With the introduction of a destination-based VAT in all but eight states starting April 2005, there is need for a good baseline indicator of tax buoyancies in states in the period immediately preceding. This paper attempts to provide such a base, with buoyancies estimated over a twenty-three...

The paper identifies those elements in the configuration of fiscal parameters confronting the country that give cause for concern, and examines whether the fiscal reform measures taken address these adequately. The primary fiscal indicators consolidated across Central and state governments over...