Goods ans Services Tax (GST) is an indirect tax which was introduced in India on 1 July 2017 and was applicable throughout India which replaced multiple cascading taxes levied by the central and state governments.
Goods and Services Tax (GST) is an indirect tax that has replaced several indirect taxes in India. It is levied as Central GST (CGST) on intra-state supplies by the central government and as State GST (SGST) on intra-state supplies by state governments. For inter-state supplies, Integrated GST (IGST) is levied by the central government. GST rates vary from 0% to 28% in India, with the standard rates being 5%, 12%, 18% and 28%. The three-tier structure of CGST, SGST and IGST was implemented to help taxpayers take credits across states and ensure a seamless flow of input tax credits.
The document summarizes the key points of the Indian Economic Survey 2017-18. It was presented by the Finance Ministry to the parliament on January 29, 2018. The survey has two volumes, reviewing India's economic performance in the previous year and outlining new policies and ideas. It highlights major reforms such as the Goods and Services Tax and the bankruptcy code, and expectations of higher growth. The survey forecasts GDP growth of between 7-7.5% for FY2018-19 and inflation to remain below 4%.
Everything you want to known about GST is here and you can use it for increase your knowledge as well as make your own project with the material provided here.
The document discusses how the Goods and Services Tax Network (GSTN) can help Micro, Small and Medium Enterprises (MSMEs) in India. It provides an overview of the GSTN structure and services, and analyzes the roles and challenges of GSTN for MSME taxpayers. The study found that GSTN has significantly impacted MSME performance by facilitating registration, returns filing and payments. While GSTN faces challenges like system response issues, it provides several services and initiatives that are beneficial for MSMEs in the long run. Overall, the GSTN is an important tool that MSMEs can utilize to improve their operations and growth.
Introduction to Goods and Services Tax Aditya Singh
The document provides information about Goods and Services Tax (GST) in India. It discusses how GST was introduced through the 101st amendment to the Constitution of India and came into effect on July 1, 2017. GST is a single, unified indirect tax that subsumes multiple taxes into a single tax. It aims to create a single, national market and make India a common market.
A Pre Experimental Study to Assess the Effectiveness of Planned Teaching Prog...ijtsrd
Background Health is considered as one of the most important values of life. Certain illnesses can also change the client’s body image or physical appearance weakness, loss of limb, and severe scarring. The client’s self esteem and self concept will also be affected. Early detection and treatment is one of the measures to prevent illness and also to reduce complications and death. Objective The study aimed to assess the effectiveness of planned teaching programme on knowledge towards safe handling of chemotherapeutics drugs among staff nurses in Cancer hospital Gwalior M.P. Methods The research design selected for the study was pre experimental one group pre test posttest . Structured knowledge questionnaire developed to assess the knowledge of staff nurses regarding safe handling of chemotherapeutic drugs. Bhoori Singh | Sunita Tomar | Sunita Singh "A Pre-Experimental Study to Assess the Effectiveness of Planned Teaching Programme on Knowledge towards Safe Handling of Chemotherapeutics Drugs among Staff Nurses in C.H.R.I Gwalior (M.P)" Published in International Journal of Trend in Scientific Research and Development (ijtsrd), ISSN: 2456-6470, Volume-5 | Issue-4 , June 2021, URL: https://www.ijtsrd.compapers/ijtsrd42353.pdf Paper URL: https://www.ijtsrd.commedicine/nursing/42353/a-preexperimental-study-to-assess-the-effectiveness-of-planned-teaching-programme-on-knowledge-towards-safe-handling-of-chemotherapeutics-drugs-among-staff-nurses-in-chri-gwalior-mp/bhoori-singh
The issue of widening of tax base of the country has been a subject matter which has received considerable attention of the successive Governments over the years. There has been intense debate on the subject in the recent past also. FICCI has come up with an analysis in the form of a paper titled ‘Widening of tax base and tackling black money’. The document identifies the root causes of generation of black money in India, sectors where black money generation is prevalent and suggestions to uncover the generation, accumulation and distribution of black money within the Indian economy. A copy of the aforesaid study has been submitted to the Revenue Secretary and other officials of the Ministry of Finance.
The document summarizes the key points of India's Economic Survey 2017-2018. The survey is presented annually in Parliament by the Finance Minister to review the economic development of the previous fiscal year and outline the short to medium term economic outlook. Some of the major highlights from Economic Survey 2017-2018 include: the successful launch of the Goods and Services Tax; progress made in resolving the twin balance sheet problem of stressed corporate and bank balance sheets; improved ratings and rankings for India; GDP growth of 6.75% for FY2018 and a projected 7-7.5% for FY2019; and fiscal deficit of 3.2% of GDP for FY2018. The survey also discusses inflation trends, tax base expansion, external
Goods and Services Tax (GST) is an indirect tax that has replaced several indirect taxes in India. It is levied as Central GST (CGST) on intra-state supplies by the central government and as State GST (SGST) on intra-state supplies by state governments. For inter-state supplies, Integrated GST (IGST) is levied by the central government. GST rates vary from 0% to 28% in India, with the standard rates being 5%, 12%, 18% and 28%. The three-tier structure of CGST, SGST and IGST was implemented to help taxpayers take credits across states and ensure a seamless flow of input tax credits.
The document summarizes the key points of the Indian Economic Survey 2017-18. It was presented by the Finance Ministry to the parliament on January 29, 2018. The survey has two volumes, reviewing India's economic performance in the previous year and outlining new policies and ideas. It highlights major reforms such as the Goods and Services Tax and the bankruptcy code, and expectations of higher growth. The survey forecasts GDP growth of between 7-7.5% for FY2018-19 and inflation to remain below 4%.
Everything you want to known about GST is here and you can use it for increase your knowledge as well as make your own project with the material provided here.
The document discusses how the Goods and Services Tax Network (GSTN) can help Micro, Small and Medium Enterprises (MSMEs) in India. It provides an overview of the GSTN structure and services, and analyzes the roles and challenges of GSTN for MSME taxpayers. The study found that GSTN has significantly impacted MSME performance by facilitating registration, returns filing and payments. While GSTN faces challenges like system response issues, it provides several services and initiatives that are beneficial for MSMEs in the long run. Overall, the GSTN is an important tool that MSMEs can utilize to improve their operations and growth.
Introduction to Goods and Services Tax Aditya Singh
The document provides information about Goods and Services Tax (GST) in India. It discusses how GST was introduced through the 101st amendment to the Constitution of India and came into effect on July 1, 2017. GST is a single, unified indirect tax that subsumes multiple taxes into a single tax. It aims to create a single, national market and make India a common market.
