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GST rollout to mark an unprecedented reforms measure in the modern global tax history

Goods and Services Tax - GST - Dated:- 26-2-2016 - Economic Survey 2015-16 proposes widening tax net from 5.5 percent of earning individuals to more than 20 percent, reasonable taxation of the better-off individuals with income from Real Estate and Agriculture, phasing out of the tax exemption Raj Higher Property Tax Rates to check speculation in real estate The Economic Survey terms the proposed Goods and Services Tax (GST) as a reforms measure perhaps unprecedented in the modern global tax his .....

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onwards, nearly 85 percent of the economy remains outside the tax net. Pointing out that just 5.5 percent of earning individuals are in the tax net, translating to a ratio of about 4 percent of tax payers to voters, the Survey says this ratio should be raised to a desirable estimate of about 23 percent. It says that tax paying and political participation are the two important accountability mechanisms wielded by citizens. This difference in taxpaying and voting results in contrasting phenomena .....

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