The Goods and Services tax (GST) is an indirect tax. It is levied at every stage of the production and distribution of products. It is actually changes on the final consumption of the products. It includes excise duty, custom duty; Services tax and Value add tax (VAT). The GST is a VAT to be implemented in India. The decision on which is not yet declared by Government and the framing of rules are under process. Several countries implemented this tax system followed by France, the first country introduced GST. Goods and service tax is a new story of VAT which gives a widespread setoff for input tax credit and subsuming many indirect taxes from state and national level. Presently around 140 countries have adopted the GST pattern, including India. The GST would be beneficial for the consumers as it reduces the final burden of taxation. Therefore, the researchers have discussed the possible salient features, opportunities and benefits of GST implemented.
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.
GST is a tax on goods and services with comprehensive and continuous chain of set-off benefits from the Producer’s point and Service provider’s point up to the retailer level.
The Goods and Services Tax is being billed as the significant next step in indirect tax reform since VAT was successfully introduced all over India.
However, in introducing GST, there are some objections from some State governments.
As everyone know that our country has recently taken a bold step to eliminate the all indirect taxes levied at different level by different government under the leadership of our energetic PM.
Therefore I have the view that Industry will take time to get settle down since yet some of the part of country engaged into strikes/ deadlocks.
Therefore to overcome that situation we have a detail & summarized presentation on the subject for beginners and every efforts have been put in to make it easy to understand.
GST is one indirect tax for the whole nation, which will make India one unified common market.
GST is a single tax on the supply of goods and services, right from the manufacturer to the consumer. Credits of input taxes paid at each stage will be available in the subsequent stage of value addition, which makes GST essentially a tax only on value addition at each stage. The final consumer will thus bear only the GST charged by the last dealer in the supply chain, with set-off benefits at all the previous stages.
www.actouch.com
OBJECTIVE
Goods and Services Tax (GST) is the Indirect Tax levied in India introduced in July 2017 which was one of the most important reforms in the Indian Economy. GST subsumed various indirect laws in the country and the led to the formation of a common national market. In this webinar, we shall understand the background and rationale for the introduction of GST in India. We shall understand the overview of the law behind GST.
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.
GST is a tax on goods and services with comprehensive and continuous chain of set-off benefits from the Producer’s point and Service provider’s point up to the retailer level.
The Goods and Services Tax is being billed as the significant next step in indirect tax reform since VAT was successfully introduced all over India.
However, in introducing GST, there are some objections from some State governments.
As everyone know that our country has recently taken a bold step to eliminate the all indirect taxes levied at different level by different government under the leadership of our energetic PM.
Therefore I have the view that Industry will take time to get settle down since yet some of the part of country engaged into strikes/ deadlocks.
Therefore to overcome that situation we have a detail & summarized presentation on the subject for beginners and every efforts have been put in to make it easy to understand.
GST is one indirect tax for the whole nation, which will make India one unified common market.
GST is a single tax on the supply of goods and services, right from the manufacturer to the consumer. Credits of input taxes paid at each stage will be available in the subsequent stage of value addition, which makes GST essentially a tax only on value addition at each stage. The final consumer will thus bear only the GST charged by the last dealer in the supply chain, with set-off benefits at all the previous stages.
www.actouch.com
OBJECTIVE
Goods and Services Tax (GST) is the Indirect Tax levied in India introduced in July 2017 which was one of the most important reforms in the Indian Economy. GST subsumed various indirect laws in the country and the led to the formation of a common national market. In this webinar, we shall understand the background and rationale for the introduction of GST in India. We shall understand the overview of the law behind GST.
Gst Registration Process By Ca. Rajat MohanGst Sms
Check out the latest updates on Goods and Services Tax (GST) in India. Get breaking news, Latest Breaking News on Goods and Services Tax (GST), Daily News Analysis and Services Tax (GST) at GSTSMS.in.
TAX REFORM FOR DEVELOPING VIABLE AND SUSTAINABLE TAX SYSTEMS IN INDIA WITH SP...IAEME Publication
Most developing countries continue to face severe issues in developing adequate and quick to
respond tax systems. While each of these paths to reform is necessary, in the end what 50 years of
experience tells us is that improving the precision and understanding with which fiscal issues both
within and outside government, is the really essential ingredient to developing viable and
sustainable tax systems in developing countries like India. Indian taxation system has undergone
remarkable reforms during the last decade. The tax rates have been rationalized and tax laws have
been simplified resulting in better compliance, ease of tax payment and better enforcement. The
process of validation of tax administration is ongoing in India.