A Pre Experimental Study to Assess the Effectiveness of Planned Teaching Prog...ijtsrd
Background Health is considered as one of the most important values of life. Certain illnesses can also change the client’s body image or physical appearance weakness, loss of limb, and severe scarring. The client’s self esteem and self concept will also be affected. Early detection and treatment is one of the measures to prevent illness and also to reduce complications and death. Objective The study aimed to assess the effectiveness of planned teaching programme on knowledge towards safe handling of chemotherapeutics drugs among staff nurses in Cancer hospital Gwalior M.P. Methods The research design selected for the study was pre experimental one group pre test posttest . Structured knowledge questionnaire developed to assess the knowledge of staff nurses regarding safe handling of chemotherapeutic drugs. Bhoori Singh | Sunita Tomar | Sunita Singh "A Pre-Experimental Study to Assess the Effectiveness of Planned Teaching Programme on Knowledge towards Safe Handling of Chemotherapeutics Drugs among Staff Nurses in C.H.R.I Gwalior (M.P)" Published in International Journal of Trend in Scientific Research and Development (ijtsrd), ISSN: 2456-6470, Volume-5 | Issue-4 , June 2021, URL: https://www.ijtsrd.compapers/ijtsrd42353.pdf Paper URL: https://www.ijtsrd.commedicine/nursing/42353/a-preexperimental-study-to-assess-the-effectiveness-of-planned-teaching-programme-on-knowledge-towards-safe-handling-of-chemotherapeutics-drugs-among-staff-nurses-in-chri-gwalior-mp/bhoori-singh
The issue of widening of tax base of the country has been a subject matter which has received considerable attention of the successive Governments over the years. There has been intense debate on the subject in the recent past also. FICCI has come up with an analysis in the form of a paper titled ‘Widening of tax base and tackling black money’. The document identifies the root causes of generation of black money in India, sectors where black money generation is prevalent and suggestions to uncover the generation, accumulation and distribution of black money within the Indian economy. A copy of the aforesaid study has been submitted to the Revenue Secretary and other officials of the Ministry of Finance.
The document summarizes the key points of India's Economic Survey 2017-2018. The survey is presented annually in Parliament by the Finance Minister to review the economic development of the previous fiscal year and outline the short to medium term economic outlook. Some of the major highlights from Economic Survey 2017-2018 include: the successful launch of the Goods and Services Tax; progress made in resolving the twin balance sheet problem of stressed corporate and bank balance sheets; improved ratings and rankings for India; GDP growth of 6.75% for FY2018 and a projected 7-7.5% for FY2019; and fiscal deficit of 3.2% of GDP for FY2018. The survey also discusses inflation trends, tax base expansion, external
Union Budget 2015-16 - A bird’s eye view - Dr Sanjiv AgarwalD Murali ☆
Union Budget 2015-16 - A bird’s eye view - Dr Sanjiv Agarwal - Article published in Business Advisor, dated March 10, 2015 http://www.magzter.com/IN/Shrinikethan/Business-Advisor/Business/
India Tax Insights (October-December 2014)elithomas202
The document summarizes key aspects of implementing an effective Goods and Services Tax (GST) system in India based on lessons from international experience and best practices. It discusses that for GST to be successful, it must have: 1) a comprehensive tax base applying to all goods and services with no exemptions; 2) a moderate single tax rate to simplify compliance; 3) well-thought out "place of supply" rules to appropriately divide the tax base among states; and 4) a robust IT infrastructure in the form of a single GST network platform. Excluding sectors like real estate, petroleum and alcohol from the tax base could undermine the aims of GST by increasing tax cascading and litigation.
Economics Class 12 CBSE project on GST (Goods and Services Tax)Harjinder Singh
This is a Class 12 Economics Project as per the guidelines 2019-20, CBSE.
Unit: Macroeconomics
Topic: GST (Goods and Services Tax)
▽ Check out my other projects
▽ Accountancy
• Comprehensive Project - 1: https://youtu.be/4y6LY6__yeA
• Analysis of Cash Flow Statement: https://youtu.be/HCa-HBkpHmQ
▽ Business Studies
• Changes in the import and export patterns: https://www.youtube.com/watch?v=lKHgT...
• Changing role of women: https://youtu.be/lvcn-VQgUG8
• MARKETING MANAGEMENT
◦ Beverages: https://www.youtube.com/watch?v=vJxwn...
◦ Mobile: https://www.youtube.com/watch?v=mUq6H...
◦ Sarees: https://youtu.be/s2erj6tkLHw
◦ Toothpaste: https://www.youtube.com/watch?v=JZll_...
• Principles of Management: https://www.youtube.com/watch?v=HzuZ2...
▽ Economics
• Demonetization in India: https://youtu.be/ksnIU6ewifE
• Government Budget & Its Components: https://youtu.be/Uc9EKqBOXAA
INDIRECT TAX REVENUE - AN ASSESSMENT OF CENTAL V/S STATE GOVERNMENT IAEME Publication
Tax collection in India is primarily done under the category of direct and indirect sources of tax by three tier system that is, the central government, the state government and the local government. However, the concentrate of present study is on the assessment of indirect tax revenues by central and state government. In addition to this certain statistical tools are also applied in order to present a livelier picture of tax collection by central government and state government through indirect sources.
Impact of gst on automobile industry in india pptAksharaMahesh
This document discusses taxes in India and the introduction of the Goods and Services Tax (GST). It notes that previously, taxes were levied separately by the central and state governments, but GST unified indirect taxes. GST is levied at each stage of production and distribution. The document examines the impact of GST on the automobile industry, finding that rates decreased for most small cars but increased for some larger vehicles. It also explores uncertainties faced in the initial implementation of GST, such as changing cess rates.
India Union Budget 2016 - An Overview | A BDO India PublicationOperations BDO
Dear Reader, India Budget 2016 was delivered by the Finance Minister, Mr. Arun Jaitley on February 29,2016. This Budget appears a sincere attempt to deliver on key expectations and address major challenges within the economic constraints. The budget has been spelt with fiscal consolidation at the core defining the pillars for growth of the economy and leaves a lot of the year to unfold. BDO India LLP brings together an analysis of key changes set out in the Union Budget in their proprietary: INDIA UNION BUDGET 2016 - An Overview.
This project is undertaken to fulfill information needs of the user at two levels i.e. Macro Level and Micro Level
On a macro level, it aims to provide a single document which can provide information about the impact of GST on various sectors like logistics, eCommerce, pharma, telecommunication, textile, real estate, agriculture, automobiles, small medium enterprises and startups.
Further, on a micro level, it aims to provide information to a businessperson information about GST from a business perspective so that one is able to (a) Comply with the law and (b) collect and pay to the government the correct amount of taxes on time and (c) Does not miss out on any credits that are available.
The budget document discusses key changes made in the Union Budget 2017 presented by the Finance Minister, including:
- The budget date was advanced to February 1 to allow ministries time to implement activities from April 1.
- The railway budget was merged with the general budget, discontinuing a colonial-era practice.
- Classification of expenditures as plan and non-plan was removed, with allocation divided into capital and revenue.
- Measures were introduced to curb black money while focusing on rural growth and digitizing the economy. Tax relief was provided for individuals and small companies.
The budget aims to transform, energize, and clean India with a focus on long-term vision.
