Deprecated (16384): The ArrayAccess methods will be removed in 4.0.0.Use getParam(), getData() and getQuery() instead. - /home/brlfuser/public_html/src/Controller/ArtileDetailController.php, line: 150
 You can disable deprecation warnings by setting `Error.errorLevel` to `E_ALL & ~E_USER_DEPRECATED` in your config/app.php. [CORE/src/Core/functions.php, line 311]
Code Context


        trigger_error($message, E_USER_DEPRECATED);

    }
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 You can disable deprecation warnings by setting `Error.errorLevel` to `E_ALL & ~E_USER_DEPRECATED` in your config/app.php.'
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deprecationWarning - CORE/src/Core/functions.php, line 311
Cake\Http\ServerRequest::offsetGet() - CORE/src/Http/ServerRequest.php, line 2421
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Cake\Http\Runner::__invoke() - CORE/src/Http/Runner.php, line 65
Cake\Http\Runner::run() - CORE/src/Http/Runner.php, line 51
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Deprecated (16384): The ArrayAccess methods will be removed in 4.0.0.Use getParam(), getData() and getQuery() instead. - /home/brlfuser/public_html/src/Controller/ArtileDetailController.php, line: 151
 You can disable deprecation warnings by setting `Error.errorLevel` to `E_ALL & ~E_USER_DEPRECATED` in your config/app.php. [CORE/src/Core/functions.php, line 311]
Code Context


        trigger_error($message, E_USER_DEPRECATED);

    }
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 You can disable deprecation warnings by setting `Error.errorLevel` to `E_ALL & ~E_USER_DEPRECATED` in your config/app.php.'
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deprecationWarning - CORE/src/Core/functions.php, line 311
Cake\Http\ServerRequest::offsetGet() - CORE/src/Http/ServerRequest.php, line 2421
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Cake\Http\ActionDispatcher::_invoke() - CORE/src/Http/ActionDispatcher.php, line 120
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Cake\Http\BaseApplication::__invoke() - CORE/src/Http/BaseApplication.php, line 235
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Cake\Routing\Middleware\RoutingMiddleware::__invoke() - CORE/src/Routing/Middleware/RoutingMiddleware.php, line 162
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Cake\Http\Runner::__invoke() - CORE/src/Http/Runner.php, line 65
Cake\Error\Middleware\ErrorHandlerMiddleware::__invoke() - CORE/src/Error/Middleware/ErrorHandlerMiddleware.php, line 96
Cake\Http\Runner::__invoke() - CORE/src/Http/Runner.php, line 65
Cake\Http\Runner::run() - CORE/src/Http/Runner.php, line 51
Cake\Http\Server::run() - CORE/src/Http/Server.php, line 98

Warning (512): Unable to emit headers. Headers sent in file=/home/brlfuser/public_html/vendor/cakephp/cakephp/src/Error/Debugger.php line=853 [CORE/src/Http/ResponseEmitter.php, line 48]
Code Context
            if (Configure::read('debug')) {

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        LATEST NEWS UPDATES | Tax buoyancy improves, thanks to indirect levy -Muthukumar K    </title>
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But indirect tax is inequitable as it is a burden for both the rich and the poor alike

