Vivek's Commentary

“Only two things are certain in this life – death and taxes.” – American author Mark Twain I have written this article before 20-30 days. But for some reason I couldn’t post this. So what is GST? I think you must hear something about GST. So I am not going to repeat everything. I am explaining some issues. Implementation is not my concern as it is routine now but there are some INBUILT problems. Before that I would like to discussion some historical aspects of TAX REFORM in INDIA. You might know that India is quasi federal state. So there is a division of tax powers between central and state governments. State taxes are – Agricultural personal income, sales taxes, excise on alcoholic beverages, state transport taxes, some property taxes, electricity taxes etc. Centre taxes are – Non-agricultural personal income and wealth taxes, corporate profit taxes, customs and excise duties (now manufacturers’ VAT) of manufactured products. Some tax reforms are – 1)   ...

Everywhere, everyone is debating and explaining his/her opinion on Maharashtra farm loan waiver. I am just trying to explain it with some data and evidence. Before discussing the FUTURE OF MAHARASHTRA ECONOMY, I would like to explain an importance of credit in agriculture sector. Attempts to strengthen Indian agriculture must address not only farm production (farmers) but also processing, marketing, trade, and distribution. We must link farmers to markets. In this endeavor, marketing and rural credit systems are extremely important. (Acharya, S. S. (2006). Agricultural marketing and rural credit for strengthening Indian agriculture.). The agriculture sector of Pakistan still suffers from low productivity, expensive financial support to the farmers, inefficient market structure and improper research. Thus to develop farming sector and to increase the farming efficiency it was recommended to enhance the accessibility of small and marginal farmer to formal agricultural credit. Lo...