: 1
Anti-Dumping Duties and Trade Remedial Measures: The Case of Dumping of Chinese Goods in India 反倾销税与贸易补救措施:以中国商品在印度的倾销为例
VISION : Journal of Indian Taxation Pub Date : 2018-12-25 DOI: 10.17492/VISION.V5I2.14519
Rahul Bhasin
{"title":"Anti-Dumping Duties and Trade Remedial Measures: The Case of Dumping of Chinese Goods in India","authors":"Rahul Bhasin","doi":"10.17492/VISION.V5I2.14519","DOIUrl":"https://doi.org/10.17492/VISION.V5I2.14519","url":null,"abstract":"While China is an important trading partner for India, the increasing imports from China have taken its toll on our manufacturing sector. Many of these imports amount to dumping with goods being sold in the foreign market at a price below the domestic selling price. The deluge of Chinese imports in the Indian market is wiping out many domestic industries and is a cause for serious concern. The quality of these products is often questionable and there is an urgent need to educate and encourage people about the importance of quality products and promote buying of Indian goods. To deal with the detrimental effects of dumping in the Indian market, the government of India has employed measures such as anti-dumping duties and anti-subsidy duties. These measures are not meant to ensure general economic protection to domestic industry per se but are imposed only to ensure a level playing field for the domestic industry to mitigate the injury caused to them due to unfair practices of dumping or subsidization.","PeriodicalId":249264,"journal":{"name":"VISION : Journal of Indian Taxation","volume":"197 1","pages":"0"},"PeriodicalIF":0.0,"publicationDate":"2018-12-25","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"122545479","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":0,"RegionCategory":"","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":"","EPubDate":null,"PubModel":null,"JCR":null,"JCRName":null,"Score":null,"Total":0}
引用次数: 0
Customs Duties: Revenue Significance and Legislative Framework 关税:税收意义与立法框架
VISION : Journal of Indian Taxation Pub Date : 2018-12-25 DOI: 10.17492/vision.v5i2.14518
M. Sury
{"title":"Customs Duties: Revenue Significance and Legislative Framework","authors":"M. Sury","doi":"10.17492/vision.v5i2.14518","DOIUrl":"https://doi.org/10.17492/vision.v5i2.14518","url":null,"abstract":"Customs duties constitute a significant source of revenue for the Central government although its importance has declined over a period of time due to the liberalisation of the economy and the policy of progressively reducing import duties. This paper analyses the trends in import duties since Independence and examines the revenue significance of customs duties among indirect taxes. The paper also discusses the legislative framework with regard to customs duties to understand the various categories of customs duties that are in force in India.","PeriodicalId":249264,"journal":{"name":"VISION : Journal of Indian Taxation","volume":"99 1","pages":"0"},"PeriodicalIF":0.0,"publicationDate":"2018-12-25","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"122103300","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":0,"RegionCategory":"","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":"","EPubDate":null,"PubModel":null,"JCR":null,"JCRName":null,"Score":null,"Total":0}
引用次数: 0
Intra Group Services: Need for a Uniform Transfer Pricing Regime 集团内部服务:需要统一的转让定价制度
VISION : Journal of Indian Taxation Pub Date : 2018-12-25 DOI: 10.17492/VISION.V5I2.14517
L. Radhakrishnan
{"title":"Intra Group Services: Need for a Uniform Transfer Pricing Regime","authors":"L. Radhakrishnan","doi":"10.17492/VISION.V5I2.14517","DOIUrl":"https://doi.org/10.17492/VISION.V5I2.14517","url":null,"abstract":"Intragroup services form one of the trickiest areas in transfer pricing regulation owing to the internal and routine nature of these activities. Instances of false invoicing and tax evasion are rampant as national tax authorities scramble to detect malpractices. Apart from the transfer pricing challenges inherent in intragroup services, external problems arise in the form of inconsistencies in domestic taxation regimes. The lack of adequate coordination among national tax regulators further aggravates the problem. This research paper seeks to delve into this issue and stress the compelling need for a uniform global approach. The introduction is followed by a brief analysis of the existing legal framework under the Organization for Economic Cooperation and Development (OECD). The subsequent section will discuss major Indian case laws to understand the judicial approach towards transfer pricing adjustments made to intragroup service transactions. The conclusion will highlight the shortcomings and inconsistencies in the existing regulatory framework and emphasize the need for a uniform transnational approach.","PeriodicalId":249264,"journal":{"name":"VISION : Journal of Indian Taxation","volume":"120 1","pages":"0"},"PeriodicalIF":0.0,"publicationDate":"2018-12-25","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"124117360","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":0,"RegionCategory":"","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":"","EPubDate":null,"PubModel":null,"JCR":null,"JCRName":null,"Score":null,"Total":0}
引用次数: 0
A Critical Appraisal of Goods and Services Tax in India 对印度商品服务税的批判性评价
VISION : Journal of Indian Taxation Pub Date : 2018-12-25 DOI: 10.17492/VISION.V5I2.14390
Rabinarayan Samantara
