Journal Press India^®

            In its continuous endeavour to promote an interesting blend of themes related to taxation, laws and public finance, this issue of VISION: Journal of Indian Taxation, bring together interesting papers dealing with diverse areas such as fiscal deficit, GST compensation, international double taxation relief, inheritance tax and input tax credit.
          Ever since the introduction of the biggest indirect tax reform in India, i.e. GST, it has attracted the attention of various academicians and practitioners and examining various aspects of GST has become a contemporary area of interest. The paper by Dr. Pramod Kumar Pandey examines the interrelationship between Central and States taxes in India before and after the implementation of GST using a Johansen Cointegration approach. The results indicate that after the implementation of GST, the scattered Central and States taxes have been converted into one unified whole and an efficient taxing system has emerged which is curbing evasion practices not only in indirect taxes but also in direct taxes domain. Another paper on GST is by Mr. Chandra Kant Parmar and Dr. Partha Pratim Ghosh, who predict compensation under GST and its impact on revenue growth in the post-compensation period, for the case of West Bengal. The results show an increasing trend of compensation for the state which indicates revenue shock once the compensation period shall be over. Mr. Abhisek Singhvi and Mr. Prabhakar Narwane, in their paper, discuss input tax credit under GST and its impact on real estate prices. The paper deals with the issue of credit of input tax which the supplier under the post-notification phase is not allowed to claim and explains how it could backfire and thereby affect the end recipients again.
            The paper by Mr. Suraj Badaik and Prof. Prasant Kumar Panda, empirically verifies the impact of fiscal deficit on macroeconomic variables like GDP growth, inflation and private capital formation. Employing VECM and VAR model, it is observed that there is long-run equilibrium relationship between fiscal deficit, inflation and growth of GDP. 
            In view of the importance of providing double taxation relief to taxpayers engaged in international business, the paper by Dr. Rabinarayan Samantara attempts to describe the historical perspective with regard to the development of Model Conventions that could be used by two different countries as the basis for formulating and entering into double taxation avoidance agreements (DTAAs). The paper also specifically discusses the Indian law on double taxation relief.
              The paper by Mr. Lavanay Gupta takes up the issue of revitalization of inheritance tax in India. The paper compares India without estate tax with the countries who have successfully implemented the estate tax and concludes with a proposal to implement the estate tax in India once again.
            This issue has two papers which are ‘perspectives’ on different aspects of taxation. The first one is by Mr. Vijay Shekhar Jha and Mr. Kushagra Aman, who analyse the practice of income tax authorities and customs authorities to hand over seized materials to one another. The second one by Mr. Vatsal Gosalia, discusses Doctrine of Mutuality under the GST regime.
              We hope the insightful perspectives on various aspects of taxation would make this issue a useful reading. We thank our readers for their continues patronage and constructive feedback.

Dr. M. M. Sury
Dr. Prasant Kumar Panda
          Editors