TAX REFORMS IN INDIA

A BRIEF LOOK INTO THE TAXATION SYSTEM

AND MAJOR REFORMS IN IT

BY

TRADIONS: YOUR PRIVATE ANALYST

care@tradions.com

*This is a sample report and does not contain the whole information
Overview
Taxation is comprised of two tax that you pay. Direct Tax and Indirect Tax. Direct Tax is which
you pay directly to the government or concerned authorities, for example: Income Tax. Indirect
Tax is a tax you pay for a service or a good and that money goes indirectly to the government or
the concerned authorities, for example: GST, etc. Over the years, the Central and State
Governments have brought out many reforms to improve automation, ease of doing business,
simplicity and to encourage more people in paying their taxes. This report talks about those
reforms which have taken place since 1990’s and compare India’s current situation in the
Taxation system.

Taxation System before 1990’s

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Opening of Economy in 1991 and further reforms ahead:

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Raj Chelliah Committee:
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Vijay Kelkar Committee:
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Some Major Tax Reforms:
 Direct Tax

 Tax Information Network

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 Online Tax Accounting System
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 Sevottam: Efficient grievance redressal
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 Faster Refunds
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 Change in slab rates for income tax for Individual, Company,
Firm/LLP, Foreign entity from 1991 to 2020.
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 Indirect Tax

 Custom Duties
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 Introduction of VAT
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 Introduction of Service Tax
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 Introduction of GST
- Overview
- Registration
- Rates
- Network
Current Taxation System (2020)
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Excerpts from Union Budget 2020
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Recommendations/Changes needed in the current Taxation System
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*This is a sample report.

‘-’ Represents information to be added.

Tradions: Your Private Analyst

care@tradions.com