TAX & COMMITTEE

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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.

Comments

  1. Legal & Compliance ServicesJanuary 19, 2025 at 9:58 PM

    The revival of NBFCs marks a significant shift in the financial sector, reflecting their resilience and adaptability. As key drivers of economic growth, their recovery is crucial for extending credit access to underserved segments. Government reforms and digital transformation have played pivotal roles in strengthening the sector. However, ensuring robust risk management and regulatory compliance remains critical to sustain this momentum. It's encouraging to see NBFCs reestablish themselves as indispensable contributors to financial inclusion and economic development.

    ReplyDelete

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