In _____, government of India set up a committee to review the fiscal reforms and suggest appropriate framework under the chairmanship of Vijay Kelkar.
Show answer & explanation
Correct answer: B
Explanation
The Government of India constituted a committee in 2002-03 to review fiscal reforms and suggest a suitable framework under the chairmanship of Vijay Kelkar.
The Government of India constituted two task forces in 2002 under the chairmanship of Vijay Kelkar to review fiscal reforms in relation to direct and indirect taxes.
The main objective was to simplify the tax structure, improve tax compliance, and increase government revenue collection.
The committee made important recommendations such as implementing the Goods and Services Tax (GST), increasing the income tax exemption limit, and making tax administration more efficient.