The Resource Fiscal Prospects and Reforms in India, Richard Herd, Sam Hill and Vincent Koen, (electronic resource)

Fiscal Prospects and Reforms in India, Richard Herd, Sam Hill and Vincent Koen, (electronic resource)

Label
Fiscal Prospects and Reforms in India
Title
Fiscal Prospects and Reforms in India
Statement of responsibility
Richard Herd, Sam Hill and Vincent Koen
Creator
Contributor
Subject
Language
eng
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)
Member of
Cataloging source
FR-PaOEC
http://library.link/vocab/creatorName
Herd, Richard
Government publication
international or intergovernmental publication
Index
no index present
Literary form
non fiction
Nature of contents
dictionaries
http://library.link/vocab/relatedWorkOrContributorName
  • Hill, Sam
  • Koen, Vincent
Series statement
OECD Economics Department Working Papers,
Series volume
no.911
http://library.link/vocab/subjectName
  • Economics
  • Taxation
  • India
Label
Fiscal Prospects and Reforms in India, Richard Herd, Sam Hill and Vincent Koen, (electronic resource)
Instantiates
Publication
Antecedent source
not applicable
Carrier category
online resource
Carrier category code
  • cr
Carrier MARC source
rdacarrier
Content category
text
Content type code
  • txt
Content type MARC source
rdacontent
Control code
778836791
Dimensions
21 x 30 cm
Extent
1 online resource 34 pages
File format
one file format
Form of item
online
Media category
computer
Media MARC source
rdamedia
Media type code
  • c
Other control number
10.1787/5kg0szw747tf-en
Specific material designation
remote
System control number
(OCoLC)778836791
Label
Fiscal Prospects and Reforms in India, Richard Herd, Sam Hill and Vincent Koen, (electronic resource)
Publication
Antecedent source
not applicable
Carrier category
online resource
Carrier category code
  • cr
Carrier MARC source
rdacarrier
Content category
text
Content type code
  • txt
Content type MARC source
rdacontent
Control code
778836791
Dimensions
21 x 30 cm
Extent
1 online resource 34 pages
File format
one file format
Form of item
online
Media category
computer
Media MARC source
rdamedia
Media type code
  • c
Other control number
10.1787/5kg0szw747tf-en
Specific material designation
remote
System control number
(OCoLC)778836791

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