The budget has allocated Rs. 2,74,114 crore for defence which is a marginal increase of 5.4% over last year's revised estimates. This is expected to have a positive impact on defence companies like BEL, BEML, Bharat Dynamics, Hindustan Aeronautics etc. as it indicates continued government support and spending on modernizing the armed forces. The allocation is expected to translate into new orders and contracts for these companies involved in defence manufacturing. However, the increase is modest and some see it as insufficient given India's security challenges and ambitions of indigenization.
The Union Budget 2017-18 aims to improve the quality of growth and life of citizens. Key priorities include farmers, rural development, skills development for youth, and welfare of the poor. Infrastructure development remains a focus. Fiscal deficit is targeted at 3.2% of GDP for 2017-18. Prudent fiscal management aims to achieve fiscal targets while increasing capital expenditures. The budget emphasizes use of digital technology and improving tax administration.
This document discusses the impact of Goods and Services Tax (GST) on the Indian economy. It is submitted by 4 students and examines the benefits of GST. GST will simplify tax administration and promote ease of doing business. It will reshape India's indirect tax structure by subsuming many taxes into one. This will improve business efficiency. GST will also boost exports and GDP by 1-2% by making exports more competitive and reducing production costs. It will create a unified Indian market and reduce logistics costs. Overall, GST promises significant benefits to businesses, governments, and consumers in India.
Daily dose of professional updates in newsletter form- 2nd September 2019CA PRADEEP GOYAL
Here is your Daily dose of professional updates in newsletter form- 2nd September, 2019
Succinct newsletter on Daily updates related to-
GST with advance rulings and judgements
Corporate law
SEBI
ICAI
ICSI
RBI
MSMEs
Income Tax with daily judgements
Start-ups
New Bills/Acts
Various news related to profession
Updates from various union ministries including replies in parliament
Latest happenings in economy and finance
Newsletter on daily professional updates- 25th October, 2019CA PRADEEP GOYAL
“There is no wealth like knowledge, and no poverty like ignorance”
Here is your Daily dose of professional updates in newsletter form- 25th October 2019
The weekly media update provides news clips from various media sources related to Balmer Lawrie and other public sector enterprises (PSEs) in India. The clips discuss topics like brighter growth prospects for India's economy in the coming years according to an HSBC report, ASSOCHAM forecasting 7% GDP growth in 2018, India's expected economy size of $6.5-7 trillion by 2030, the government planning additional spending of Rs. 66,113 crore which may impact the fiscal deficit target, and the government considering privatizing some profitable PSEs along with loss-making ones.
The document summarizes key aspects of India's 2017-18 Union Budget. It outlines the agenda for the year, which focuses on transforming governance, energizing various sections of society, and cleaning the country from issues like corruption. It also summarizes major policy announcements, including liberalizing FDI rules and listing railway PSEs, as well as key proposals for direct taxes like income tax rates and corporate tax rates, and indirect taxes including changes to customs and excise duty tariffs.
Implications of Tax Reforms in Indirect Tax Collections of the Government of ...Dr. Amarjeet Singh
In this paper, an attempt has been made to analyse the implications of tax reforms after the economic liberalization in 1991 with respect to collection of indirect tax revenue of the Government of India during the last two decades (2000-20). The composition of indirect tax revenue of the Government has undergone a drastic change during the last two decades. Post implementation of the GST Act, the levy of Central Excise has been restricted to petroleum and tobacco products and GST has evolved as the major contributor to the indirect tax revenue collections followed by the Customs Duty. Comparative analysis of indirect tax collections of the Central Government with respect to its growth, share in gross tax revenue, percentage of GDP and composition has been done for the period from 2000-01 to 2019-20. The current study has revealed the growth rate of indirect taxes has not only been uneven but also declined during the year 2001-02, 2008-09 and 2009-10. The share of indirect tax in the gross tax revenue has also gradually declined from 63% in 2000-01 to 46% in 2019-20%. The indirect tax-GDP ratio has remained stagnant in the range of 3.5 to 5.5 % during the last two decades.
To discuss the ongoing changes in the Indian Economy, Laws and Policies which are catalyzing the process of India becoming an attractive investment destination and to walk through the process of "Doing Business in India”.
India's annual economic growth slumped in the January-March quarter to a nine-year low of 5.3% as the manufacturing sector shrank and a fall in the rupee to a record low suggests the economy remains under pressure in the current quarter.
The Good and services tax (GST) is the biggest and substantial indirect tax reform since 1947. The main idea of GST is to replace existing taxes like value-added tax, excise duty, service tax and sales tax. GST as it is known is all set to be a game changer for the Indian economy. India as world’s one of the biggest democratic country follow the federal tax system for levy and collection of various taxes.GST tax system plays a vital role in growth of India.GST cover 12 taxes (Like Vat, Sale tax, CST, KKC etc). GST is one of the most crucial tax reforms in India which has been long pending. It will be levied on manufacture sale and consumption of goods and services. GST is expected to address the cascading effect of the existing tax structure and result in uniting the country economically.
This document provides an overview of Goods and Service Tax (GST) in India. It discusses the history of GST in India from 2000 to 2017 when it was implemented. It describes key features of GST such as applying a dual GST model concurrently by the central and state governments, categorizing goods and services into five tax slabs, and exempting certain items like petroleum from GST. The goals of GST are to replace existing indirect taxes and harmonize tax rates and structures across the country.
A COMPARATIVE STUDY OF GST VAT IN THREE CONSECUTIVE TERMS WITH SPECIAL REF...Sheila Sinclair
The document provides a comparative study of the Goods and Services Tax (GST) system and the previous Value Added Tax (VAT) system in India over three consecutive terms, with a focus on the pre- and post-implementation of GST. It analyzes the impact of GST on businesses and the economy through surveys of industries. Some key findings are that over half of respondents reported decreased revenue after GST adoption, and the system was seen as less transparent than the previous VAT system. The implementation of GST in 2017 aimed to simplify taxation and boost economic growth by widening the tax base.
Union Budget 2015-16 - A bird’s eye view - Dr Sanjiv AgarwalD Murali ☆
Union Budget 2015-16 - A bird’s eye view - Dr Sanjiv Agarwal - Article published in Business Advisor, dated March 10, 2015 http://www.magzter.com/IN/Shrinikethan/Business-Advisor/Business/
India Tax Insights (October-December 2014)elithomas202
The document summarizes key aspects of implementing an effective Goods and Services Tax (GST) system in India based on lessons from international experience and best practices. It discusses that for GST to be successful, it must have: 1) a comprehensive tax base applying to all goods and services with no exemptions; 2) a moderate single tax rate to simplify compliance; 3) well-thought out "place of supply" rules to appropriately divide the tax base among states; and 4) a robust IT infrastructure in the form of a single GST network platform. Excluding sectors like real estate, petroleum and alcohol from the tax base could undermine the aims of GST by increasing tax cascading and litigation.
Economics Class 12 CBSE project on GST (Goods and Services Tax)Harjinder Singh
This is a Class 12 Economics Project as per the guidelines 2019-20, CBSE.