Another key objective of tax reform measures has been to increase total tax to GDP ratio as a
means of achieving fiscal consolidation and improving resource allocation. GST, easier tax filing
methodology and simpler tax structures – Government of India is working to enhance the
government's revenue collection, at the same time ensuring that cumbersome taxes do not deter
investors. This paper review the three principal ways in which developing countries like India may
develop and progress their taxation systems - base-broadening, rate reduction, and administrative
improvement - in the context of the political economy of tax reform.
VARIOUS FORMS OF INCOME TAX ,BASIC KNOWLEDGE OF GST PPT WHICH REQUIRED FOR A STUDENT TO UNDERSTAND DIRECT AND INDIRECT TAXATION.
STUDENTS STUDYING B.COM AND M.COM WILL BE BENEFITED .
VARIOUS FORMS OF INCOME TAX ,BASIC KNOWLEDGE OF GST PPT WHICH REQUIRED FOR A STUDENT TO UNDERSTAND DIRECT AND INDIRECT TAXATION. STUDENTS STUDYING B.COM AND M.COM WILL BE BENEFITED . FOR PRACTITIONERS ALSO WILL BENEFIT.
Brief Introduction of India's Biggest Tax Reform GST[GOODS & SERVICE TAX]. Its impact on Indian economy , Its Benefit, Limitations and its Current Scenario in Other Countries
about gst in india. all about one nation,one tax,what are he tax rates . hoew it is different from previous tax. why it is better,what are its benefits and disadvantages . what will be its impact in indian economy
specially for class 11 eco project i made this and good marks
helps in understanding gst
Goods and Services Tax: Benefits and its Impact on Indian EconomyDr. Amarjeet Singh
The Goods and Services Tax, or GST, took effect on July 1, 2017. The new tax system was designed to replace all current indirect taxes with a single, comprehensive tax. The Products and Services Tax (GST) is a consumption tax imposed on goods and services depending on their final destination (Bhushan Satya). Simply said, GST is a single tax that applies to the delivery of goods and services from the producer to the end user. In a nutshell, it's a tax imposed solely on value addition, with input tax credits transferred to successive stages of value addition, implying that the ultimate tax burden would fall on the end user of products or services.
The anticipated advantages of implementing the GST are that it would decrease the cascading impact of taxes, i.e. it will eliminate tax on tax. It was also anticipated to stimulate demand for products and the elimination of a number of indirect taxes such as VAT, CST, Service tax, CAD, SAD, and Excise, among others, which would help to improve the Indian economy in the long term.
This paper tries to highlight the cost and benefits bear by the economy due to implementation of the GST. The paper also tries to find out the expected rate of growth of economy after the GST. Finally, the study tries to conclude that how it would be disrupted and benefits the economy in the long run.
If you go through this whole document very carefully, then it will helps you to understand the overall concept of GST, which is the new taxation system of India.
A Study on the Factors Influence Women Entrepreneurs in Tiruchirappalli DistrictArul Edison
The main objective of project is study factors influencing women entrepreneurs in Tiruchirappalli district, analyzing the socio economic cultural factors, government policy factors, family status factors, personal characteristic factors, financial factors, motivational factors, market and network factors. In this study researcher tried to identify the factors influencing women entrepreneurs, so that areas of improvement can be identified and necessary steps can be given for implementation. The research design adopted in this study comes under descriptive design. A descriptive study is undertaken in order to ascertain and be able to describe the characteristics of factors influencing women entrepreneurs in Trichy district. The sampling method used for this study is simple random sampling. In this study the researcher has adopted, independent sample t-test, multivariate analysis, correlation, regression, factor analysis comes under the data analysis. The study provides a comprehensive review of the 26 critical factors influencing the growth of women entrepreneurs particularly in Trichy as the factors are derived from the global literature on women entrepreneurship. These would aid in better positioning the significance of these critical factors towards the success of the entrepreneurs in Trichy and in general.
