This issue of VISION: Journal of Indian Taxation presents an interesting blend of topics related to taxation and government budgeting. The papers in this issue deal with diverse areas such as public expenditure, outstanding public debt, GST and crowdfunding. The issue also has two commentaries on budgetary cycle in India and fiscal federalism.
The paper by Dr. K. Murugan discusses the growth and trend of public expenditure in Southern states of India and also identifies the the determinants of the growth of public expenditure from 1990-91 to 2013-2014. In another paper on ‘Growth and structure of outstanding public debt in Himachal Pradesh’ by Mr. Rakesh Kumar Pushp, it is revealed that outstanding public debt as percentage to GSDP, which is one of the important indicators of the study, is quite poorly placed in Himachal Pradesh as compared to the national level. However, it was also found out that the state has achieved its targets regarding this ratio as recommended by 13th Finance Commission.
This issue has two papers on GST which has been one of the most significant reforms in the indirect tax system of India. The paper by Mr. Sandeep Jain focuses on the impact of GST on industry with special reference to the real estate sector. For the industry, this implies a shift from a complex system of multiple tax rates and collection procedures to a new system that is technology-based, transparent and free from distortions. With various concessions announced by the GST Council from time to time for the real estate sector, the sector is bound to get a boost. At the same time, the author suggests that the government will also ensure proper monitoring of the real estate sector which is one of the most unregulated sectors in India. Another paper on GST is by Mr. M. Dhinesh and Ms. S. S. Rajashri which is a comparative study on GST with regard to India and Singapore. The paper analyses the legal framework on GST in India as well as Singapore along with various legal issues regarding GST. One of the papers in this issue is on crowdfunding which has emerged as a new financial phenomenon that solicits contributions from online communities and social networks for a cause and concern. This paper by Mr. P. Siva Reddy, Mr. K. Ravikiran and Mr. B. Kalyan Kumar explores the ways in which our evolving and reconfigured conceptions and experiences of crowds, clouds, and community are challenging the communication discipline. The authors also offer suggestions for the Nex-Gen entrepreneurs.
There are two commentaries in this issue: one on ‘phases of budgetary cycle in India’ by Dr. M. M. Sury and the other on ‘nature and features of India’s fiscal federalism’ by Dr. Anuraag Mittal. The first one outlines the phases of budgetary cycle in India focusing largely on preparation of the budget, legalisation of the budget, execution of the budget and auditing of accounts. The second commentary discusses the three-tier federal structure of India and also explains the rationale behind the Centrally biased Constitution, which was envisaged by the founding forefathers as a means to reduce economic disparities and protect India’s unity, integrity and sovereignty.
We hope the readers find this issue of VISION an interesting and insightful reading and look forward to receiving their feedback on the same.
Dr. M. M. Sury
Dr. Prasant Kumar Panda