Unit: Macroeconomics
Topic: GST (Goods and Services Tax)
▽ Check out my other projects
▽ Accountancy
• Comprehensive Project - 1: https://youtu.be/4y6LY6__yeA
• Analysis of Cash Flow Statement: https://youtu.be/HCa-HBkpHmQ
▽ Business Studies
• Changes in the import and export patterns: https://www.youtube.com/watch?v=lKHgT...
• Changing role of women: https://youtu.be/lvcn-VQgUG8
• MARKETING MANAGEMENT
◦ Beverages: https://www.youtube.com/watch?v=vJxwn...
◦ Mobile: https://www.youtube.com/watch?v=mUq6H...
◦ Sarees: https://youtu.be/s2erj6tkLHw
◦ Toothpaste: https://www.youtube.com/watch?v=JZll_...
• Principles of Management: https://www.youtube.com/watch?v=HzuZ2...
▽ Economics
• Demonetization in India: https://youtu.be/ksnIU6ewifE
• Government Budget & Its Components: https://youtu.be/Uc9EKqBOXAA
INDIRECT TAX REVENUE - AN ASSESSMENT OF CENTAL V/S STATE GOVERNMENT IAEME Publication
Tax collection in India is primarily done under the category of direct and indirect sources of tax by three tier system that is, the central government, the state government and the local government. However, the concentrate of present study is on the assessment of indirect tax revenues by central and state government. In addition to this certain statistical tools are also applied in order to present a livelier picture of tax collection by central government and state government through indirect sources.
Impact of gst on automobile industry in india pptAksharaMahesh
This document discusses taxes in India and the introduction of the Goods and Services Tax (GST). It notes that previously, taxes were levied separately by the central and state governments, but GST unified indirect taxes. GST is levied at each stage of production and distribution. The document examines the impact of GST on the automobile industry, finding that rates decreased for most small cars but increased for some larger vehicles. It also explores uncertainties faced in the initial implementation of GST, such as changing cess rates.
India Union Budget 2016 - An Overview | A BDO India PublicationOperations BDO
Dear Reader, India Budget 2016 was delivered by the Finance Minister, Mr. Arun Jaitley on February 29,2016. This Budget appears a sincere attempt to deliver on key expectations and address major challenges within the economic constraints. The budget has been spelt with fiscal consolidation at the core defining the pillars for growth of the economy and leaves a lot of the year to unfold. BDO India LLP brings together an analysis of key changes set out in the Union Budget in their proprietary: INDIA UNION BUDGET 2016 - An Overview.
This project is undertaken to fulfill information needs of the user at two levels i.e. Macro Level and Micro Level
On a macro level, it aims to provide a single document which can provide information about the impact of GST on various sectors like logistics, eCommerce, pharma, telecommunication, textile, real estate, agriculture, automobiles, small medium enterprises and startups.
Further, on a micro level, it aims to provide information to a businessperson information about GST from a business perspective so that one is able to (a) Comply with the law and (b) collect and pay to the government the correct amount of taxes on time and (c) Does not miss out on any credits that are available.
The budget document discusses key changes made in the Union Budget 2017 presented by the Finance Minister, including:
- The budget date was advanced to February 1 to allow ministries time to implement activities from April 1.
- The railway budget was merged with the general budget, discontinuing a colonial-era practice.
- Classification of expenditures as plan and non-plan was removed, with allocation divided into capital and revenue.
- Measures were introduced to curb black money while focusing on rural growth and digitizing the economy. Tax relief was provided for individuals and small companies.
The budget aims to transform, energize, and clean India with a focus on long-term vision.
The budget has allocated Rs. 2,74,114 crore for defence which is a marginal increase of 5.4% over last year's revised estimates. This is expected to have a positive impact on defence companies like BEL, BEML, Bharat Dynamics, Hindustan Aeronautics etc. as it indicates continued government support and spending on modernizing the armed forces. The allocation is expected to translate into new orders and contracts for these companies involved in defence manufacturing. However, the increase is modest and some see it as insufficient given India's security challenges and ambitions of indigenization.
The Union Budget 2017-18 aims to improve the quality of growth and life of citizens. Key priorities include farmers, rural development, skills development for youth, and welfare of the poor. Infrastructure development remains a focus. Fiscal deficit is targeted at 3.2% of GDP for 2017-18. Prudent fiscal management aims to achieve fiscal targets while increasing capital expenditures. The budget emphasizes use of digital technology and improving tax administration.
This document discusses the impact of Goods and Services Tax (GST) on the Indian economy. It is submitted by 4 students and examines the benefits of GST. GST will simplify tax administration and promote ease of doing business. It will reshape India's indirect tax structure by subsuming many taxes into one. This will improve business efficiency. GST will also boost exports and GDP by 1-2% by making exports more competitive and reducing production costs. It will create a unified Indian market and reduce logistics costs. Overall, GST promises significant benefits to businesses, governments, and consumers in India.
Daily dose of professional updates in newsletter form- 2nd September 2019CA PRADEEP GOYAL
Here is your Daily dose of professional updates in newsletter form- 2nd September, 2019
Succinct newsletter on Daily updates related to-
GST with advance rulings and judgements
Corporate law
SEBI
ICAI
ICSI
RBI
MSMEs
Income Tax with daily judgements
Start-ups
New Bills/Acts
Various news related to profession
Updates from various union ministries including replies in parliament
Latest happenings in economy and finance
Newsletter on daily professional updates- 25th October, 2019CA PRADEEP GOYAL
“There is no wealth like knowledge, and no poverty like ignorance”
Here is your Daily dose of professional updates in newsletter form- 25th October 2019
The weekly media update provides news clips from various media sources related to Balmer Lawrie and other public sector enterprises (PSEs) in India. The clips discuss topics like brighter growth prospects for India's economy in the coming years according to an HSBC report, ASSOCHAM forecasting 7% GDP growth in 2018, India's expected economy size of $6.5-7 trillion by 2030, the government planning additional spending of Rs. 66,113 crore which may impact the fiscal deficit target, and the government considering privatizing some profitable PSEs along with loss-making ones.
The document summarizes key aspects of India's 2017-18 Union Budget. It outlines the agenda for the year, which focuses on transforming governance, energizing various sections of society, and cleaning the country from issues like corruption. It also summarizes major policy announcements, including liberalizing FDI rules and listing railway PSEs, as well as key proposals for direct taxes like income tax rates and corporate tax rates, and indirect taxes including changes to customs and excise duty tariffs.