Safely keeping up log records over developed times of time is imperative to the fitting working of any association Honesty of the log documents and that of the logging methodology need to be guaranteed at all times. Moreover, as log records regularly contain touchy data, secrecy and security of log records will be similarly imperative. Be that as it may, conveying a protected logging base includes considerable capital costs that numerous associations may discover overpowering. Assigning log administration to the cloud seems to be a suitable cost sparing measure. In this paper, we distinguish the difficulties for a protected cloud-based log administration benefit and propose a system for doing likewise.
A Study on Quality of Work Life in Kiran Global Chems Private Limited at Kara...Arul Edison
In modern era, it has been observed that stress management has become the generous concepts in the skilled surroundings. It is also seen that working proficiency has degraded to some extent as professionals are unable to maintain a balance between lifestyle and career. This difference has made organizations to formulate such policies that lead to better job security, which results in job involvement moreover employee satisfaction. This degree of satisfaction has been referred to as QUALITY OF WORK LIFE. Quality of work life is a process in an organization that enables the members at all levels to contribute aggressively and successfully in shaping organizational environment, methods and outcomes. This study focuses on the subjective matter of QWL i.e. the key elements like salary/wages, job security, job involvement, employee satisfaction etc.
A Study on Job Satisfaction with special reference to Safeway Dredging Enterp...Arul Edison
Now a days job satisfaction play a vital role on employee retention and attrition. Due to the inconvenient in workplace many employees are switchover into one company to other company, it leads to huge loss for the particular organization. Till the date many organizations introduce and moderate activities to retain their employees in same organization. The present study is to find out the level of employee job satisfaction in Safeway Dredging Enterprises. For this research work researcher adopt convenient sampling method to collect the data. A total of 100 employees were administered job satisfaction scales. Chi – square analysis were used for data analysis. The chi – square analysis test for independence at 0.05 level of significance shows that there is significantly significant association between experience wise classifications with their overall job satisfaction in the organization. On the basis of these findings, found that the huge experienced employees from the organization was getting satisfaction on their job.
Working Father and their perceived Work – Life Balance with special reference...Arul Edison
Due to the continuous work load pressure leads to increase the employee stress factors. The continuous increase of employee stress levels affects their health physically, mentally and psychologically. The impact of the job stress is not balancing the employee work – life. On behalf of! The stress most of the employees are consuming the alcoholic beverage to overcome the stress. By comparing life as a cycle, one wheel is a work and another wheel is a family life. Both the wheel should run parallel. If load increases on one side, then the life becomes unbalanced. The purpose of this study is to explore employees “use of tactics to manage their work and life stress; particularly the executive level employees” use of resources and social support as well as their perceptions of flexibility. For this research work researcher adopt Proportionate Stratified Random Sampling method to collect the data. A total of 184 executive level employees in Hyundai Motors India Limited were administered work life balancing scales. Chi – square analysis and multiple regression were used for data analysis. The chi – square analysis test for independence at 0.05 level of significance shows that there is no statistically significant association between experiences with their feeling about balancing work life. The result of regression analysis indicated that there is no statistically significant difference between participants opinion towards the initiative action taken by the organization to manage their employee work life balance. On the basis of these findings, found that the participants are says that they are balancing their career and life style with the support of family members.
Study the Consumer (Karaikal Bus Owners) Behaviour and Satisfaction towards K...Arul Edison
Today’s consumer expect a different types of product and they get faster answers to question and get feedback or gathering information to make purchase decision with the heavy competition to satisfy the consumer is the major criteria for every company. In reaching satisfaction, companies generally ask whether their product or service has met or exceeded expectations. Get satisfaction starts with the simple, affordable price, quality, quantity and access.
Make in India – Service Sector towards Retail MarketingArul Edison
India is one of the fastest growing economies in the world and has emerged as key destination for foreign investors in recent years. The major sectors in India are Automobile, chemicals, IT, textiles, pharmaceuticals, ports, aviation, leather, tourism and hospitality, wellness, railways, mining, auto components, design manufacturing, renewable energy, bio- technology, and electronics, most of the sector needs retailer to market those products in to the market. The new government policies are simple, transparent, and promote domestic and foreign investment. India’s abundant and diversified natural resources, its sound economic policy with high skilled human resources and make proper destination for market condition.
