Synopsis This volume designs strategies for a sustainable fiscal architecture in the country. The author surveys fiscal trends of the 1990s, and provides an overview of the tax and expenditure reforms. Addressing both the centre and states, the book: Delineates the impact of lagging revenue performance and rising expenditure; Demonstrates the costly implications of the consolidated fiscal deficit for sustainability of public debt; Assesses the impact of fiscal federalism and decentralization on economic growth; Examines the complexities in introducing a VAT and its importance for a comprehensive tax base; Discusses the ramifications of tax administration practices on the effectiveness of tax policy. The analysis reflects Shome’s international experience as a fiscal and tax expert. He provides cross-country examples from Asia, Latin America and Africa and, in particular, includes detailed comparisons on fiscal federalism from Argentina and Brazil. Fiscal experts, students and policy-makers will find the book analytical, detailed and extremely practical.