Implications of Tax Reforms in Indirect Tax Collections of the Government of ...Dr. Amarjeet Singh
In this paper, an attempt has been made to analyse the implications of tax reforms after the economic liberalization in 1991 with respect to collection of indirect tax revenue of the Government of India during the last two decades (2000-20). The composition of indirect tax revenue of the Government has undergone a drastic change during the last two decades. Post implementation of the GST Act, the levy of Central Excise has been restricted to petroleum and tobacco products and GST has evolved as the major contributor to the indirect tax revenue collections followed by the Customs Duty. Comparative analysis of indirect tax collections of the Central Government with respect to its growth, share in gross tax revenue, percentage of GDP and composition has been done for the period from 2000-01 to 2019-20. The current study has revealed the growth rate of indirect taxes has not only been uneven but also declined during the year 2001-02, 2008-09 and 2009-10. The share of indirect tax in the gross tax revenue has also gradually declined from 63% in 2000-01 to 46% in 2019-20%. The indirect tax-GDP ratio has remained stagnant in the range of 3.5 to 5.5 % during the last two decades.
To discuss the ongoing changes in the Indian Economy, Laws and Policies which are catalyzing the process of India becoming an attractive investment destination and to walk through the process of "Doing Business in India”.
India's annual economic growth slumped in the January-March quarter to a nine-year low of 5.3% as the manufacturing sector shrank and a fall in the rupee to a record low suggests the economy remains under pressure in the current quarter.
The Good and services tax (GST) is the biggest and substantial indirect tax reform since 1947. The main idea of GST is to replace existing taxes like value-added tax, excise duty, service tax and sales tax. GST as it is known is all set to be a game changer for the Indian economy. India as world’s one of the biggest democratic country follow the federal tax system for levy and collection of various taxes.GST tax system plays a vital role in growth of India.GST cover 12 taxes (Like Vat, Sale tax, CST, KKC etc). GST is one of the most crucial tax reforms in India which has been long pending. It will be levied on manufacture sale and consumption of goods and services. GST is expected to address the cascading effect of the existing tax structure and result in uniting the country economically.
This document provides an overview of Goods and Service Tax (GST) in India. It discusses the history of GST in India from 2000 to 2017 when it was implemented. It describes key features of GST such as applying a dual GST model concurrently by the central and state governments, categorizing goods and services into five tax slabs, and exempting certain items like petroleum from GST. The goals of GST are to replace existing indirect taxes and harmonize tax rates and structures across the country.
A COMPARATIVE STUDY OF GST VAT IN THREE CONSECUTIVE TERMS WITH SPECIAL REF...Sheila Sinclair
The document provides a comparative study of the Goods and Services Tax (GST) system and the previous Value Added Tax (VAT) system in India over three consecutive terms, with a focus on the pre- and post-implementation of GST. It analyzes the impact of GST on businesses and the economy through surveys of industries. Some key findings are that over half of respondents reported decreased revenue after GST adoption, and the system was seen as less transparent than the previous VAT system. The implementation of GST in 2017 aimed to simplify taxation and boost economic growth by widening the tax base.
Traditionally India’s tax regime relied heavily on indirect taxes. Revenue from indirect taxes was the major source of tax revenue till tax reforms were undertaken during nineties. The major argument put forth for heavy reliance on indirect taxes was that the India’s majority of population was poor and thus widening base of direct taxes had inherent limitations. But the Indian system of indirect taxation is characterized by cascading, distorting tax on production of goods and services which leads to hampering productivity and slower economic growth. There are endless taxes in present system few levied by Centre and rest levied by state, to remove this multiplicity of taxes and reducing the burden of the tax payer a simple tax is required and that is Goods and Service Tax (GST). This paper throws an insight into the Goods and Service Tax concept, advantages, disadvantages and international scenario
GST A Journey to Make India a Single Tax Economyijtsrd
Goods and Service tax is the Comprehensive levy on the goods and services at the stage of consumption. This paper will try to highlight the changes in out indirect structure that has finally resulted in the introduction of GST. This paper gives a detailed account of how we started with L.K. Jha Committee report in 1976 and ended up with 101st Constitutional Amendment Act that led to the unification of the Economy. The GST is also very important from the view of Cooperative federalism because the introduction of GST was not possible if the State and Central Government would not have forgo some of there power to tax under 7th schedule. The paper has tried to cover the whole journey of GST and the need for integrated tax structure in India. The paper will further evaluate the policy changes and its impact in past 3 years. Manisha Patawari | Dr. S. P. Srivastava "GST: A Journey to Make India a Single Tax Economy" Published in International Journal of Trend in Scientific Research and Development (ijtsrd), ISSN: 2456-6470, Volume-4 | Issue-4 , June 2020, URL: https://www.ijtsrd.com/papers/ijtsrd31326.pdf Paper Url :https://www.ijtsrd.com/management/law-and-management/31326/gst-a-journey-to-make-india-a-single-tax-economy/manisha-patawari
EXPLAINING ABT GST CLAUSE, RULES REGULATION
Executive Summary…………………………………………….1
i
Background of GST within and outside India
ii
Preparation for GST
iii
Need for GST
2
Objective of Study……………………………………………....9
i
Benefits and simplification of GST model in India
3
Scope of GST…………………………………………………...16
4
Literature Review……………………………………………...17
5
Research model………………………………………………...18
6
Data Collection………………………………………………...18
i
Dual GST model to be introduced in India
ii
GST Portal
iii
GST Registration, GSTIN
iv
Composition Dealer, Applicability
v
Migration to GST
vi
Penalties of not registering under GST
vii
Multiple Registration under GST
viii
Input tax credit
ix
x
GST software
GST rate comparison existing tax system v/s new tax system
7
xi
GST return procedure
Data Analysis…………………………………………..............37
i
GST calculation
ii
GST benefit to common man
iii
Impact of GST (Overall, On India, Indian Economy)
8
Negative List…………………………………………………...46
9
List of Tax not considered under GST……………………….48
10
Limitation (Why no to GST)………………………………….49
11
Conclusion……………………………………………………...51
12
Recommendation…………………………………………........53
GST and Indian Manufacturing Sector
The document discusses the impact of GST on the Indian manufacturing sector. It provides background on the manufacturing sector and issues with the previous indirect taxation system, such as cascading taxes. It then describes the history of GST in India and implementation in 2017. Key impacts of GST on manufacturing include simplification, reduced costs through elimination of entry taxes, improved cash flows due to input tax credits, and restructuring of supply chains for efficiency. Overall, GST is expected to boost the manufacturing sector by lowering costs and prices through removal of cascading taxes.
GST came to India as a medicine that would treat taxable diseases at one go. It was described by economists as the biggest economic reform after independence. Till the year 2017 indirect tax structure in India was a complex mixture of central taxes and state taxes, here different types of taxes were levied at different stages, which made the tax structure difficult and most of the taxes were not adjusted for this system tax. Increases effect such as taxes on taxes that increase the value of products and services. This economic reform is extremely essential for an emerging economic power like India. Impact of The last deputy speaker from the government, the government and the economy will present its influence in both positive and negative forms. This research of mine will throw light on the study of these two sides. Dr. Sumit Trivedi "Impact of GST on Different Classes" Published in International Journal of Trend in Scientific Research and Development (ijtsrd), ISSN: 2456-6470, Volume-5 | Issue-4 , June 2021, URL: https://www.ijtsrd.compapers/ijtsrd42333.pdf Paper URL: https://www.ijtsrd.commanagement/accounting-and-finance/42333/impact-of-gst-on-different-classes/dr-sumit-trivedi
1) The document discusses the proposed implementation of Goods and Services Tax (GST) in India and how it will lead to economic growth.
