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A TAX AMNESTY IN A GLOBALISED WORLD (WITH SPECIAL REFERENCE TO INDIA)

    1 Author(s):  SURBHI GUPTA

Vol -  8, Issue- 5 ,         Page(s) : 22 - 32  (2017 ) DOI : https://doi.org/10.32804/CASIRJ

Abstract

Tax amnesty is an important tool in the government hands to raise state revenues. It provides both the government and tax payer an added advantage as collection of revenue for the government and to escape civil and criminal prosecution in case of tax evaders and help them in decreasing their liabilities. Amnesty has been popular since 1980s with US and gradually then actively used by other countries around the globe including India. Amnesties have always being controversial element since they are believed to add cost not only to the government but a sort of penalty on honest tax payers. Various amnesty programs have generated mixed responses in relation to revenue generation. However, countries are still opting for tax amnesties. The present paper tries to explore about tax amnesties that have been provided around the globe from time to time and potential contributions these amnesties provide to the state. It also throws highlight on the amnesty schemes announced so far in India.

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