💰 Taxation & GST 2.0 Reforms Explained | Direct vs Indirect Taxes, Laffer Curve & UPSC GS-3 Economy

Taxation is the backbone of government revenue and India’s fiscal stability. With the rollout of GST 2.0 reforms (2025), understanding the types of taxes, concepts like buoyancy & elasticity, and GST structure is crucial for UPSC.

In this video, Anusha Ma’am explains:

🔹 Basics of Taxation:
• Tax = compulsory levy → funds defence, health, education, infrastructure
• Objectives → revenue, economic stability, social equity
• Methods → proportional, progressive, regressive

🔹 Types of Taxes:
✅ Direct Tax → Income Tax, Corporate Tax (CBDT)
✅ Indirect Tax → GST, Customs Duty (CBIC)

🔹 Key Concepts:
• Tax Base → incomes/goods/services under tax
• Tax Buoyancy → revenue growth relative to GDP growth 📈
• Tax Elasticity → growth due to tax rate changes
• Tax–GDP Ratio → fiscal health measure
• Laffer Curve → optimal tax rate vs revenue

🔹 Goods & Services Tax (GST):
• Introduced → 101st Amendment Act, 2017
• Dual Structure → CGST + SGST; IGST for inter-state
• GST Council (Art. 279A) → chaired by FM, includes states
• GSTN → portal for registration, returns, payments

🔹 GST 2.0 Reforms (2025):
• 2 main slabs → 5% essentials, 18% standard, 40% sin goods
• Nil GST → health/life insurance, lifesaving drugs 🏥
• Reduced GST → tractors, fertilizers, rural machinery 🌾
• Lower rates → cement, TVs, renewable devices
• GSTAT → GST Appellate Tribunal by Dec 2025 ⚖️

🔹 Rationale:
• Lower prices → boost demand
• MSME & exports support → correct inverted duty structure
• Wider tax base → voluntary compliance
• Social protection → exemptions for healthcare

#UPSC2025 #Taxation #GST #Economy #GS3 #GSTReforms #anushamamexplains

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