2) GST is expected to simplify India's tax structure, increase tax collection, and create a common national market, reducing costs for businesses.
3) Studies estimate that GST could increase India's economic growth by 0.9-1.7% annually and boost annual government revenues by $15 billion by expanding the tax base and reducing evasion.
4) Implementing GST as a unified indirect tax is projected to facilitate investment, manufacturing, trade between states, and overall economic development in India.
The document provides an analysis of the proposed Goods and Services Tax (GST) in India. It discusses the current status of the GST bill, which has been passed by the Lok Sabha but is pending in the Rajya Sabha. There are some issues still being debated, such as the GST rate. The document also analyzes how GST will work in India as a dual GST model with both central and state governments levying tax. It outlines the scope of goods and services to be taxed under GST and how the levy will be implemented. Overall the analysis finds that GST could boost economic growth and make India's tax regime more efficient and transparent.
GST is an indirect tax imposed on the supply of goods and services in India. It is levied at multiple stages of production but is meant to be refunded at all stages except to the final consumer. GST has replaced several indirect taxes and is divided into five tax slabs. The GST was launched on July 1, 2017 through a historic midnight session of parliament. However, the opposition parties boycotted the launch due to concerns over the economic impact on lower and middle class Indians.
The document discusses the rationale and benefits of implementing the Goods and Services Tax (GST) in India. It aims to overcome deficiencies in earlier tax laws by creating a common market with uniform tax rates and procedures. This would boost investment, reduce tax evasion, and improve tax compliance. GST benefits various stakeholders by simplifying the tax system, reducing cascading taxes, and mitigating price increases through input tax credits. Key aspects of GST include the types of taxes, governing acts and councils, and recommendations on tax rates, exemptions, and special provisions for certain states. Overall, GST aims to develop a national market, increase exports and revenues, and make the taxation system more transparent.
Does Goods and Services Tax (GST) Leads to Indian Economic Development?iosrjce
IOSR Journal of Business and Management (IOSR-JBM) is a double blind peer reviewed International Journal that provides rapid publication (within a month) of articles in all areas of business and managemant and its applications. The journal welcomes publications of high quality papers on theoretical developments and practical applications inbusiness and management. Original research papers, state-of-the-art reviews, and high quality technical notes are invited for publications.
The Automobile industry in India is one of the most successful manufacturing space from past liberalization. The industry has potential to grow to become a major economic contributor. The
Government of India has also recognized the importance of Automobile industry holds in the Indian economy and hence is currently working on Automotive Mission Plan 2026 to set targets for the industry for the year 2026. The Government of India has planned to implement of GST to the manufacturing sector in India. The objective of this study is the impact of GST on Automobile sector in India.
TAX REFORM FOR DEVELOPING VIABLE AND SUSTAINABLE TAX SYSTEMS IN INDIA WITH SP...IAEME Publication
This document discusses tax reform in India, specifically focusing on implementing the Goods and Services Tax (GST). It provides background on India's taxation system and history of reforms. The key objectives of GST are outlined, such as removing cascading taxes, integrating separate indirect taxes, and creating a single common market. The literature review discusses past research on topics like tax evasion, compliance, and the potential impacts of GST. Finally, the impacts of GST on various sectors like fast moving consumer goods are examined. In under 3 sentences, this document analyzes India's taxation system reforms, with a focus on the objectives and potential impacts of implementing the Goods and Services Tax.
The document summarizes the key aspects of the proposed Goods and Services Tax (GST) Bill in India. It discusses that GST will replace existing indirect taxes and be made up of Central GST and State GST. GST is expected to make the tax system more transparent by eliminating hidden taxes. It will help reduce the cost of doing business and make exports more competitive by not taxing registered retailers. The target implementation date for GST is January 2016.
A Study on Challenges and Impact of Goods and Services Tax on Various Sectors...ijtsrd
In the field of Indirect tax reforms in India, Goods and Services Tax is a noteworthy step. Many countries of the world follow GST as it ensures a comprehensive single tax system removing tax barriers and helps the economy in its efficient growth and development. GST will help Indian economy by uniform tax rates, removing double or multiple taxation and reducing goods and services prices, etc. Taxation is the major source of revenue for the government. Dr. Vijay Kelkar, a chairman of 13th Finance Commission has advised to have a scientific, rational, and modern taxation system in tune with developed countries, rightly form the base behind Goods and Service Tax introduction in India. A taxation system that facilitates growth of business and reduces tax evasion brings prosperity to the economy. The main idea behind the introduction of GST was replacement of exiting multiple taxation system. Introduction of GST will affect existing tax structure and it may have positive or negative impact on different sectors of the economy. This paper focuses on the background, benefits, objectives, challenges, and impact of GST on different areas of Indian economy. At the end, the paper draws out a certain conclusion. Prof. Kishorsinh Chauhan | Dr. Manoj Sharma "A Study on Challenges and Impact of Goods and Services Tax on Various Sectors of the Indian Economy" Published in International Journal of Trend in Scientific Research and Development (ijtsrd), ISSN: 2456-6470, Volume-7 | Issue-3 , June 2023, URL: https://www.ijtsrd.com.com/papers/ijtsrd56367.pdf Paper URL: https://www.ijtsrd.com.com/economics/other/56367/a-study-on-challenges-and-impact-of-goods-and-services-tax-on-various-sectors-of-the-indian-economy/prof-kishorsinh-chauhan
GST is an indirect tax that will unify India's tax system and make it simpler. It aims to eliminate cascading taxes, increase tax collection, and formalize the economy. The document outlines the historical background, objectives, tax structure, types of taxes, and rates under GST. It discusses advantages like removing hidden taxes and the cascading effect. Disadvantages include increased costs for small businesses and the need for online compliance. The impact on GDP is estimated to be 0.9-1.7% increase initially, though some sectors like real estate may see short-term negative effects. Overall, GST has the potential to reform India's tax system but also poses challenges during implementation.
- Kerala has faced declining tax revenue as a percentage of GSDP in recent years, posing fiscal challenges as its revenue depends heavily on GST compensation from the central government.
- While GST was expected to boost revenue, Kerala saw lower growth post-GST implementation compared to the pre-GST VAT period. Its fiscal health is closely tied to uncertain GST compensation from the centre.
- The article analyzes factors influencing Kerala's tax performance under GST, particularly issues within the federal fiscal relations between states and the central government regarding tax sharing and maintaining revenue neutrality.
Basic avenues of MBA - General Specializations .pptxlubnasadiyah
Generally practiced BA specializations in India are as follows
Human resource management, Event management (Knowledge management), Production management and Marketing management are a few in the list.