{"title":"A Critical Appraisal of Goods and Services Tax in India","authors":"Rabinarayan Samantara","doi":"10.17492/VISION.V5I2.14390","DOIUrl":"https://doi.org/10.17492/VISION.V5I2.14390","url":null,"abstract":"The present paper attempts to make a critical appraisal of Goods and Services Tax (GST), implemented in India from 1st July, 2017. In addition to explaining the structure of GST in India as well as the tax rates under it, the present paper attempts to analyse the impact of GST on certain major industries or sectors within the Indian economy. Although GST has certain obvious advantages including exemptions and low compliance burden for small businesses, lower tax rates for mass consumption goods, increase in tax base and tax collections, etc., it is noteworthy, however, that GST has certain limitations as well. In spite of this, it must be accepted that GST has helped in ensuring a common Indian market through the elimination of multiplicity of taxes as well as ‘ tax on tax ‘. It is expected to accelerate economic growth, help generate more of employment opportunities, and lead to increased tax base as well as increased revenue generation","PeriodicalId":249264,"journal":{"name":"VISION : Journal of Indian Taxation","volume":"49 1","pages":"0"},"PeriodicalIF":0.0,"publicationDate":"2018-12-25","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"127854291","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":0,"RegionCategory":"","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":"","EPubDate":null,"PubModel":null,"JCR":null,"JCRName":null,"Score":null,"Total":0}
引用次数: 0
State-Local Financial Relations in India 印度国家与地方的财政关系
VISION : Journal of Indian Taxation Pub Date : 2018-09-10 DOI: 10.17492/VISION.V5I1.13275
K. B. Murthy
{"title":"State-Local Financial Relations in India","authors":"K. B. Murthy","doi":"10.17492/VISION.V5I1.13275","DOIUrl":"https://doi.org/10.17492/VISION.V5I1.13275","url":null,"abstract":"In a federal economy like India, it is important to understand the fiscal relations between different layers of government to bring out their implications for revenue generation, revenue sharing and taxation. This paper describes the functional responsibilities and sources of revenue of local bodies, explains the present constitutional arrangements relating to State-Local fiscal relations in India, and examines the role of various statutory bodies in this regard. It also discusses the recommendations of the various Finance Commissions which have successively emphasised the need to adequately empower Local bodies to enable them to provide basic services at the grass root level. The institution of State Finance Commission also needs to be strengthened so that it plays an effective role in the system of fiscal transfers to the third tier of government.","PeriodicalId":249264,"journal":{"name":"VISION : Journal of Indian Taxation","volume":"7 1","pages":"0"},"PeriodicalIF":0.0,"publicationDate":"2018-09-10","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"130677725","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":0,"RegionCategory":"","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":"","EPubDate":null,"PubModel":null,"JCR":null,"JCRName":null,"Score":null,"Total":0}
引用次数: 0
Government Size and Economic Growth in Botswana: An Application of Nonlinear Armey Curve Analysis 博茨瓦纳政府规模与经济增长:非线性军队曲线分析的应用
VISION : Journal of Indian Taxation Pub Date : 2018-09-10 DOI: 10.17492/vision.v5i1.13274
Kefilwe A. Kalayakgosi
{"title":"Government Size and Economic Growth in Botswana: An Application of Nonlinear Armey Curve Analysis","authors":"Kefilwe A. Kalayakgosi","doi":"10.17492/vision.v5i1.13274","DOIUrl":"https://doi.org/10.17492/vision.v5i1.13274","url":null,"abstract":"This study has investigated the impact of government size on economic growth in Botswana using annual time series data for the period 1973 to 2012. The study adopted a framework analysis based on a quadratic function/second degree polynomial regression employed by Herath (2012). Ordinary Least Squares (OLS) method was used for the regression analysis. The results obtained are not consistent with the empirical and theoretical views as small government size has a negative impact on economic growth while a large government size has a positive impact on economic growth. The results obtained in the study were opposite to the views of most of the studies conducted. Nominal Total government expenditure is used as a measure of government size and growth of nominal GDP is used to measure economic growth. The study also employed other control variables which affect growth like government revenue as a percentage of GDP, Gross capital formation (GCF) as a percentage of GDP as proxy for investment rate and growth of paid employees as a proxy for labor force growth. The results showed that government revenue and GCF had a negative impact on economic growth but GCF was insignificant. Growth of paid employees on the other hand had a positive impact on economic growth. The study aimed at investigating the existence of the Armey curve in a developing country like Botswana. Due to government size having a negative impact on economic growth and government size squared having a positive impact on economic growth the conclusion is that the Armey curve does not exist in Botswana.","PeriodicalId":249264,"journal":{"name":"VISION : Journal of Indian Taxation","volume":"6 1","pages":"0"},"PeriodicalIF":0.0,"publicationDate":"2018-09-10","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"126519301","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":0,"RegionCategory":"","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":"","EPubDate":null,"PubModel":null,"JCR":null,"JCRName":null,"Score":null,"Total":0}
引用次数: 1
Related Party Transactions in India: Are They Influenced by New Regulatory Framework? 印度的关联方交易:是否受到新监管框架的影响?
