TAX & COMMITTEE

Chronological Order of Tax

1.Land Revenue Tax-1773

2.Income Tax-1860 act 1961

3.Motor vehicle Tax-1914

4.Entertainment Tax-1922 (wB)

5.Sales Tax-1956

6.Gift Tax act,started and replead-1958

7.Corporation Tax-1961

8.MANVAT-1977(LK JHA COM.)

9.MODVAT-1986

10.Service Tax-1994

11.CENVAT-2000-2001

12.VAT -2003 SVAT(Gujrat) with two other states that's why related sales ,motor and sugarcane but new VAT act and startEd 2005 and it also effectI've in all states from 2014

13.FBT -2005  

14.Tribunal Tax-2005

15.GST -2017

NOTE:- 1956:Wealth,Expenditure & Capital Gain Tax

COMMITTEE:-

Abid Hussain Committee: On Small Scale Industries

Athreya Committee: Restructuring Of IDBI

Bhoothlingam committee:

simplification&Rationalisation of Direct

Basel Committee: Banking Supervision

Chokshi committee:Consolidate four taxes 1.income 2.wealth 3.Gift

4.surcharge tax

Chelliah committee:Indian fiscal policy

C B Bhave Committee : Company

Chakravarty Committee : Working Of The Monetary System And Suggest Measure For Improving The Effectiveness Fo Monetary Policy In Promoting Economic Development

Deepak Parikh Committee : To Revive Unit Trust If India

G V Ramakrishna Committee : On Disinvestment

Goiporia Committee : Improvement In The Customer Service At Primary (Urban) Cooperative Banks

Irani Committee : Company Law Reforms

KN Raj committee:Tax on Agriculture wealth and income

Kelkar Committee : Tax Structure Reforms

Khan Working Group :Development Finance Institutions

Khusro Committee : Agricultural Credit System

LK Jha committee:Indirect Tax (MANVAT)

Marathe Committee: Recommendation For Urban Co-operative Banks

Mckinsey Report: Merger Of 7 Associate Banks With SBI

Narismhan Committee: Banking Reforms

Parekh Committee : Infrastructure Financing

Percy Mistry Committee: Making Mumbai An International Financial Center

Prasad Panel : International Trade And Services

R V Gupta Committee : Small Savings

Raja Chelliah Committee: Tax Reforms

Rekhi Committee : Indirect Taxes

RV Gupta Committee : Agricultural Credit

S P Talwar Committee: Restructuring Of Weak Public Sector Bank

S Tendulkar Committee: Redefining Poverty Line And Its Calculation Formula

Shah Committee : Reforms Relating To Non Banking Financial Companies (NFBC)

SN Verma Committee (1999) : Restructuring The Commercial Banks

Tandon Committee : System Of WORKING CAPITAL Financing By Banks

Tarapore Committee: Report On Capital Account Convertibility

Udesh Kohli Committee: Analyze Fund Requirement In Power Sector

UK Sharma Committee : NABARD’s Role In RRB

Vaghul Committee : Money Market In India

Vasudev Committee: NBFC( Non Banking Finance Corp) Sector Reforms

Vijay KelKar committee:simplification&Rationalisation of Direct &Indirect taxes

Y B Reddy Committee :2001 : Review Of Income Tax Rebates

Tax Reform Journey bw LK JHA TO ARUN JAITALY (1970-2017)

Justice KN Wanchoo and LK Jha were considered as the architects of the tax reforms. They were appointed in 1970s, but their suggestions are considered only after decades. The first step to GST can be traced back to the mid-1970s with the appointment of the indirect taxation enquiry committee headed by LK Jha. Wanchoo looked into direct taxes.

In 1976, Jha suggested VAT in the form of MAN VAT (VAT at the Manufacturing level).

Following Jha’s recommendations a dare move was made by VP Singh when he introduced MODVAT (Modified Value Added Taxation) in 1986, when he was Finance Minister. MODVAT was a predecessor of the present day VAT and it was the almost the same MANVAT suggested by LK Jha, Later Yashwant Sinha introduced a full -fledged VAT for UED(union exise duty) in the name CENVAT in 1999. In 2006, most of the states have adopted VAT structure for their sales tax.finally in 2017 GST was announced.