The basic concepts of all these areas are highlighted and elucidated for a better understanding that can enable to help student community realizing the various scope available in MBA Discipline.
Fix or Fit to Personality Development.pptxlubnasadiyah
General Information about personality development for beginners and relevant concepts of management related to personality growth in real life situations.
Abraham Maslow Theory
POSDCORB principle, SWOT Analysis ,
SMART Techniques and JOHARI Window that enables
an individual in overall systematic progression of personality.
This in turn leads to motivational drive factor to determine the steadiness and consistency to achieve both personal and as well as organizational goals so called as Twin Benefits.
Rural Insurance plays a vita role in the economic progression. India being an agricultural backbone requires efforts to boost agrarian activities. The push and pull factors enable to go for insurance coverage that may comprise of Cattle Insurance, Crop Insurance, Vehicle Insurance, Theft, Burglary or Fire Insurance etc.
Insurance is the largest sector for meeting not only the unforeseen events but also provides proximity and morale to encounter the dangers, risks and perils associated with the business activity.
Dr. Lubna Suraiya is a former assistant professor, full-time research scholar, author, motivational speaker, and freelance trainer. She holds several degrees including an MBA, M.Com, M.Phil, and PhD. She has received numerous awards for her academic and professional achievements. These include gold medals for best outgoing student and individual performance, as well as best paper awards. She has also been recognized in publications and television for her community service and public speaking. Her career has involved teaching at several colleges and universities, as well as serving as a resource person to provide training and guidance.
1) Financial management involves planning, organizing, and controlling a company's monetary resources and their efficient use.
2) Common long-term sources of financing include equity shares, preference shares, debentures, and bonds which provide capital for fixed assets and long-term working capital needs.
3) Short-term financing needs are met through short-term loans and trade credit that support daily operations and expenses.
Personality Development has been the talk of the town and is the most important aspect in one's life. The students tend to develop the attitude when they approach for an interview but it is not so. This is a self-motivated task and the reflection of an individual towards his or her behaviour, character building, intelligence and perception. SWOT Analysis and Johari Window plays a crucial role in determining the potential of the individual in bringing out the backdrop and reflecting the strengths for the career advancement.
The document appears to be a program for an event held at St. John's College in Palayamkottai. It includes a welcome address by the Head of the Department of Commerce, a presidential address by the Principal of St. John's College, a keynote address by a speaker from Holy Cross College, and a vote of thanks by an Assistant Professor and Department Head from St. John's College. The event concluded with the singing of the national anthem.
This Presentation outlines the origin of trade from paleolithic age to stock exchange and how it has impacted global scenario, keeping the currency rates, economic cycles, demand and supply, competition, factors of production etc. This had an adverse effect on the entrepreneurial culture to set up a business venture.
Role of higher education in Women Empowerment : An insight on the rural mot...lubnasadiyah
Women have fiercely competing men and have excelled in various fields and education proves to be the backbone of women empowerment. Besides facing many personal, family, societal and work place issues yet their achievements gets unrecognized particularly of rural women. This presentation helps in determining the rural mother's awareness and the perceptional factors to significantly understand the importance of education.
The document presents a thought experiment about a group of children playing on train tracks, where the reader must decide whether to divert an oncoming train to a disused track in order to save most of the children, but sacrifice one child, or to let the train proceed on its track. It analyzes this decision and argues that diverting the train would be making the wrong decision, as the lone child playing safely did nothing wrong, and diverting the train could endanger passengers. The document encourages taking time to consider decisions carefully rather than acting hastily.
Monte Carl Simulation is a powerful and effective tool when used properly helps to navigate the expected Net Present Value NPV. This presentation helps to improve the pattern to ackowlege onthe Odessa Investment by Decision Dres.
The upcoming generation may have the chances of using more robotics and this advancement is taking a rapid fire glow among the heavy work culture and monotonous jobs.
Human Resource Management is very important in the daily prospects of the organizations. Out of 5 M's the prior most cadre is for Man / Men ./ Manpower leading to training improving performance appraisal and endowing the full growth of the individual as well as of the organizations helping to achieve twin benefits.
FMCG is highly focused and is currently the soul of the consumer in the market. S Target ting is the key and dynamic measurement with innovation model leading towards growth
This is the statistical tool used in quality control and a graphical technique that represents whether the process is in the state of statistical control, or not or any variations are expected.
This document provides an overview of entrepreneurs and entrepreneurship. It begins with defining the etymology of the term "entrepreneur" dating back to the 13th century French verb "entreprendre." It then discusses key economists like Jean Baptiste Say, Richard Cantillon, John Stuart Mill, and Joseph Schumpeter who further developed the concept. The document defines a simple meaning of an entrepreneur as someone who initiates a venture while taking on financial risks and innovating. It lists several reasons for the importance of entrepreneurship such as job creation, innovation, community development, and economic growth. Overall, the summary provides a high-level view of the history and definitions of entrepreneurship as well as its significance.
Problems faced by Transgender Entrepreneurs lubnasadiyah
This document discusses issues faced by transgender entrepreneurs in India. It provides an overview of problems transgender people face socially and economically in Indian society. It then discusses 7 notable transgender entrepreneurs in India. The document outlines various problems transgender entrepreneurs face, including social, economic, marketing, bureaucratic, financial, knowledge, and entrepreneurial challenges. It also discusses institutions and funding agencies available to support transgender entrepreneurs.
STREETONOMICS: Exploring the Uncharted Territories of Informal Markets throug...sameer shah
Delve into the world of STREETONOMICS, where a team of 7 enthusiasts embarks on a journey to understand unorganized markets. By engaging with a coffee street vendor and crafting questionnaires, this project uncovers valuable insights into consumer behavior and market dynamics in informal settings."
Falcon stands out as a top-tier P2P Invoice Discounting platform in India, bridging esteemed blue-chip companies and eager investors. Our goal is to transform the investment landscape in India by establishing a comprehensive destination for borrowers and investors with diverse profiles and needs, all while minimizing risk. What sets Falcon apart is the elimination of intermediaries such as commercial banks and depository institutions, allowing investors to enjoy higher yields.
OJP data from firms like Vicinity Jobs have emerged as a complement to traditional sources of labour demand data, such as the Job Vacancy and Wages Survey (JVWS). Ibrahim Abuallail, PhD Candidate, University of Ottawa, presented research relating to bias in OJPs and a proposed approach to effectively adjust OJP data to complement existing official data (such as from the JVWS) and improve the measurement of labour demand.
Falcon stands out as a top-tier P2P Invoice Discounting platform in India, bridging esteemed blue-chip companies and eager investors. Our goal is to transform the investment landscape in India by establishing a comprehensive destination for borrowers and investors with diverse profiles and needs, all while minimizing risk. What sets Falcon apart is the elimination of intermediaries such as commercial banks and depository institutions, allowing investors to enjoy higher yields.
1. Elemental Economics - Introduction to mining.pdfNeal Brewster
After this first you should: Understand the nature of mining; have an awareness of the industry’s boundaries, corporate structure and size; appreciation the complex motivations and objectives of the industries’ various participants; know how mineral reserves are defined and estimated, and how they evolve over time.