VISION : Journal of Indian Taxation Pub Date : 2018-09-03 DOI: 10.17492/VISION.V5I1.13238
S. Dhar, R. K. Kovid
{"title":"Related Party Transactions in India: Are They Influenced by New Regulatory Framework?","authors":"S. Dhar, R. K. Kovid","doi":"10.17492/VISION.V5I1.13238","DOIUrl":"https://doi.org/10.17492/VISION.V5I1.13238","url":null,"abstract":"The unabating scandals and financial irregularities across the world seem to underline the related party transactions (RPTs) as one of the means corporates attempt to ‘manage’ earnings and divert resources as well. Misuse of RPTs raise questions on the corporate governance mechanisms within the company and the regulatory framework at large. Using the data from secondary sources, this paper attempts to critically analyze as how values and numbers of RPTs have changed over a period from 2010 through 2017 in view of provisions of the new Companies Act 2013 for related party transactions. As per new regime, all RPTs need to be pre-approved by audit committee as well as board of directors, responsible for any non-compliance and non-disclosure of necessary information in the financial statements. The analysis of data of 30 NIFTY companies about the values and number of RPTs, revenue and PBT indicates overall dip in CAGR when compared four years’ data pre- and post-2013 Act. However, application of paired t-test indicates statistically significant change in values, number of RPTs, post the Companies Act 2013. The results support the positive implications of new Act for RPTs in India.","PeriodicalId":249264,"journal":{"name":"VISION : Journal of Indian Taxation","volume":"9 1","pages":"0"},"PeriodicalIF":0.0,"publicationDate":"2018-09-03","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"116995152","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":0,"RegionCategory":"","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":"","EPubDate":null,"PubModel":null,"JCR":null,"JCRName":null,"Score":null,"Total":0}
引用次数: 0
Strengthening Financial and Taxation Regulatory Framework in India: A Review of Recent Legislations 加强印度财政和税收监管框架:对近期立法的回顾
VISION : Journal of Indian Taxation Pub Date : 2018-09-03 DOI: 10.17492/vision.v5i1.13237
Sandeep Jain
{"title":"Strengthening Financial and Taxation Regulatory Framework in India: A Review of Recent Legislations","authors":"Sandeep Jain","doi":"10.17492/vision.v5i1.13237","DOIUrl":"https://doi.org/10.17492/vision.v5i1.13237","url":null,"abstract":"A number of legislations and institutional measures have been implemented in recent times by the government of India to ensure an efficient financial and taxation system. These measures focus on developing an unambiguous legal framework and transparent supervisory procedures. This paper reviews some of the recent legislations in this regard which are aimed at brining our financial and taxation system in alignment with the changing environment. Some of the legislations reviewed include Prevention of Money Laundering Act, 2002; Credit Information Companies (Regulation) Act, 2005; Government Securities Act, 2006; Payment and Settlement Systems Act, 2007; Black Money (Undisclosed Foreign Income and Assets) and Imposition of Tax Act, 2015 and Financial Sector Legislative Reforms Commission (FSLRC), 2013. An overall assessment of these reforms shows that a number of effective legislations are being put in place for an efficient and transparent financial and taxation system and India remains committed to adoption of international standards and best practices wherever necessary.","PeriodicalId":249264,"journal":{"name":"VISION : Journal of Indian Taxation","volume":"40 1","pages":"0"},"PeriodicalIF":0.0,"publicationDate":"2018-09-03","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"122022619","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":0,"RegionCategory":"","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":"","EPubDate":null,"PubModel":null,"JCR":null,"JCRName":null,"Score":null,"Total":0}
引用次数: 0
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