Chelliah Committee Recommendations on Indian Fiscal Policy! The committee, set up in August , submitted its Interim Report in February , and final. Tax Reforms Chelliah Committee Report — I Guiding Principles of Tax Reform he guiding principles underlying the tax reforms proposed by the Committee. Raja Jesudoss Chelliah (12 December – 7 April ) was an economist and founding He served as chairman of Tax Reforms Committee of Union Government between and and as chairman of the Tax Reforms and.
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The Committee recommended the lowering of the corporate tax for all domestic companies from Ramanathan Raja Ramanna C.
The Tax base should be enlarged by including services within the tax net. The exemption limit may be raised to Rs.
Ranga Ravi Narayana Reddy Y. Same is true about fiscal deficit that declined to 3. The present tax system is complicated and difficult to interpret, leading to many disputes and court cases. Initial exemption limit for the levy of income tax has been raised from Rs. This gain needs to be consolidated further.
Steps Taken by the Central Government for Implementation.
The assessing officers should be made accountable for their actions so as to remove harassment caused to the assesses. Reduction in the Rates of Personal Taxations. As far as trends in direct tax collections are concerned, greater compliance is observed. Padma Vibhushan award recipients. The law and procedure relating to valuation should be simplified and specific duties should be replaced by ad valorem duties in respect of most goods.
Chokshi Committee Gift Tax Continuation. Corporation profit tax including taxation of foreign entities, the issue relating to business taxation, interest tax, agricultural income taxation, gift tax and tax on charitable organizations. A High rate of chelliag, 40 or 50 per cent could be levied on non- essential commodities or commodities injurious to health. However, maximum care has been taken to ensure the reliability of the information gathered through Secondary data.
Raja Chelliah – Wikipedia
They suggested for increasing the tax collections to meet the growing demands of government expenditure by reducing concession and exemptions, tapping the rural rich, need of rationalization disclosure scheme with stiff penalties. Reduction in duty rates, Improvement of Tax Collection Procedure, Increasing the Elasticity of commitgee tax revenues, Identifying new areas of taxation to increase Productivity.
The multiplicity of rates of excise duty should be reduced to two or three chellah at 10, 15 or committew per cent.
The constructed regression model is a time series model in which time period is independent variable and Tax to GDP ratio is dependent variable. It is suggested that government should not tinkering with the tax rates and slabs every year because it will influence the tax cheelliah and Tax — GDP ratio.
His father Chelliah Nadar was his greatest inspiration. It helps in securing social justice, reducing inequalities in committee and wealth, mobilizing savings and discouraging undesirable investment. The transition from a public sector based, heavy industry dominated, import International Journal of Research in Social Sciences http: The personal income tax system has been restructured by lowering rates, introducing few slabs, providing a higher exemption limit and by reducing saving-linked tax exemption.
Shantaram Shivkumar Sharma Umayalpuram K. The system of taxation of firms has been rationalised by eliminating the distinction between registered and unregistered firms and a flat rate of tax of 35 percent has been prescribed on all partnerships. The motivation for these reforms has varied from one country to another and the thrust of reforms has differed from time to time depending on the development strategy and philosophy of the times.
Raja Chelliah Tax Reforms Committee
The Committee recommended the continuance of the levy of gift tax, since it discourages transfer of assets for reducing the total tax liability of a family. The committee made several important recommendation covering both direct and indirect taxes including tax administration.
Skip to main content. The maximum marginal tax for personal income has fallen to 30 p.