MANAGEMENT

Detailed explanation-1: -Tax reform is the process of changing the way taxes are collected or managed by the government and is usually undertaken to improve tax administration or to provide economic or social benefits.

Detailed explanation-2: -Tax reforms means changing the way taxes are managed or collected. Tax reforms involve making the system more accountable, and simplifying the system. You can read about the Tax Administration Reform Commission – TARC.

Detailed explanation-3: -India formed the Tax Reforms Committee in 1991 to lay out a roadmap for the reform of direct and indirect taxes as a part of the structural reform process. This was done to introduce the best approach of broadening the base, lowering marginal tax rates, reducing rate differentiation, simplifying the tax structure, etc.

Detailed explanation-4: -Direct Tax Code is a major reform in the tax system where the government aims at simplifying the tax laws and regulations into a single legislation. This article will give details about this major economic reform.

Detailed explanation-5: -Tax reforms can be highly complex. When tax rates are cut for corporations, it will help them to invest more in the economy thereby boosting the economy of the nation. Tax cuts can also reduce Government earnings, thereby impacting the expenditure of Government on social welfare schemes, infrastructure etc.