Author: Dr. Bhavesh C. Bhuptani
DOI Link: https://doi.org/10.70798/Bijmrd/04050012
Abstract: A country’s tax system is the backbone of its economy. In ancient times, the Indian economy was based on agriculture. In the Middle Ages, the focus of world business shifted from agriculture to industry, and the source of revenue for business and government was mainly derived from the production and consumption of goods. The British rulers seeded the modern taxation system in India and, as mentioned here, it was based on consumption and production. As people’s needs changed, the production of goods had to change; thus, frequent changes in production and consumption led to changes in the taxation system to generate more revenue.
In this paper, a discussion is made that is based on an empirical study and on certain available statistics of tax collections. Some inferences are drawn, and suggestions are also provided for smooth compliance with taxation in India.
Keywords: GST, ITC, Direct Tax, Indirect Tax.
Page No: 83-88