IMPORTANCE OF FISCAL FEDERALISM IN INDIA AND IMPACT OF GST AND DEMONITIZATION ON FISCAL POLICIES: A LEGAL STUDY
Author(s):
Mr. Rajat Saxena
Keywords:
Federalism, GST, Demonetization, Finance commission, Constitutional Provisions
Abstract
The theory of fiscal federalism is an integral part of our Indian Constitution. It helps the government in solving problem in more efficient and effective manner. The term ‘fiscal’ means money and the term ‘federalism’ means the system of division of powers between the center and the state. In a country like India, having huge amount of population, the distribution of income and economic stability plays an important role. As there is a difference between urban and rural areas in terms of their annual income, it becomes extremely important for the federal government to distribute the income in such a manner that helps in equal development of the country both at urban and rural areas. One of the major responsibilities of a federal government is the proper allocation of resources at each level. The role of federal government is to regulate income, proper division of taxes, subsidy, providing at each level all the possible goods and services and income redistribution. Therefore, the importance of fiscal federalism in India is huge as both the urban and rural part of the country plays an important role in the development of the country and economic growth. The government needs to be vigilant in determining the amount of income distribution and allocation of resources and in creation of fiscal policy.
Article Details
Unique Paper ID: 163194

Publication Volume & Issue: Volume 10, Issue 11

Page(s): 818 - 825
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