Current economic issues and Related Economics

A t the time of independence there were three types of land tenure prevailing in India. They were the Zamindari system, the Ryotwari system and the Mahalwari system. The basic difference between these systems was made of payment of land revenue. But in this three systems the usual practice was, land cultivated by the tenants. Tenants themselves were three types 1 ) Occupancy tenants ---- enjoyed permanent and heritable rights on land, eligible to claim compensation from the land lord. 2) Sub tenants ----- appointed by the occupancy tenants. They did not have any security as tenure. 3) Tenant at will ---- appointed by the land lord and did not have security as a tenure could be evicted from the land at any time. Now we discuss the three main intermediaries system of land one by one. Zamindari system    ---- This system was started during the British period in India. The pioneer of this system was Lord Cornwallis. This system came in...

                                                        Types of Patta               T he special lands which government holds are distributed among the landless family in four ways. So we can say that there are four types of deed of settlement or patta prevail in India. They are   1) Agriculture patta , 2)Nijo Griho Nijo Bhumi (NGNB) 3) Forest patta and 4)Refugee Patta 1) Agriculture Patta –Agriculture patta mainly given for agriculture purpose to share copper and tenant farmers.(maximum amount of land that have given   by the government is one acre, depending upon how much barga farmers actually hold.)Agriculture patta really motivates the landless farmer and encourage to implement the new technique to produce more. Before the agriculture patta where share copper bound ...

                               India is one of the fastest growing developing countries in the world. As we see that its GDP growth rate is growing year after year. But is India developed with its growing economy? This is one of the big questions. Development of a country not only depends on its GDP growth rate. Development means total economic and social structural growth of an economy like health, education, sanitation, fertility rate, mortality rate etc. As India belongs to mixed economy structure a largest portion of its percapita income enjoy a smallest portion of people. So a large portion of people suffering a miserable situation without having proper food, education and health. This creates a massive difference between the upper and lower portion of society. The higher income group of society     holding a large portion of land while most of the lower income group unable...

Land Reform                     India is an agrarian country. A large part of income comes from the agriculture sector. Though the agrarian structure was not so good in India and considers the main obstacle to economic development. The main hindrance which was considering the impediment of agriculture sector is …….. 1) existence of intermediaries between the state and the cultivators.2) tenants are very much insecure here, due to huge pressure of debt, absence of ownership rights, minimum   subsistence level output remain in their hand.. 3) Small and fragmented land hindering to implement of techniques for better production. 4) Uneven distribution of land holding create miserably huge difference    between upper and lower section of the society.5) foremost lack of effective organization of the peasantry. Objectives of land reforms The main objectives of land reform are to growth oriented of agriculture ...

Land is considered a valuable asset for all of us. In simple term if we define what is land we can say that it is that part of earth surface which is not covered by water and which is dry, but in real sense we are bothered that part of  the land which is usable for human survival and development. We know that earth is containing three part of water and one part of land. But in this one part of land people are not able to use that part of land which is situated in high hill area, desert area and the area which is covered with dense forest. So, the land which is near the river is very much valuable and precious for human being. For survival land is considered a productive capital. History tell us that many war had been happened to protect own motherland, but due to its fixed nature the pressure on land increased day by day with increasing population .Though our modern technology try to increase the portion of land artificially in the earth surface through land reclamation or ...

                                        GST GOOD OR BAD After completion of so many months of implementation of  GST  in India, lots of confusion question, litigation came out. But one question commonly come to all of us that ‘is really GST boost our economy?’ or ‘It is needed or not to implement of GST?’ In this blog we are focus here ,what problem the common people faces after implementation of GST and try to find out the answer why Government implement GST in our developing economic background in India context. The current Problem that we face after the implementation of GST We know from the earlier blog   How GST works   that GST reduces the tax burden from the common people and eliminate cascading of taxes and give transparency in our tax structure, but after  its immediate implementation traders are faces lots of problems .Due to the...

After the implementation of GST there are lots of confusions arises among the common people, traders, business man and manufacturer about the taxation system, the main confusion surrounded between the two taxation terms that is input tax credit and reverse charge mechanism (RCM). As our GST rule all we know in a business, if the annual turnover in a financial year is within Rs 20 lakh (Rs10 lakh for north eastern and hill states) then he have not required paying GST. But the confusion arises when the rule is going to the market. From the earlier discussion  How GST works it was shown that the whole GST process is actually a chain system. That means if manufacturer pay GST when he buy inputs and wholesaler buy the finished product with the proper GSTN(GST registration number),then wholesaler are eligible to claim input tax credit from the government. The Indian industrial sector are divided two parts organized sector and unorganized sector. Many big industrial secto...

                                  After the implementation of GST it is clear to us that it is a single tax system throughout the country, replace all type of indirect taxes of states, union territories and central. In GST system there are four types of collecting tax is introduced that is SGST-tax collected by states, CGST-tax collected by central ,UGST-tax collected by union territories and IGST-collected by central government for interstate sale. That is GST eliminates the cascading of taxes that is ‘tax on tax’ system. Now the main confusion arises when the term input tax credit comes. It is closely linked with the estimation of GST system. Now, what is input tax credit? It is the credit that an individual received for the tax on the inputs used in manufacturing the product .i.e if 10% tax he paid to buy an inputs then next step when the finished product he sale, he must be subt...

Canon of taxation A good taxation system must achieve some major objectives from the justification ground, which is able to turn the taxation system more equitable for the public and at the same time decrease inequality from the society. This principle must be fit for social welfare context also. To achieve this criteria the great economist Adam Smith suggested four important set of principle. This is popularly known as Canon of taxation.Some other economist also suggested some more canon of taxation. The major four canon of taxation which is prescribed by Adam Smith are 1) Canon of equality - taxation is not a process of collection of tax only rather it has some major objectives also. To erase inequality from the society it may takes an important steps. In realistic situation we face income is subject to diminishing marginal utility .That means if income increases the utility derived from the additional unit is decreases. In that case if same percentage of tax is applicabl...

Tax & its types Tax is a compulsory levy which government imposed on us and we are bound to pay from personal obligation without expecting of any return of service or good from the government . Tax is a public revenue. There are small distinctions between public revenue and public receipt .Public revenue is a narrower concept than public receipt. Public revenue includes income from tax, administrative revenue, tax on goods and services, gifts and grants etc.While public receipt include income from all sources, like borrowing, income from sell of asset etc. Public receipt=public revenue+income from all other sources+public borrowing from bank+income of the sale of public asset etc. Public revenue is divided in to two parts . Tax revenue and Non tax revenue. (A)  Tax revenues are 1) Tax on income, expenditure tax, corporation tax and all other taxes related to income. 2) Gift and grant tax, estate duty, wealth taxes are considered as property tax. ...