Fiscal Prospects and Reforms in India: = Perspectives et réformes budgétaires en Inde
Substantial fiscal consolidation was achieved under the aegis of the 2003 Fiscal Responsibility and Budget Management Act. While deficits widened anew in 2008 and 2009, against the backdrop of the global financial and economic crisis, efforts to reduce them have resumed since. To ensure continued pr...
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| Main Author: | |
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| Other Authors: | , |
| Format: | Electronic eBook |
| Language: | English |
| Published: |
Paris
OECD Publishing
2011
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| Series: | OECD Economics Department Working Papers
no.911 |
| Subjects: | |
| Online Access: | DE-862 DE-863 |
| Summary: | Substantial fiscal consolidation was achieved under the aegis of the 2003 Fiscal Responsibility and Budget Management Act. While deficits widened anew in 2008 and 2009, against the backdrop of the global financial and economic crisis, efforts to reduce them have resumed since. To ensure continued progress, as well as stronger government finances in the longer term, the medium-term fiscal framework needs to be improved, notably by embedding the annual budget in a detailed three-year rolling programme. Expenditure needs to be controlled better, in particular as regards subsidies, which the central government has indeed been trying to rein in, though with difficulty in the face of rising world oil prices. Expenditure also needs to become more effective, in particular in the areas of health care, education and social assistance. On the revenue side, tax reforms have been tabled, both for direct taxes and for the complex and inefficient system of indirect taxes. Corporate income tax rates are being cut, though the headline rate remains high. Lower taxation for large special economic zones deserves to be maintained for some time. For the personal income tax, which only a fairly small proportion of the population pays, thresholds are set to be raised considerably. A goods and services tax is to be introduced, which should help reduce the segmentation of the national market for goods and services. Customs duties have been reduced on average but remain high for some categories of imports, implying scope for further reduction over time.This Working Paper relates to the 2011 OECD Economic Survey of India (www.oecd.org/eco/surveys/india) |
| Physical Description: | 1 Online-Ressource (33 Seiten) 21 x 29.7cm. |
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| 520 | |a Substantial fiscal consolidation was achieved under the aegis of the 2003 Fiscal Responsibility and Budget Management Act. While deficits widened anew in 2008 and 2009, against the backdrop of the global financial and economic crisis, efforts to reduce them have resumed since. To ensure continued progress, as well as stronger government finances in the longer term, the medium-term fiscal framework needs to be improved, notably by embedding the annual budget in a detailed three-year rolling programme. Expenditure needs to be controlled better, in particular as regards subsidies, which the central government has indeed been trying to rein in, though with difficulty in the face of rising world oil prices. Expenditure also needs to become more effective, in particular in the areas of health care, education and social assistance. On the revenue side, tax reforms have been tabled, both for direct taxes and for the complex and inefficient system of indirect taxes. Corporate income tax rates are being cut, though the headline rate remains high. Lower taxation for large special economic zones deserves to be maintained for some time. For the personal income tax, which only a fairly small proportion of the population pays, thresholds are set to be raised considerably. A goods and services tax is to be introduced, which should help reduce the segmentation of the national market for goods and services. Customs duties have been reduced on average but remain high for some categories of imports, implying scope for further reduction over time.This Working Paper relates to the 2011 OECD Economic Survey of India (www.oecd.org/eco/surveys/india) | ||
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| spelling | Herd, Richard VerfasserIn aut Fiscal Prospects and Reforms in India = Perspectives et réformes budgétaires en Inde Richard, Herd, Sam, Hill and Vincent, Koen Perspectives et réformes budgétaires en Inde Paris OECD Publishing 2011 1 Online-Ressource (33 Seiten) 21 x 29.7cm. Text txt rdacontent Computermedien c rdamedia Online-Ressource cr rdacarrier OECD Economics Department Working Papers no.911 Substantial fiscal consolidation was achieved under the aegis of the 2003 Fiscal Responsibility and Budget Management Act. While deficits widened anew in 2008 and 2009, against the backdrop of the global financial and economic crisis, efforts to reduce them have resumed since. To ensure continued progress, as well as stronger government finances in the longer term, the medium-term fiscal framework needs to be improved, notably by embedding the annual budget in a detailed three-year rolling programme. Expenditure needs to be controlled better, in particular as regards subsidies, which the central government has indeed been trying to rein in, though with difficulty in the face of rising world oil prices. Expenditure also needs to become more effective, in particular in the areas of health care, education and social assistance. On the revenue side, tax reforms have been tabled, both for direct taxes and for the complex and inefficient system of indirect taxes. Corporate income tax rates are being cut, though the headline rate remains high. Lower taxation for large special economic zones deserves to be maintained for some time. For the personal income tax, which only a fairly small proportion of the population pays, thresholds are set to be raised considerably. A goods and services tax is to be introduced, which should help reduce the segmentation of the national market for goods and services. Customs duties have been reduced on average but remain high for some categories of imports, implying scope for further reduction over time.This Working Paper relates to the 2011 OECD Economic Survey of India (www.oecd.org/eco/surveys/india) Taxation Economics India Hill, Sam MitwirkendeR ctb Koen, Vincent MitwirkendeR ctb |
| spellingShingle | Herd, Richard Fiscal Prospects and Reforms in India = Perspectives et réformes budgétaires en Inde Taxation Economics India |
| title | Fiscal Prospects and Reforms in India = Perspectives et réformes budgétaires en Inde |
| title_alt | Perspectives et réformes budgétaires en Inde |
| title_auth | Fiscal Prospects and Reforms in India = Perspectives et réformes budgétaires en Inde |
| title_exact_search | Fiscal Prospects and Reforms in India = Perspectives et réformes budgétaires en Inde |
| title_full | Fiscal Prospects and Reforms in India = Perspectives et réformes budgétaires en Inde Richard, Herd, Sam, Hill and Vincent, Koen |
| title_fullStr | Fiscal Prospects and Reforms in India = Perspectives et réformes budgétaires en Inde Richard, Herd, Sam, Hill and Vincent, Koen |
| title_full_unstemmed | Fiscal Prospects and Reforms in India = Perspectives et réformes budgétaires en Inde Richard, Herd, Sam, Hill and Vincent, Koen |
| title_short | Fiscal Prospects and Reforms in India |
| title_sort | fiscal prospects and reforms in india perspectives et reformes budgetaires en inde |
| title_sub | = Perspectives et réformes budgétaires en Inde |
| topic | Taxation Economics India |
| topic_facet | Taxation Economics India |
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