Brazil, Russia, India, China and South Africa which together form a grouping called BRICS has achieved several milestones in terms of trade and political relations in the past 6 years. India, the largest democracy of the world has a very robust tax structure to meet its daily expenditures. The tax system of India is one of the major reasons behind flourishing international trade and higher economic growth in the recent past. This paper is an effort towards illustrating the effects of the tax system on various macroeconomic variables pertaining to economic development and international trade with the help of tables. Data tables of Center & State taxes, trade relations with BRCS economies, macroeconomic variables, regional treaties, sectoral analysis of Indian economy have been provided for better insight. Descriptive analysis has been done based on these tables which are compiled in the conclusion. Latest data of all the variables has been used by the data 16th July, 2015. The paper gives us an idea about the economic trend in different periods and how new trade driven initiatives have contributed to betterment of social and economic indicators of India. Annex has also been provided in the end. The paper uses the data from all the legitimate data sources of the Government of India. Different conlusions have also been drawn with the help of different papers published in the past, details of which are given in the references.
BRICS, Customs, Excise, CenVAT, FDI, International Trade, Socio-economic indicators
