Financial Economics

The tax has become an integral part of the current situation. The main purpose of this study is to find out how the tax changes in history and the current tax system. There is a different tax for a different purpose and for a different reason but they all created to finance the government. They have started tax way back in 1799 where The Britishers collect the tax to fund the war against French and this laid the foundation of modern tax. In history, most of the tax was collected for funding wars but they have changed the definition of war for the upcoming years. Nowadays tax is been the main revenue for the government for financing its various activities. Tax changes over time.  As time changes the collection of tax also changed.  In India there is a different tax like Income tax, VAT, Excise duty etc. but all these taxes are replaced by GST. But what is tax how it starts and how many taxes are there in India till now? Be...

In an earlier blog we discuss the manufacturing sector, and how it's performing under GST now in this blog, we will talk about the Service sector. As we discuss earlier service sector is contributing almost 50% of GDP nowadays, and it's been the most successful sector after LPG and its been predicting that it will continue to rise shortly. Indirect taxes have always been contributing more than direct fees to Govt. revenue. Service solely added a significant contribution in charge also. Service sector not only dominate in GDP but also attracts foreign investment in the economy, Service sector also provided a significant amount of employment in the country. The GST council has decided in its 22nd meeting that presently, anyone making inter-state taxable supplies except inter-state job worker is compulsorily required to register irrespective of turnover. It has now been decided to exempt those service providers whose annual aggregate turnover is less than Rs. 20 Lakh ( Rs. 10...