The growth in tax collection in relation to GDP growth has improved over the past couple of years..."/>
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                            <div align="justify">-The Hindu Business Line Research Bureau<br /><br /><em>But indirect tax is inequitable as it is a burden for both the rich and the poor alike<br /></em><br />The growth in tax collection in relation to GDP growth has improved over the past couple of years under the Modi regime.<br /><br />In 2013-14, the final year of the UPA regime, tax buoyancy hit a four-year low at 0.71. Since then, it has improved to 1.23 in 2014-15 and 1.35 in 2015-16. While the improvement is good for the economy, the reliance on indirect taxes to improve tax buoyancy is not comforting.<br /><br />About a week back, Finance Minister Arun Jaitley and P Chidambaram were at loggerheads over the issue.<br /><br />While Jaitley waxed eloquent over the higher tax buoyancy, Chidambaram pooh-poohed the claim and asked how there could be higher tax buoyancy when GDP growth estimates are moderating. On Friday, the Central Statistical Office had projected a lower growth of 7.1 per cent for 2016-17.<br /><br />Tax buoyancy is an important indicator of the efficiency and responsiveness of tax revenue mobilisation to GDP growth. It is calculated as a ratio of percentage growth in tax revenues to growth in nominal GDP for a given year. Tax is said to be buoyant if the gross tax revenues increase more than proportionately in response to a rise in GDP figures.<br /><br />&ldquo;Tax buoyancy is an important metric to know the expected level of government borrowings from the debt market,&rdquo; said Sujoy Das, Head &ndash; Fixed income at Invesco Mutual Fund. He added that higher tax buoyancy would mean the government would borrow less &mdash; keeping interest rates lower &mdash; while giving room for corporates also to borrow at lower rates.<br /><br />For the purpose of calculation, gross tax revenues of both the Centre and the States were taken into consideration given that the tax sharing percentage keeps changing. For instance, the Fourteenth Finance Commission last year increased States&rsquo; share in Central taxes to 42 per cent from 32 per cent earlier.<br /><br />Having a tax buoyancy figure of more than one has a salubrious impact on the fiscal deficit ratios, finds a study. A 2014 IMF study of 34 OECD nations found that about half of them who were able to improve their deficit ratios had long-term tax buoyancy figures above one.</div><div align="justify">&nbsp;</div><div align="justify">Please <a href="http://www.thehindubusinessline.com/economy/tax-buoyancy-improves-thanks-to-indirect-levy/article9466851.ece?homepage=true" title="http://www.thehindubusinessline.com/economy/tax-buoyancy-improves-thanks-to-indirect-levy/article9466851.ece?homepage=true">click here</a> to read more.&nbsp; <br /></div>                                                           
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    <br><a href="http://www.thehindubusinessline.com/economy/tax-buoyancy-improves-thanks-to-indirect-levy/article9466851.ece?homepage=true" class="re" target="_blank">The Hindu Business Line, 8 January, 2017, http://www.thehindubusinessline.com/economy/tax-buoyancy-improves-thanks-to-indirect-levy/article9466851.ece?homepage=true</a><div class="clear"></div>
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        LATEST NEWS UPDATES | Tax buoyancy improves, thanks to indirect levy -Muthukumar K    </title>
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But indirect tax is inequitable as it is a burden for both the rich and the poor alike

