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The History of Taxation
THE TAX SYSTEM IN ANCIENT INDIA
Many nations today struggle to HAVE a balance between Economic and social objectives like population, environmental, poverty issues and industriel growth. Kautilya’s ARTHSASHSTRA provides a VISIONARY OPTION TO focus on equitable taxation system, for instance, can guide progressive tax plans that raise money and REDUCES inequality. Furthermore,his emphasis on public services like healthcare and education is also a A current government initiatives to manage social safety nets in the same way of health and education and taking more initiativs in the form industrilisation with a motive of employment as well as revenue growth.
Kautilya advocated for taxes on various aspects of the economy, including trade, professions, and consumption. This approach resembles modern efforts to diversify revenue streams and reduce dependence on specific sectors
References
Muralidharan, M. P. (2020, January 17). Relevance of Arthashastra in the 21st Century. Indian Defence Review. Retrieved February 13, 2024, from https://www.indiandefencereview.com/spotlights/relevance-of-arthashastra-in-the-21stcentury/ Singha, S. (2018, March 5). Kautilya’s ‘Arthashastra’ and Modern Economics by Sourabh
Now in modern India ,the INCOMETAX system was introduced for the first time in 1860,by Sir James Wilson in order to meet the EXPENDITURES sustained by the Government on account of the Military expences, administrative expences,and many others.Thereafter ,several amendments were made in it from time to time..The visionary Economist well known as Raja chelliah who left an incredible mark on the country’s economic policies recognised as the first person as the FATHER of tax in India
AND FINALY The Income Tax Act 1961 WAS INTRODUCED ON 1 April 1962 . It applies to the whole of India.and latterThe National Website of the Incometax Department such as (www.incometax.gov.in was came into existence .
and thereafter ongoing Sales tax system was transformed into new FORM OF GST ACT FROM 1ST JULY 2017
The government OF SHRI ATAL BIHARI VAJPEYEE WELL KNOWN AS the Father of GST introduced GST in THE country AND WHICH CAME into EFFECT FROM 1ST JULY 2017 .Whereas the first state who introduced GST is STATE OF ASAM/ THE system OF various tax lavey was covered in one system of GST IN INDIA
And now it come about rate of tax applicable in gst is 5%,12%,18% and 28% while in incometax
There are two regimes wherin calculation of income tax is with deduction and without dedctions