New Dimension of Corporation Transportation ClimateArul Edison
In this paper presented in study about the Puducherry Road Transport Corporation. Pondicherry Tourism Development Corporation Limited was Incorporated during February 1998 and transport service is converted into Pondicherry Tourism and Transport Development Corporation Limited with effect from 1992. PT&TDC has paid up capital of about Rs.28.42 crores and was incurring substantial annual losses in the tourism sector. Hence , the corporation was bifurcated with effect from 1st April 2005 into the Puducherry Road Transport Corporation and Pondicherry Tourism Development Corporation , in order to focus on diversification and expansion project. Bus service in modern days is a greater utility to the society in all ways and means. The education , employment , social commitment and business all depending on the extent of bus service. The extent of bus service prevailing in a particular r area, determine the economic and social wellbeing of the society. Though the Puducherry Road Transport Corporation service is more benefit to the public and its new Dimension of corporation Transportation Climate is useful l to the future plans of PRTC and its expansion is very useful to the public.
Youth Unemployment in India - Present ScenarioArul Edison
Young Indians face major barriers because of poverty and low levels of human capital. Though educational attainment has risen quickly in recent years, gaining a foothold in the labour market remains elusive for many young Indians. In rural and urban areas, young males are usually employed in casual jobs, while their female counterparts tend to be self-employed. Although a large proportion of young rural women are employed in agriculture, rural males are increasingly turning to the non-farm sector. In comparison, young urban males are largely working in the services sector. This paper highlights youth unemployment in India - present scenario.
The Hospitality industry is one of the largest service industries in India. Despite seeing the least hotel occupancy in the past two years, this sector will promise robust growth over time with new travel concepts and innovative hotel projects. The growth of the Indian hotel market is based on the rising domestic and foreign tourism.
Approximately 300 hotels will come up in India over the next three years, constituting about 17% of Asis’s hotel constructions pipeline. India has the second largest number of hotels (292) under construction after Chine (592). The hotel projects under construction include projects from companies such as Four Seasons, Carlson Rezidor Hotel Group, Hilton Worldwide, Hyatt Hotel Corp., and Indian Hotels.
Environmental Protection Law – An Act to Improve the Quality of EnvironmentArul Edison
Environmental degradation in India has been caused by a variety of social, economic, institutional and technological factors. Rapidly growing population, urbanization and industrial activities have all resulted in considerable deterioration in the quality and sustainability of the environment. Environmental ethics have also formed an inherent part of Indian religious precepts and philosophy. Environmental protection is a practice of protecting the natural environment on individual, organizational or governmental levels, for the benefit of both the natural environment and humans. The Objectives of study is to understand the basic principles of the Act such as To co-ordinate the activities of the various regulatory agencies already in existence, Creation of an authority or authorities with adequate powers for environmental protection, Regulation of discharge of environmental pollutants and handling of hazardous substance, Speedy response in the event of accidents threatening environmental and deterrents punishment to those who endanger human environment, safety and health. Acts are enforced in the country, but their implement is not so easy. The reason is their implementation needs great resources, technical expertise, political and social will. Again the people are to be made aware of these rules.
The lower place India has as a destination for business investments in India, necessitated overhaul of the existing systems. Make in India campaign, also warranted reforms to make industry structures flexible and employees more productive. While industry associations demand removal of restriction on hiring and firing, reduction of pressures on compensation, bonus and social security, and continuity in operations without strike, union leaders are demanding protection to contract labour, continuation of social security benefits and payment of bonus and freedom to oppose erring employers. Besides central government, state governments like Rajasthan and Maharashtra have announced a slew of reforms in relation to Factories act, Contract Labour act and Industrial disputes act. The approach of the governments is termed by political parties and labour unions anti-labour. There is a demand to involve stakeholders in the process of reforms.
Make in India can be a path breaking campaign provided it is grounded by right policy measures and innovation ecosystem. Technology has a pivotal role in this and the efforts of the nation in promoting technological innovations have so far yielded limited success. Technology transfer requires easing FDI limits and other fiscal incentives. However, the past experience of technology transfers in military indicated failure to deliver by foreign partners. Liberalization as well as stringent conditions is hence important to make technology transfer through collaborations. Indian government has announced some fiscal incentives and welcomed collaborations. In the light of this, the need for developing competences for technology absorption has gained attention. The paper presents technology transfer and absorption issues for the success of Make in India.
