Revenue reforms which include tax reforms on both direct and indirect tax front; reduction/elimination of tax exemptions and treating the revenue forgone as tax expenditure, improving efficiency of tax collection, including the arrears and stable medium-term tax rates avoiding annual changes.
Expenditure reforms which include cutting out non-essential and unproductive activities, schemes and projects; allocation of resources to priority areas; reducing cost of services; rationalizing subsidies; reduction of time and cost overruns on projects and getting proper ‘outcome’ from output.
Fiscal Responsibility and Budget Management Act, 2003 (FRBMA)
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