The growth in tax collection in relation to GDP growth has improved over the past couple of years..."/>
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    <h1 class="cat-box-title">Tax buoyancy improves, thanks to indirect levy -Muthukumar K</h1>
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                            <div align="justify">-The Hindu Business Line Research Bureau<br /><br /><em>But indirect tax is inequitable as it is a burden for both the rich and the poor alike<br /></em><br />The growth in tax collection in relation to GDP growth has improved over the past couple of years under the Modi regime.<br /><br />In 2013-14, the final year of the UPA regime, tax buoyancy hit a four-year low at 0.71. Since then, it has improved to 1.23 in 2014-15 and 1.35 in 2015-16. While the improvement is good for the economy, the reliance on indirect taxes to improve tax buoyancy is not comforting.<br /><br />About a week back, Finance Minister Arun Jaitley and P Chidambaram were at loggerheads over the issue.<br /><br />While Jaitley waxed eloquent over the higher tax buoyancy, Chidambaram pooh-poohed the claim and asked how there could be higher tax buoyancy when GDP growth estimates are moderating. On Friday, the Central Statistical Office had projected a lower growth of 7.1 per cent for 2016-17.<br /><br />Tax buoyancy is an important indicator of the efficiency and responsiveness of tax revenue mobilisation to GDP growth. It is calculated as a ratio of percentage growth in tax revenues to growth in nominal GDP for a given year. Tax is said to be buoyant if the gross tax revenues increase more than proportionately in response to a rise in GDP figures.<br /><br />&ldquo;Tax buoyancy is an important metric to know the expected level of government borrowings from the debt market,&rdquo; said Sujoy Das, Head &ndash; Fixed income at Invesco Mutual Fund. He added that higher tax buoyancy would mean the government would borrow less &mdash; keeping interest rates lower &mdash; while giving room for corporates also to borrow at lower rates.<br /><br />For the purpose of calculation, gross tax revenues of both the Centre and the States were taken into consideration given that the tax sharing percentage keeps changing. For instance, the Fourteenth Finance Commission last year increased States&rsquo; share in Central taxes to 42 per cent from 32 per cent earlier.<br /><br />Having a tax buoyancy figure of more than one has a salubrious impact on the fiscal deficit ratios, finds a study. A 2014 IMF study of 34 OECD nations found that about half of them who were able to improve their deficit ratios had long-term tax buoyancy figures above one.</div><div align="justify">&nbsp;</div><div align="justify">Please <a href="http://www.thehindubusinessline.com/economy/tax-buoyancy-improves-thanks-to-indirect-levy/article9466851.ece?homepage=true" title="http://www.thehindubusinessline.com/economy/tax-buoyancy-improves-thanks-to-indirect-levy/article9466851.ece?homepage=true">click here</a> to read more.&nbsp; <br /></div>                                                           
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    <br><a href="http://www.thehindubusinessline.com/economy/tax-buoyancy-improves-thanks-to-indirect-levy/article9466851.ece?homepage=true" class="re" target="_blank">The Hindu Business Line, 8 January, 2017, http://www.thehindubusinessline.com/economy/tax-buoyancy-improves-thanks-to-indirect-levy/article9466851.ece?homepage=true</a><div class="clear"></div>
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        LATEST NEWS UPDATES | Tax buoyancy improves, thanks to indirect levy -Muthukumar K    </title>
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-The Hindu Business Line Research Bureau

But indirect tax is inequitable as it is a burden for both the rich and the poor alike

The growth in tax collection in relation to GDP growth has improved over the past couple of years..."/>
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But indirect tax is inequitable as it is a burden for both the rich and the poor alike

The growth in tax collection in relation to GDP growth has improved over the past couple of years..." />
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    <h1 class="cat-box-title">Tax buoyancy improves, thanks to indirect levy -Muthukumar K</h1>
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                            <div align="justify">-The Hindu Business Line Research Bureau<br /><br /><em>But indirect tax is inequitable as it is a burden for both the rich and the poor alike<br /></em><br />The growth in tax collection in relation to GDP growth has improved over the past couple of years under the Modi regime.<br /><br />In 2013-14, the final year of the UPA regime, tax buoyancy hit a four-year low at 0.71. Since then, it has improved to 1.23 in 2014-15 and 1.35 in 2015-16. While the improvement is good for the economy, the reliance on indirect taxes to improve tax buoyancy is not comforting.<br /><br />About a week back, Finance Minister Arun Jaitley and P Chidambaram were at loggerheads over the issue.<br /><br />While Jaitley waxed eloquent over the higher tax buoyancy, Chidambaram pooh-poohed the claim and asked how there could be higher tax buoyancy when GDP growth estimates are moderating. On Friday, the Central Statistical Office had projected a lower growth of 7.1 per cent for 2016-17.<br /><br />Tax buoyancy is an important indicator of the efficiency and responsiveness of tax revenue mobilisation to GDP growth. It is calculated as a ratio of percentage growth in tax revenues to growth in nominal GDP for a given year. Tax is said to be buoyant if the gross tax revenues increase more than proportionately in response to a rise in GDP figures.<br /><br />&ldquo;Tax buoyancy is an important metric to know the expected level of government borrowings from the debt market,&rdquo; said Sujoy Das, Head &ndash; Fixed income at Invesco Mutual Fund. He added that higher tax buoyancy would mean the government would borrow less &mdash; keeping interest rates lower &mdash; while giving room for corporates also to borrow at lower rates.<br /><br />For the purpose of calculation, gross tax revenues of both the Centre and the States were taken into consideration given that the tax sharing percentage keeps changing. For instance, the Fourteenth Finance Commission last year increased States&rsquo; share in Central taxes to 42 per cent from 32 per cent earlier.<br /><br />Having a tax buoyancy figure of more than one has a salubrious impact on the fiscal deficit ratios, finds a study. A 2014 IMF study of 34 OECD nations found that about half of them who were able to improve their deficit ratios had long-term tax buoyancy figures above one.</div><div align="justify">&nbsp;</div><div align="justify">Please <a href="http://www.thehindubusinessline.com/economy/tax-buoyancy-improves-thanks-to-indirect-levy/article9466851.ece?homepage=true" title="http://www.thehindubusinessline.com/economy/tax-buoyancy-improves-thanks-to-indirect-levy/article9466851.ece?homepage=true">click here</a> to read more.&nbsp; <br /></div>                                                           
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    <br><a href="http://www.thehindubusinessline.com/economy/tax-buoyancy-improves-thanks-to-indirect-levy/article9466851.ece?homepage=true" class="re" target="_blank">The Hindu Business Line, 8 January, 2017, http://www.thehindubusinessline.com/economy/tax-buoyancy-improves-thanks-to-indirect-levy/article9466851.ece?homepage=true</a><div class="clear"></div>
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Tax buoyancy improves, thanks to indirect levy -Muthukumar K

