Journal Press India^®

Taxation plays a central role in shaping the economic and social framework of a nation. Beyond revenue generation, an effective tax system supports public welfare, infrastructure development, economic stability, and inclusive growth. In a rapidly changing global and digital economy, taxation policies must continuously evolve to address emerging financial models, cross-border transactions, technological disruptions, and issues of equity and compliance.

At the same time, meaningful research and informed dialogue in the field of taxation have become increasingly important for strengthening governance and public trust. Academic inquiry, policy discussions, and interdisciplinary perspectives contribute significantly to the development of transparent, efficient, and balanced tax systems. Constructive engagement among researchers, policymakers, industry stakeholders, and institutions can help build frameworks that are both economically sound and socially responsive. Continuing with our legacy in publishing papers which significantly promotes research in taxation domain, this issue of Vision brings forward discussion on certain topical issues which include tax buoyancy, tax amnesty scheme, responsiveness of GST to GDP and consumption in India, comparison of India’s GST with Australia and Canada and within the global VAT framework.

Further, the issue also incorporates topics which would provide significant food for thought for our young researchers doing research in accounting, finance, and taxation areas. As the current issue also include paper on accounting-taxation divide: IFRS convergence and its impact on India’s Direct Tax, Constitutional and Jurisprudential rationale for exclusion of agricultural income from income tax, and vertical fiscal imbalances and transfers in India. The issue begins with an empirical paper by Sowmya K. S. titled, ‘Evaluating the Responsiveness of GST to GDP and Consumption in India: A Structural Buoyancy and VAR-Based Forecasting Analysis’. The study analyses GST’s structural buoyancy relative to Gross Domestic Product (GDP) and Private Final Consumption Expenditure (PFCE) using quarterly data from Q2 2017-18 to Q2 2025-26. Further, applying an OLS framework for tax buoyancy estimation and a Vector Autoregression (VAR) model for lead-lag relationships, the results show a robust GDP buoyancy of 1.26 and a consumption buoyancy of 1.19, indicating effective tax revenue growth. The study also provides essential recommendations for policymakers regarding the stability and sustainability of India’s indirect tax system.

The paper by Gouri Kalagond investigates the trends in direct and indirect taxes and their proportion in total tax collections, tax/GDP ratios, and buoyancy factors for the period of ten years from 2014-15 to 2023-24. The study also finds that the percentage share of the direct taxes in the total taxes is slightly greater than that of indirect taxes in almost all the years. Further, the findings of the study suggest that direct tax buoyancy is mostly above one, indicating direct taxes grew faster than the economic growth and indirect tax buoyancy shows extreme volatility driven by policy and crisis events.

An intriguing paper by Tripti Gautam examines the performance of GST in India with the federal GST in Australia and Canada. The study is based on secondary data collected from the official government reports and international databases to measure the performance of GST according to the three key dimensions that are revenue responsiveness to economic growth and structural efficiency in terms of productivity and C-efficiency ratios and administrative efficiency in terms of digital adoption and compliance indicators. The findings indicate that the GST system in India has realized significant revenue increase and upheld high levels of operational efficiency and display high rates of digital capabilities development within a very short period of time. The research also underscores that the continuous simplification process along with administrative system improvements will lead to the overall increase in the success of the GST system in India in the long-term.

Bikash Sethy, Priyabrata Panda and Aruna Sharma in their research paper, ‘Tax Amnesty Scheme and Tax Revenue: A Bibliometric Assessment’ investigate the influence and scholarly discourse surrounding tax amnesty programs and their relationship to tax revenue. This study establishes trends in research themes, identifies key contributors to research output related to tax amnesty as well as the effects of tax amnesty on income tax and generates worldwide academic output on tax amnesty through 467 papers published from 1986 until 2024 using the Scopus database. The study finds that the influence of tax amnesty on improving tax compliance and revenue collection has been a growing area of research interest, and there have been some notable fluctuations in research focus throughout the timeline analysed and the presence of large spatial clusters of scholarship.

Drawing upon theories of fiscal federalism, optimal taxation, and comparative legal institutionalism, the study by Pragnesh N. Dave, Monika N. Devrani and Neepa U. Vyas situates India’s dual GST model within the broader discourse on tax harmonization and cooperative federalism. This study critically evaluates the constitutional framework of Articles 246A, 269A, and 279A, the design of the GST Council, and the legal implications of digital governance through the Goods and Services Tax Network (GSTN). Employing a mixed-methods approach integrating doctrinal, comparative, and empirical analysis, the paper benchmarks India’s GST against VAT systems in Australia, Canada, New Zealand, Singapore, South Africa, and the European Union. The study finds that while GST has enhanced revenue visibility and reduced cascading effects, challenges persist regarding multi-rate complexity, compliance costs, and intergovernmental coordination. By offering an integrated analytical framework, this research contributes to contemporary debates on fiscal reform and legal governance in emerging federal economies.

This issue also brings forward the debate on accounting-taxation divide and India’s convergence with IFRS and its impact on direct taxes. An intriging paper by Garima Wadhwa examines how three specific IFRS standards — IFRS 9 on financial instruments, IFRS 15 on revenue recognition, and IFRS 16 on leases — generate identifiable fault lines in India's direct tax base. Using doctrinal and comparative legal research methodology the paper reveal that the Income Tax Act, 2025 retains the existing Income Computation and Disclosure Standards (ICDS) and Minimum Alternate Tax (MAT) structure without substantive reform. The paper further recommends a statutory 'tax follows Ind AS' framework, targeted provisions for IFRS 9 and IFRS 16, and a permanent IFRS-tax interface mechanism.

Underscoring the Constitutional and Jurisprudential rationale for exclusion of agricultural income from the heads of income under Income Tax Law, the paper by Shreya Manoga illustrates that existing partial integration model does not resolve situations where entire incomes are reported as agricultural. The study proposes two main reforms: a constitutional amendment to shift high-value agricultural income—above ₹25–50 lakh annually into the Concurrent List, with proceeds earmarked for rural development; and a legal overhaul, supported by satellite monitoring and integrated land records, to clearly distinguish genuine farming from commercial or disguised non-agricultural activities.

The paper by Murugan K. examines the evolution of vertical fiscal imbalance and inter-governmental transfers in India based from the 1st to 16th Finance Commissions. The study reveal that India’s fiscal federal structure is characterized by a structural vertical imbalance, wherein the Union government commands stronger revenue-raising powers while states bear a larger share of expenditure responsibilities. The study finds that India’s fiscal federal structure is characterized by a structural vertical imbalance, wherein the Union government commands stronger revenue-raising powers while states bear a larger share of expenditure responsibilities. The study also indicates a transition from sharing specific central taxes to a comprehensive divisible pool since the 11th Commission and highlights a progressive strengthening of fiscal federalism in India.

This issue of VISION continues in its endeavour to bring relevant issues of taxation to the fore and stimulate discussion to provide useful insights for robust tax administration and fiscal policy making. We hope our readers find it interesting and insightful.

The Editorial team of VISION expresses its warm gratitude to all contributors for stimulating discussion on topical issues in taxation area and looks forward to continuing academic inquiry and discussion in the forthcoming future.

Editor-in-chief
Dr. Sameer Lama

Associate Editor
Dr. Shilpi Sahi