The central government&rsquo;s tax revenue has not been buoyant since the global economic crisis. The graph shows that when direct and indirect tax revenues are added up, the total has declined in terms of gross domestic product (GDP) since 2008-09. The low performance becomes clearer in table-I, which calculates the buoyancy of tax revenue, defined as the percentage of tax revenue change as a ratio of the percentage of change in GDP. Thus, it is a concept that adjusts for the decline (or increase) in GDP reflecting the crisis. It reports the buoyancies of various taxes in three segments: 2005-08 before the crisis, 2008-10 during the crisis, and 2010-11 post-crisis. What one observes is the decline in buoyancies of taxes during the crisis. The recovery thereafter reflects the low revenue base on which 2010-11 buoyancies are calculated.

Parthasarathi Shome: A time for tax reform

Business Standard

Myanmar is poised to enter the global economy with its mineral resources, fertile soil and potential for attracting foreign investment. It is perhaps also the last inhabited exotic destination boasting hotel lobbies with on-the-counter displays of rubies, sapphires, emeralds and other precious stones, reminiscent of one of this subcontinent&rsquo;s tales from a bygone era &mdash; of Indians exiting Burma without any saving other than sachets of precious stones.

Parthasarathi Shome: The just-emerging Asian economy

Two events took place in June that should mean something in terms of moving the good and services tax (GST) forward from the back burner. The first was a frank speech by Sushil Modi, Chairman of the Empowered Committee (EC) of states&rsquo; finance ministers that oversees their preparations for GST. The second was the set of hearings on GST at the Standing Committee on Finance of Parliament chaired by Yashwant Sinha.

Parthasarathi Shome: Pushing forward on GST

The Supreme Court&rsquo;s ruling asserting the non-taxability of an acquisition by Vodafone, and the reaction of Indian revenue authorities in introducing an amendment to the Income-Tax Act in the 2012 Finance Bill enabling retrospective taxation, have brought up a string of questions on the interpretation and subsequent treatment for tax purposes of businesses. The particular context has been with respect to businesses operating in one country while dealing amongst themselves in another.

Parthasarathi Shome: The Vodafone affair - the layout 

To deconstruct the Vodafone affair in continuation of my previous presentation (&ldquo;The Vodafone affair: the layout&rdquo;, May 10), let us hypothesise a publicly listed Indian hotel conglomerate. It builds a hotel in Bogota, Buenos Aires or Caracas. It is publicly listed on Nasdaq where continuous share transactions take place.

Parthasarathi Shome: The Vodafone affair: the deconstruction

The chief minister of West Bengal has proclaimed that she will convert Kolkata to London. The idea did not raise much interest or hope, but deserves consideration. To begin, she has had Kolkata&rsquo;s public spots, walls, park grilles, and road dividers painted in white and shocking blue &mdash; reminiscent of Mother Teresa &mdash; though, the other evening on television, Mamata explained that the blue was for the open sky, an acceptable enough explanation.

Parthasarathi Shome: A walk from Kolkata - to London?

Already, commentary on the Union Budget has been prolific. I propose to examine it from my concern over fiscal consolidation. The most striking aspect of India&rsquo;s fiscal stance since 2008-09 has been a slow erosion of the gains made in fiscal consolidation during the preceding four years. Indeed, many emerging economies may have made an error in going along with heterodox fiscal stimulus policies initiated by advanced economies most hit by the 2008-09 global recession.

Parthasarathi Shome: The Budget's massive tax effort

The Union Budget is always expected to achieve multiple objectives. First, poverty alleviation and income redistribution through government&rsquo;s expenditure functions, while, second, garnering tax revenue in increasingly higher amounts, yet without causing disincentives for the taxpayer; third, providing guidance for forward-looking macroeconomic management; and fourth, a strategy for structural reform.

Parthasarathi Shome