How to Split Bills in the Odoo 17 POS ModuleCeline George
Bills have a main role in point of sale procedure. It will help to track sales, handling payments and giving receipts to customers. Bill splitting also has an important role in POS. For example, If some friends come together for dinner and if they want to divide the bill then it is possible by POS bill splitting. This slide will show how to split bills in odoo 17 POS.
We all have good and bad thoughts from time to time and situation to situation. We are bombarded daily with spiraling thoughts(both negative and positive) creating all-consuming feel , making us difficult to manage with associated suffering. Good thoughts are like our Mob Signal (Positive thought) amidst noise(negative thought) in the atmosphere. Negative thoughts like noise outweigh positive thoughts. These thoughts often create unwanted confusion, trouble, stress and frustration in our mind as well as chaos in our physical world. Negative thoughts are also known as “distorted thinking”.
The French Revolution, which began in 1789, was a period of radical social and political upheaval in France. It marked the decline of absolute monarchies, the rise of secular and democratic republics, and the eventual rise of Napoleon Bonaparte. This revolutionary period is crucial in understanding the transition from feudalism to modernity in Europe.
For more information, visit-www.vavaclasses.com
2024.06.01 Introducing a competency framework for languag learning materials ...Sandy Millin
http://sandymillin.wordpress.com/iateflwebinar2024
Published classroom materials form the basis of syllabuses, drive teacher professional development, and have a potentially huge influence on learners, teachers and education systems. All teachers also create their own materials, whether a few sentences on a blackboard, a highly-structured fully-realised online course, or anything in between. Despite this, the knowledge and skills needed to create effective language learning materials are rarely part of teacher training, and are mostly learnt by trial and error.
Knowledge and skills frameworks, generally called competency frameworks, for ELT teachers, trainers and managers have existed for a few years now. However, until I created one for my MA dissertation, there wasn’t one drawing together what we need to know and do to be able to effectively produce language learning materials.
This webinar will introduce you to my framework, highlighting the key competencies I identified from my research. It will also show how anybody involved in language teaching (any language, not just English!), teacher training, managing schools or developing language learning materials can benefit from using the framework.
Operation “Blue Star” is the only event in the history of Independent India where the state went into war with its own people. Even after about 40 years it is not clear if it was culmination of states anger over people of the region, a political game of power or start of dictatorial chapter in the democratic setup.
The people of Punjab felt alienated from main stream due to denial of their just demands during a long democratic struggle since independence. As it happen all over the word, it led to militant struggle with great loss of lives of military, police and civilian personnel. Killing of Indira Gandhi and massacre of innocent Sikhs in Delhi and other India cities was also associated with this movement.
How to Make a Field invisible in Odoo 17Celine George
It is possible to hide or invisible some fields in odoo. Commonly using “invisible” attribute in the field definition to invisible the fields. This slide will show how to make a field invisible in odoo 17.
Synthetic Fiber Construction in lab .pptxPavel ( NSTU)
Synthetic fiber production is a fascinating and complex field that blends chemistry, engineering, and environmental science. By understanding these aspects, students can gain a comprehensive view of synthetic fiber production, its impact on society and the environment, and the potential for future innovations. Synthetic fibers play a crucial role in modern society, impacting various aspects of daily life, industry, and the environment. ynthetic fibers are integral to modern life, offering a range of benefits from cost-effectiveness and versatility to innovative applications and performance characteristics. While they pose environmental challenges, ongoing research and development aim to create more sustainable and eco-friendly alternatives. Understanding the importance of synthetic fibers helps in appreciating their role in the economy, industry, and daily life, while also emphasizing the need for sustainable practices and innovation.
The Roman Empire A Historical Colossus.pdfkaushalkr1407
The Roman Empire, a vast and enduring power, stands as one of history's most remarkable civilizations, leaving an indelible imprint on the world. It emerged from the Roman Republic, transitioning into an imperial powerhouse under the leadership of Augustus Caesar in 27 BCE. This transformation marked the beginning of an era defined by unprecedented territorial expansion, architectural marvels, and profound cultural influence.
The empire's roots lie in the city of Rome, founded, according to legend, by Romulus in 753 BCE. Over centuries, Rome evolved from a small settlement to a formidable republic, characterized by a complex political system with elected officials and checks on power. However, internal strife, class conflicts, and military ambitions paved the way for the end of the Republic. Julius Caesar’s dictatorship and subsequent assassination in 44 BCE created a power vacuum, leading to a civil war. Octavian, later Augustus, emerged victorious, heralding the Roman Empire’s birth.
