Journal Press India^®

              It is our pleasure to present to our readers another insightful and interesting issue of VISION that covers a diverse amalgam of topics ranging from pertinent aspects of Indian tax system as well as its comparison with tax systems of other countries. The paper by Dr. Satendra Kumar Yadav undertakes a comparative study of tax structure of BRICS countries. The comparison is made on the basis of parameters such as tax-GDP ratio, number of tax payments, time taken in tax compliance and so on. The author finds that India lags behind most of the BRICS countries in terms of these parameters and further reforms are needed to remain competitive.

                Another focus area of a number of papers in this issue is GST which has been a landmark reform for indirect taxation in India. One of the papers examines the anti-profiteering provisions under GST to see if the intended benefits of GST to ensure reduced prices to consumer by eliminating tax cascading are achieved or not. It is observed that while it is difficult to reach a definitive conclusion on the above at this point in time, the anti-profiteering provisions under GST are a welcome step towards ensuring consumer welfare. Another paper on GST by Rahul Bhasin discusses the various steps that have been taken to enhance the technological infrastructure and institutional set-up under GST to ensure its effective implementation. The important steps in this direction include the GSTN and measures implemented by the Ministry of Finance and Central Board of Indirect Taxes and Customs. It is intended that such measures would not only simplify enforcement but also encourage voluntary compliance in the long-run.

                In the light of recent incidents of financial irregularities across the global economy, the paper by Mr. Sanjeev Dhar and Dr. Raj K Kovid examines the implications of new regulatory frameworks for related party transactions. Their analysis for 30 NIFTY companies reveals that the new Companies Act has positive implications for related party transactions in India. The paper by Prof. K. V. Bhanu Murthy examines the pertinent aspect of fiscal relations between different layers of government to bring out their implications for revenue generation, revenue sharing and taxation. The paper describes the functional responsibilities and sources of revenue of local bodies, explains the present constitutional arrangements relating to State-Local fiscal relations in India, and examines the role of various statutory bodies in this regard. It also discusses the recommendations of the various Finance Commissions which have successively emphasised the need to adequately empower Local bodies to enable them to provide basic services at the grass root level. Another paper by Prof. Narain Sinha and Kefilwe Allister Kalayakgosi investigates the impact of government size on economic growth in Botswana. The results show that government revenue and Gross Capital Formation has a negative impact on economic growth and growth of paid employees had a positive impact on economic growth.

                An interesting perspective of the strength of financial and taxation regulatory framework in India has been presented by Mr. Sandeep Jain through a review of existing legislations. An overall assessment of these reforms shows that a number of effective legislations are being put in place for an efficient and transparent financial and taxation system and India remains committed to adoption of international standards and best practices wherever necessary.

                 We sincerely hope that this issue of VISION offers an interesting reading by addressing diverse and contemporary themes in taxation. We also look forward to the continued patronage and feedback of our readers.

Dr. M. M. Sury

Dr. Prasant Kumar Panda

         Editors