INTERNATIONAL JOURNAL OF NOVEL RESEARCH AND DEVELOPMENT International Peer Reviewed & Refereed Journals, Open Access Journal ISSN Approved Journal No: 2456-4184 | Impact factor: 8.76 | ESTD Year: 2016
Scholarly open access journals, Peer-reviewed, and Refereed Journals, Impact factor 8.76 (Calculate by google scholar and Semantic Scholar | AI-Powered Research Tool) , Multidisciplinary, Monthly, Indexing in all major database & Metadata, Citation Generator, Digital Object Identifier(DOI)
Within a span of a few short years, there has been a fundamental transformation in the number of industries due to the rise of the sharing economy. The reason behind such a revolution is the increasing dependence of the younger generation on digital platforms, which has been made possible due to continuous technological advancements enabling date collection and the successful implementation of “innovative business models”. This has led to a shift in the consumers’ preferences from a “traditional ownership based-notion” to a more “flexible on-demand access to assets and services”.
Sharing economy is a new model of economics which utilizes online platforms, such as, Airbnb, Uber, Couchsurfing etc., in order to share resources, time, assets as well as talents possessed by individuals at a scale not previously possible. Due to its sudden emergence, many unforeseen challenges are introduced for the policy makers, incumbent businesses, regulators as well as consumers. The fact that this economy is functioning through the use of online platforms, it makes the job of the regulator very difficult, to evaluate it within the traditional economic framework of taxation as well as legal legislations. Questions are being raised with respect to the existing VAT/GST structures and whether they are sufficiently equipped to capture such a reality and protect the revenue as well as minimise any “economic distortions”. There is no definitive, single approach to such questions and hence, the tax authorities have devised and designed a comprehensive strategy as a response to this kind of growth.
In this paper, the current and future situation of the sharing economy with respect to India’s tax regimes will be examined along with the investigation of underlying social, economic, political and technological factors leading to its rise. Moreover, the challenges faced by the authorities shall be identified and whether the implementation of the recommendations made, have worked in their favour or not.
Keywords:
Sharing economy, tax policies, digital platforms
Cite Article:
"IMPLICATIONS OF THE SHARING ECONOMY ON INDIAN TAX POLICIES", International Journal of Novel Research and Development (www.ijnrd.org), ISSN:2456-4184, Vol.8, Issue 1, page no.a361-a364, January-2023, Available :http://www.ijnrd.org/papers/IJNRD2301042.pdf
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ISSN:
2456-4184 | IMPACT FACTOR: 8.76 Calculated By Google Scholar| ESTD YEAR: 2016
An International Scholarly Open Access Journal, Peer-Reviewed, Refereed Journal Impact Factor 8.76 Calculate by Google Scholar and Semantic Scholar | AI-Powered Research Tool, Multidisciplinary, Monthly, Multilanguage Journal Indexing in All Major Database & Metadata, Citation Generator
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