Under Augustus, the empire experienced the Pax Romana, a 200-year period of relative peace and stability. Augustus reformed the military, established efficient administrative systems, and initiated grand construction projects. The empire's borders expanded, encompassing territories from Britain to Egypt and from Spain to the Euphrates. Roman legions, renowned for their discipline and engineering prowess, secured and maintained these vast territories, building roads, fortifications, and cities that facilitated control and integration.
The Roman Empire’s society was hierarchical, with a rigid class system. At the top were the patricians, wealthy elites who held significant political power. Below them were the plebeians, free citizens with limited political influence, and the vast numbers of slaves who formed the backbone of the economy. The family unit was central, governed by the paterfamilias, the male head who held absolute authority.
Culturally, the Romans were eclectic, absorbing and adapting elements from the civilizations they encountered, particularly the Greeks. Roman art, literature, and philosophy reflected this synthesis, creating a rich cultural tapestry. Latin, the Roman language, became the lingua franca of the Western world, influencing numerous modern languages.
Roman architecture and engineering achievements were monumental. They perfected the arch, vault, and dome, constructing enduring structures like the Colosseum, Pantheon, and aqueducts. These engineering marvels not only showcased Roman ingenuity but also served practical purposes, from public entertainment to water supply.
The Indian economy is classified into different sectors to simplify the analysis and understanding of economic activities. For Class 10, it's essential to grasp the sectors of the Indian economy, understand their characteristics, and recognize their importance. This guide will provide detailed notes on the Sectors of the Indian Economy Class 10, using specific long-tail keywords to enhance comprehension.
For more information, visit-www.vavaclasses.com
Chapter 3 - Islamic Banking Products and Services.pptx
Basic Features, Opportunities and Benefits of GST Implementation in India
1. International Journal of Advanced Scientific Research & Development (IJASRD)
ISSN: 2394 – 8906
www.ijasrd.org, Pp: 45 – 49
Two Day National Seminar on “Make in India: How Get the Manufacturing Going” 45 | P a g e
R.V.S. College of Arts & Science, Karaikal
Basic Features, Opportunities and Benefits of GST
Implementation in India
Dr. A. Xavior Selvakumar 1
, S. Martin Looter 2
, M. Irudhayaraj 2
ABSTRACT: The Goods and Services tax (GST) is an indirect tax. It is levied at every stage of
the production and distribution of products. It is actually changes on the final consumption of
the products. It includes excise duty, custom duty; Services tax and Value add tax (VAT). The
GST is a VAT to be implemented in India. The decision on which is not yet declared by
Government and the framing of rules are under process. Several countries implemented this
tax system followed by France, the first country introduced GST. Goods and service tax is a
new story of VAT which gives a widespread setoff for input tax credit and subsuming many
indirect taxes from state and national level. Presently around 140 countries have adopted the
GST pattern, including India. The GST would be beneficial for the consumers as it reduces the
final burden of taxation. Therefore, the researchers have discussed the possible salient
features, opportunities and benefits of GST implemented.
KEYWORDS: Goods and Services, Value added tax, Input credit
The Indian indirect tax system as enumerated above is complex and multi-layered with
levies both at the Central and State levels. This results in a cascading effect of taxes,
multiplicity of taxes, etc. With a view to reducing the complexities and streamlining various
indirect taxes at the Central and the State levels, an Empowered Committee has been set up to
look into various aspects of integrating the multiple indirect taxes into a common GST. As per
the current discussions, India is proposing to implement a dual GST structure comprising of
the CGST to be levied by the Centre and SGST to be levied by the States. Integrated GST,
which is a combination of CGST and SGST, would be applicable on all inter-State transactions
of goods and services and would be levied by the Central Government. Inter-State stock
transfers would be treated at par with inter-State sales for the levy of GST. The Value Added
Tax (VAT) at the Central and the State level has been considered to be a major step – an
important step forward – in the globe of indirect tax reforms in India. If the VAT is a major
improvement over the pre-existing Central excise duty at the national level and the sales tax
system at the State level.
What is GST?
GST is a tax that we need to pay on supply of goods & services. Any person, who is
providing or supplying goods and services is liable to charge GST.