Published on Jan 9, 2017   Modified on Jan 9, 2017

-The Hindu Business Line Research Bureau But indirect tax is inequitable as it is a burden for both the rich and the poor alike The growth in tax collection in relation to GDP growth has improved over the past couple of years under the Modi regime. In 2013-14, the final year of the UPA regime, tax buoyancy hit a four-year low at 0.71. Since then, it has improved to 1.23 in 2014-15 and 1.35 in 2015-16. While the improvement is good for the economy, the reliance on indirect taxes to improve tax buoyancy is not comforting. About a week back, Finance Minister Arun Jaitley and P Chidambaram were at loggerheads over the issue. While Jaitley waxed eloquent over the higher tax buoyancy, Chidambaram pooh-poohed the claim and asked how there could be higher tax buoyancy when GDP growth estimates are moderating. On Friday, the Central Statistical Office had projected a lower growth of 7.1 per cent for 2016-17. Tax buoyancy is an important indicator of the efficiency and responsiveness of tax revenue mobilisation to GDP growth. It is calculated as a ratio of percentage growth in tax revenues to growth in nominal GDP for a given year. Tax is said to be buoyant if the gross tax revenues increase more than proportionately in response to a rise in GDP figures. “Tax buoyancy is an important metric to know the expected level of government borrowings from the debt market,” said Sujoy Das, Head – Fixed income at Invesco Mutual Fund. He added that higher tax buoyancy would mean the government would borrow less — keeping interest rates lower — while giving room for corporates also to borrow at lower rates. For the purpose of calculation, gross tax revenues of both the Centre and the States were taken into consideration given that the tax sharing percentage keeps changing. For instance, the Fourteenth Finance Commission last year increased States’ share in Central taxes to 42 per cent from 32 per cent earlier. Having a tax buoyancy figure of more than one has a salubrious impact on the fiscal deficit ratios, finds a study. A 2014 IMF study of 34 OECD nations found that about half of them who were able to improve their deficit ratios had long-term tax buoyancy figures above one.   Please click here to read more.

The Hindu Business Line, 8 January, 2017, http://www.thehindubusinessline.com/economy/tax-buoyancy-improves-thanks-to-indirect-levy/article9466851.ece?homepage=true

Tagged with: Indirect Taxes Tax Revenue Tax/GDP ratio Taxation tax collection tax buoyancy

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