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Changing pattern of federal fiscal system in India Sharma Rakesh Kumar Assistant Professor, Economic Administration, HIPA, Fairlawns, Shimla. Abstract India is a union of states and this sentence of the preamble itself depicts the true nature of federal structure. There is a clear cut demarcation of areas in revenue as well as the expenditure side. Over a period of time, the fiscal system has undergone a significant change in terms of scope, procedures and also with respect to imbalance in fiscal system of states vis-à-vis centre. States are mostly reeling under fiscal crises and feeling constrained due to the increasing scope of work and Fiscal Responsibility Act. This review paper analyzes the changing pattern of country’s fiscal system for developing a better understanding amongst state policy makers in the newly emerged scenario. Top Keywords Commission, Expenditure, Finance, GST, Planning, Revenue, Tax, VAT. Top | |
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