World over in almost 140 countries there is GST or VAT, which means tax on goods
and services. Under the GST scheme, no distinction is made between goods and services for
levying of tax. In other words, goods and services attract the same rate of tax. GST is a multi-
tier tax where ultimate burden of tax fall on the consumer of goods/ services. It is called as
value added tax because at every stage, tax is being paid on the value addition. Under the GST
scheme, a person who was liable to pay tax on his output, whether for provision of service or
sale of goods, is entitled to get input tax credit (ITC) on the tax paid on its inputs.
1
Assistant Professor and Research Advisor, Department of Commerce, T.B.M.L College, Porayar.
2
Ph.D., Research Scholar, Department of Commerce, T.B.M.L College, Porayar.
2. International Journal of Advanced Scientific Research & Development (IJASRD)
ISSN: 2394 – 8906
www.ijasrd.org, Pp: 45 – 49
Two Day National Seminar on “Make in India: How Get the Manufacturing Going” 46 | P a g e
R.V.S. College of Arts & Science, Karaikal
GST was first introduced during 2007-08 budget session. On 17th
December 2014, the
current Union Cabinet ministry approved the proposal for introduction GST Constitutional
Amendment Bill. On 19th
of December 2014, the bill was presented on GST in Loksabha. The
Bill will be tabled and taken up for discussion during the coming Budget session. The current
central government is very determined to implement GST Constitutional Amendment Bill.
Salient Features of the GST Model
GST is a broad-based and single unified consumption tax on supply of goods and
services;
GST would be levied on the value addition at each stage of the supply chain;
The taxable event for GST would be supply of goods and services and therefore, will
no longer be manufacture or sale of goods;
Full input credit of the taxes paid in the supply chain would be available. However,
there would be no cross credit available between CGST and SGST;
GST proposes to subsume the following taxes:
Central taxes: CENVAT, CST, CVD, SAD, service tax, surcharges, cesses, etc
State taxes: VAT, entertainment tax, luxury tax, State cesses and surcharges,
entry tax, etc.
Exports would be zero rated under G
Basic Customs duty on imports would not be subsumed with GST and hence, the levy
would continue;
Five specified petroleum products viz crude Petroleum, diesel, petrol, aviation turbine
fuel, and natural gas may be kept out of the ambit of GST;
Opportunities
An end to cascading effects: This will be the major contribution of GST for the
business and commerce. At present, there are different state level and centre level indirect tax
levies that are compulsory one after another on the supply chain till the time of its utilization.
Growth of Revenue in States and Union: It is expected that the introduction of GST
will increase the tax base but lowers down the tax rates and also removes the multiple point
This, will lead to higher amount of revenue to both the states and the union.
Reduces transaction costs and unnecessary wastages: If government works in an
efficient mode, it may be also possible that a single registration and single compliance will
suffice for both SGST and CGST provided government produces effective IT infrastructure
and integration of such infrastructure of states level with the union.
Eliminates the multiplicity of taxation: One of the great advantages that a taxpayer
can expect from GST is elimination of multiplicity of taxation. The reduction in the number of
taxation applicable in a chain of transaction will help to clean up the current mess that is brought
by existing indirect tax laws.
One Point Single Tax: Another feature that GST must hold is it should be ‘one point
single taxation’. This also gives a lot of comforts and confidence to business community that
they would focus on business rather than worrying about other taxation that may crop at later
stage. This will help the business community to decide their supply chain, pricing modalities
3. International Journal of Advanced Scientific Research & Development (IJASRD)
ISSN: 2394 – 8906
www.ijasrd.org, Pp: 45 – 49
Two Day National Seminar on “Make in India: How Get the Manufacturing Going” 47 | P a g e
R.V.S. College of Arts & Science, Karaikal
and in the long run helps the consumers being goods competitive as price will no longer be the
function of tax components but function of sheer business intelligence and innovation.
Reduces average tax burdens: Under GST mechanism, the cost of tax that consumers
have to bear will be certain, and GST would reduce the average tax burdens on the consumers.
Reduces the corruption: It is one of the major problems that India is overwhelmed
with. We cannot expect anything substantial unless there exists a political will to root it out.
This will be a step towards corruption free Indian Revenue Service.
How is GST Applied?
