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Paper Title: An Empirical Analysis of Fiscal Federal System of India with Special Reference to Current Scenario
Authors Name: Ram Prakash Pandey , Mano Shrijit Triapthi
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IJRTI_187698
Published Paper Id: IJRTI2305243
Published In: Volume 8 Issue 5, May-2023
DOI: http://doi.one/10.1729/Journal.35341
Abstract: India is the largest and probably the most diverse democratic country with a federal form of government where functions of union and state governments are well defined in the constitution of India. Such division of responsibilities aimed at achieving social, political, economic and administrative efficiency. Government of India act, 1919 could be said to be the beginning of modern federalism as it provided the clear cut separation of revenue heads between Centre and the state government, but with the revision and development of 73rd and 74th amendments to the constitution in 1993 and the recent developments in the field of fiscal system that is GST, Demonization and Covid-19 makes impact on the fiscal federal system of the country. By this paper it is pertinent that we try to understand what fiscal federalism is and how it affects the functioning of a country. How did Fiscal Federalism evolve in India and what are its essential facets? What are the changes that have impacted Fiscal Federalism in the recent past? we try to understand the persistent challenges faced by Fiscal Federalism in India and what can be done to overcome these challenges and further strengthen the Fiscal Federalism in India. Now the study concluded that the essence of changing dynamics of fiscal federalism in India lies majorly in two questions- who controls the fiscal resources? and what is the availability of the overall fiscal space? The competition among the Centre and the States over control of resources is central to the issues related to fiscal federalism. This competition needs to be nudged towards coordination with mechanisms like GST Council, Finance Commission and NITI Aayog. Along with coordination in collective fiscal sharing and management, there will always be the need for increasing the available resources. This can be ensured by ensuring structural reforms like reviewing of GST on continuous basis and increasing tax compliance.
Keywords: Decentralization, Finance Commission, Fiscal Federal System, Government, Public Finance, Taxation.
Cite Article: "An Empirical Analysis of Fiscal Federal System of India with Special Reference to Current Scenario", International Journal for Research Trends and Innovation (www.ijrti.org), ISSN:2455-2631, Vol.8, Issue 5, page no.2400 - 2416, May-2023, Available :http://www.ijrti.org/papers/IJRTI2305243.pdf
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ISSN: 2456-3315 | IMPACT FACTOR: 8.14 Calculated By Google Scholar| ESTD YEAR: 2016
An International Scholarly Open Access Journal, Peer-Reviewed, Refereed Journal Impact Factor 8.14 Calculate by Google Scholar and Semantic Scholar | AI-Powered Research Tool, Multidisciplinary, Monthly, Multilanguage Journal Indexing in All Major Database & Metadata, Citation Generator
Publication Details: Published Paper ID: IJRTI2305243
Registration ID:187698
Published In: Volume 8 Issue 5, May-2023
DOI (Digital Object Identifier): http://doi.one/10.1729/Journal.35341
Page No: 2400 - 2416
Country: Varanasi, Uttar Pradesh, India
Research Area: Commerce
Publisher : IJ Publication
Published Paper URL : https://www.ijrti.org/viewpaperforall?paper=IJRTI2305243
Published Paper PDF: https://www.ijrti.org/papers/IJRTI2305243
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ISSN: 2456-3315
Impact Factor: 8.14 and ISSN APPROVED, Journal Starting Year (ESTD) : 2016

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