Abhay Bhutada, the Managing Director of Poonawalla Fincorp Limited, is an accomplished leader with over 15 years of experience in commercial and retail lending. A Qualified Chartered Accountant, he has been pivotal in leveraging technology to enhance financial services. Starting his career at Bank of India, he later founded TAB Capital Limited and co-founded Poonawalla Finance Private Limited, emphasizing digital lending. Under his leadership, Poonawalla Fincorp achieved a 'AAA' credit rating, integrating acquisitions and emphasizing corporate governance. Actively involved in industry forums and CSR initiatives, Abhay has been recognized with awards like "Young Entrepreneur of India 2017" and "40 under 40 Most Influential Leader for 2020-21." Personally, he values mindfulness, enjoys gardening, yoga, and sees every day as an opportunity for growth and improvement.
Economic Risk Factor Update: June 2024 [SlideShare]Commonwealth
May’s reports showed signs of continued economic growth, said Sam Millette, director, fixed income, in his latest Economic Risk Factor Update.
For more market updates, subscribe to The Independent Market Observer at https://blog.commonwealth.com/independent-market-observer.
Independent Study - College of Wooster Research (2023-2024) FDI, Culture, Glo...AntoniaOwensDetwiler
"Does Foreign Direct Investment Negatively Affect Preservation of Culture in the Global South? Case Studies in Thailand and Cambodia."
Do elements of globalization, such as Foreign Direct Investment (FDI), negatively affect the ability of countries in the Global South to preserve their culture? This research aims to answer this question by employing a cross-sectional comparative case study analysis utilizing methods of difference. Thailand and Cambodia are compared as they are in the same region and have a similar culture. The metric of difference between Thailand and Cambodia is their ability to preserve their culture. This ability is operationalized by their respective attitudes towards FDI; Thailand imposes stringent regulations and limitations on FDI while Cambodia does not hesitate to accept most FDI and imposes fewer limitations. The evidence from this study suggests that FDI from globally influential countries with high gross domestic products (GDPs) (e.g. China, U.S.) challenges the ability of countries with lower GDPs (e.g. Cambodia) to protect their culture. Furthermore, the ability, or lack thereof, of the receiving countries to protect their culture is amplified by the existence and implementation of restrictive FDI policies imposed by their governments.
My study abroad in Bali, Indonesia, inspired this research topic as I noticed how globalization is changing the culture of its people. I learned their language and way of life which helped me understand the beauty and importance of cultural preservation. I believe we could all benefit from learning new perspectives as they could help us ideate solutions to contemporary issues and empathize with others.
1. AN EPIGRAMMATIC ON THE DOWNSIDE
OF GST BILL ON CONSUMERS
Ms. LUBNA SURAIYA,
Research Scholar,
Research Department of Commerce,
St. Xavier’s College, Palayamkottai
Tirunelveli Dist, Tamil Nadu State
2.
3. INTRODUCTION
India follows the federal tax system for levy and collection of various taxes.
Different types of indirect taxes are levied and collected at different point in the supply
chain. An announcement was made by P. Chidambaram, Union Finance Minister in
the Central Budget (2007-2008) to the effect that GST would be introduced from April
1, 2010 and the Empowered Committee of State Finance Ministers, on his request,
would work with the Central Government to prepare a road map for introduction of
GST in India. An important interaction has also taken place between Pranab
Mukherjee, Union Finance Minister and the Empowered Committee (October 19,
2009) discussed on phasing out CST. The Constitution Amendment Bill for Goods and
Services Tax (GST) has been approved by The President of India in the Parliament
(Rajya Sabha on 3 August 2016) and Lok Sabha on 8 August 2016) and ratification by
more than 50% of state legislatures. The Government of India is committed to replace
all the indirect taxes levied on goods and services by the Central and State govt.
4. MILESTONE OF GST
January 2007: First
GST study released
by Dr. Shome
May–October 2007:
Empowered
Committee was
formed on GST
Models.
November 2007:
Joint Working
Group Report to
FM.
February 2008: FM
announced
introduction of GST
in 2008-2009 Budget
Speech.
April 2008: EC
finalized the views on
GST.
January 2009:
Discussion of EC on
CGST & SGST
April 2010: GST was
introduced
5. OBJECTIVES OF THE STUDY
1. To study about the concept of GST
2. To analyze the reasons that lead to GST.
3. To understand the negative consequences of GST.
METHODOLOGY
The study is based on Secondary Data. The data collection includes from:
1. National Information Utility (NIU)
2. Press Information Bureau, Government of India, Ministry of Finance.
3. Central Board of Excise and Customs.
4. Goods & Services Tax Network of Sec (8) under new companies Act, 28.03.2013
5. Alberta Treasury Board and Finance & Institute of Cost Accountants of India.
7. REASONS FOR GST
1. Economic Union of India and encourage the businessmen to focus on pan-India
operations.
2. Simple tax structure being transparent in character allows to know exactly how
much taxes are being charged and on what base to consumers.
3. Paperless work and reduction in accounting complexities. GST regime will boost
the 'Make In India' programme as manufacturers will get input tax credits for
capital goods.
4. Increasing the number of tax payers and generating the revenue for the
government.
5. Exports of Indian goods in international markets by removing custom duties.
8. IMPACT OF GST IN INDIAN ECONOMY
Reduces the tax burden
Road blockage for perishable goods in
toll plazas and check points
Eradicate Buffer Stocks
9.
10. SHORTCOMING OF GST
UBS Securities study found that the truck drivers in India spend 60% of their
time off roads negotiating check posts and toll plazas.
11 categories of taxes are levied on the road transport sector. The GST will
help bring down logistical costs.
According to the government estimates, excise tax exemptions result in
revenues of Rs. 1.8 lakh crores. The comparable figure for the states is about Rs.
1.5 lakh crores. India loses about 2.7 per cent of GDP because of exemptions.
Fear of inflation could rise in the short term under the GST tax regime, as tax
rate may go up to 18 per cent from 15%.
11. GST would impact negatively on the real estate market. It would add up to 8
percent to the cost of new homes and reduce demand by about 12 percent.
The credit of GST paid is claimed on the basis of invoice and the tie of the
payment is immaterial.
All declaration forms from industries point of view must be abolished like (Form
F, C). With regard to classification of goods are yet to be decided.
India's GST structure is complex says: IMF will improve tax compliances.
Exports will become competitive as the GST regime will eliminate the cascading
impact of taxes.
12. CONCLUSION
In India, tax forming a major component of revenue, tax evasion
is one of the major issues. Many steps are taken by government to reduce
tax evasion. Value added tax has different effects on the society. Many
efforts are taken to increase foreign direct investment to strengthen
economy. Introduction of GST will help to reduce problems of tax system
in India and lead to its improvement. The dark side of the GST should be
considered if any lethargy is observed it can cause serious threat to the
economy.