GST is a consumption based tax/levy. It is based on the “Destination principle.” GST
is applied on goods and services at the place where final/actual consumption happens.
GST is collected on value-added goods and services at each stage of sale or purchase
in the supply chain. GST paid on the procurement of goods and services can be set off against
that payable on the supply of goods or services. The manufacturer or wholesaler or retailer will
pay the applicable GST rate but will claim back through tax credit mechanism. But being the
last person in the supply chain, the end consumer has to bear this tax and so, in many respects,
GST is like a last-point retail tax. GST is going to be collected at point of Sale.
The GST is an indirect tax which means that the tax is passed on till the last stage
wherein it is the customer of the goods and services who bears the tax. This is the case even
today for all indirect taxes but the difference under the GST is that with streamlining of the
multiple taxes the final cost to the customer will come out to be lower on the elimination of
double charging in the system.
Let us understand the above supply chain of GST with an example:
4. International Journal of Advanced Scientific Research & Development (IJASRD)
ISSN: 2394 – 8906
www.ijasrd.org, Pp: 45 – 49
Two Day National Seminar on “Make in India: How Get the Manufacturing Going” 48 | P a g e
R.V.S. College of Arts & Science, Karaikal
The current tax structure does not allow a business person to take tax credits. There are
lot of chances that double taxation takes place at every step of supply chain. This may set to
change with the implementation of GST. Indian Government is opting for Dual System GST.
This system will have two components which will be known as
Central Goods and Service Tax (CGST) and
State Goods and Service Tax (SGST)
The current taxes like Excise duties, service tax, custom duty etc will be merged under
CGST. The taxes like sales tax, entertainment tax, VAT and other state taxes will be included
in SGST. So, how is GST Levied? GST will be levied on the place of consumption of Goods
and services. It can be levied on:
Intra-state supply and consumption of goods & services
Inter-state movement of goods
Import of Goods & Services
Benefits of GST Implementation
The tax structure will be made lean and simple
The entire Indian market will be a unified market which may translate into lower
business costs. It can facilitate seamless movement of goods across states and reduce
the transaction costs of businesses.
It is good for export oriented businesses. Because it is not applied for goods/services
which are exported out of India.
In the long run, the lower tax burden could translate into lower prices on goods for
consumers.
The Suppliers, manufacturers, wholesalers and retailers are able to recover GST
incurred on input costs as tax credits. This reduces the cost of doing business, thus
enabling fair prices for consumers.
It can bring more transparency and better compliance.
Number of departments (tax departments) will reduce which in turn may lead to less
corruption
More business entities will come under the tax system thus widening the tax base. This
may lead to better and more tax revenue collections.
Companies which are under unorganized sector will come under tax regime.
5. International Journal of Advanced Scientific Research & Development (IJASRD)
ISSN: 2394 – 8906
www.ijasrd.org, Pp: 45 – 49
Two Day National Seminar on “Make in India: How Get the Manufacturing Going” 49 | P a g e
R.V.S. College of Arts & Science, Karaikal
Conclusion
GST is leviable on all supply of goods and provision of services as well combination
thereof. The GST is a further significant improvement in the next logical step towards a
comprehensive indirect tax0 reform in India. It should be noted that around 140 countries have
already introduced GST in some form or another and is fast becoming the preferred form of
indirect tax in Asia Pacific region (Satya and Ehtisham, 2009). The fact that all states have
agreed a uniform system of indirect taxation in principle is a positive step towards its
implementation.
Reference
Empowered Committee of State Finance Ministers (2008), A Model and Roadmap for Goods and
Services Tax in India, New Delhi.
Poddar,Satya and Amaresh Bagchi (2007), “Revenue-neutral rate for GST”, The Economic Times,
November 15, 2007.
Goods and Services Tax (GST) Published in: [1992], Supreme Court Reports 445
Girish Garg, Basic Concepts and Features of Good and Service Tax In India, International Journal of
scientific research and management (IJSRM), Vol. 2, Is. 2, Pp. 542-549, 2014, e-ISSN: 2321-
3418.
Syed Mohd Ali Taqvi, 2013, Challenges and Opportunities of Goods and Service Tax (GST) in India,
Indian Journal of Applied Research, Vol. 3, Is. 5, May 2013, ISSN - 2249-555X
http://www.relakhs.com/gst-goods-services-tax-in-india/
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