Vidhya tax
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A tax is a compulsory payment made by taxpayers to the government without expectation of direct benefits. A good tax system is compulsory, has multiple dimensions like rates and collection methods, is convenient to administer, considers taxpayer attitudes, and changes gradually over time in response to economic shifts. It should also support national goals, generate sufficient revenue, and remain flexible.
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GOODS AND SERVICE TAX
The document provides information about goods and service tax (GST) in India. It states that GST will subsume several central and state taxes. It discusses the history of GST in India and proposals to introduce it. Some key benefits of GST are listed as one tax, reduced prices, more tax revenue, and uniformity in taxation. Potential disadvantages and exclusions from GST are also outlined. The current status of the GST bill in India's parliament is explained. Factors to consider before implementing GST are listed.
What is GST?
This document discusses various taxes in India and provides an overview of the Goods and Services Tax (GST). It states that currently, excise duty is levied by the central government on manufacturing, service tax is levied by the central government on services, VAT is levied by state governments, and CST is levied by state governments for inter-state sales. It then explains that GST is a comprehensive tax levied on the production and trading of goods as well as the provision of services, with the goal of eliminating cascading taxes and reducing tax evasion. Finally, it briefly discusses the expected impact of GST on various sectors such as telecom, banking, automobiles, media, pharmaceuticals, and real
Closing in on GST rates - Dr Sanjiv Agarwal
Closing in on GST rates - Dr Sanjiv Agarwal - Article published in Business Advisor, dated November 10, 2016 - http://www.magzter.com/IN/Shrinikethan/Business-Advisor/Business/
Reform India's Oppressive Tax Regime
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The author argues that India's taxation system needs reform, as it is overly complex with many exemptions and deductions, and the overall tax burden on citizens is around 50-60% which is too high. The author proposes simplifying the personal income tax system with standard deductions and adjusting the GST tax rates and coverage. The author estimates that these reforms along with reducing government spending could generate an additional Rs. 2-2.5 lakh crore annually for the public exchequer. Overall tax rates should be reduced by 5% which could raise revenues by 15-20%, while cutting government employee salaries and establishment costs by 10% each could save Rs. 1.5-
Manish tripathi-gst-27 august2016
The document discusses India's proposed Goods and Services Tax (GST), which would create a unified indirect tax replacing existing central and state level taxes. It provides a history of GST in India from 2000 when it was first proposed. Constitutional amendments are required for its implementation which has taken 16 years due to various challenges. Key aspects include a dual GST system with CGST and SGST, intended benefits like reducing cascading taxes and creating a national market, and concerns around inflation and IT infrastructure requirements.
GST
GST is a comprehensive indirect tax that will be levied on the manufacture, sale, and consumption of goods and services in India. It aims to replace multiple taxes imposed by central and state governments with a single tax in order to create a unified national market. GST will be imposed as CGST by the central government, SGST by state governments, and IGST on inter-state transactions of goods and services. It is expected to simplify current tax processes and boost economic growth by reducing costs for businesses.
Ramesh.m
Taxable capacity refers to the maximum amount citizens can contribute to public authorities through taxes without undue strain. Estimating taxable capacity allows governments to determine how much revenue can be raised, mobilize resources for development, and avoid imposing unnecessary taxes that hurt production and consumption. However, pushing taxes too far can curb consumption, cripple industry, and reach a point where additional taxation brings diminishing returns as taxpayers sell assets or take on debt to pay.
Session Two: Reforms Of Fiscal Relations In Brazil, Meeting 2018
The document summarizes challenges facing fiscal relations in Brazil, including a high tax burden, rigid mandatory spending rules, and high levels of state indebtedness. It discusses reforms that have been implemented, such as developing objective borrowing limits for states and standardizing debt analysis methods. Important future reforms proposed include pension system changes, reducing budget rigidity, revising earmarked revenue rules, and creating a fiscal management board to standardize accounting across states.
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GOODS AND SERVICE TAX
The document provides information about goods and service tax (GST) in India. It states that GST will subsume several central and state taxes. It discusses the history of GST in India and proposals to introduce it. Some key benefits of GST are listed as one tax, reduced prices, more tax revenue, and uniformity in taxation. Potential disadvantages and exclusions from GST are also outlined. The current status of the GST bill in India's parliament is explained. Factors to consider before implementing GST are listed.
What is GST?
This document discusses various taxes in India and provides an overview of the Goods and Services Tax (GST). It states that currently, excise duty is levied by the central government on manufacturing, service tax is levied by the central government on services, VAT is levied by state governments, and CST is levied by state governments for inter-state sales. It then explains that GST is a comprehensive tax levied on the production and trading of goods as well as the provision of services, with the goal of eliminating cascading taxes and reducing tax evasion. Finally, it briefly discusses the expected impact of GST on various sectors such as telecom, banking, automobiles, media, pharmaceuticals, and real
Closing in on GST rates - Dr Sanjiv Agarwal
Closing in on GST rates - Dr Sanjiv Agarwal - Article published in Business Advisor, dated November 10, 2016 - http://www.magzter.com/IN/Shrinikethan/Business-Advisor/Business/
Reform India's Oppressive Tax Regime
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The author argues that India's taxation system needs reform, as it is overly complex with many exemptions and deductions, and the overall tax burden on citizens is around 50-60% which is too high. The author proposes simplifying the personal income tax system with standard deductions and adjusting the GST tax rates and coverage. The author estimates that these reforms along with reducing government spending could generate an additional Rs. 2-2.5 lakh crore annually for the public exchequer. Overall tax rates should be reduced by 5% which could raise revenues by 15-20%, while cutting government employee salaries and establishment costs by 10% each could save Rs. 1.5-
Manish tripathi-gst-27 august2016
The document discusses India's proposed Goods and Services Tax (GST), which would create a unified indirect tax replacing existing central and state level taxes. It provides a history of GST in India from 2000 when it was first proposed. Constitutional amendments are required for its implementation which has taken 16 years due to various challenges. Key aspects include a dual GST system with CGST and SGST, intended benefits like reducing cascading taxes and creating a national market, and concerns around inflation and IT infrastructure requirements.
GST
GST is a comprehensive indirect tax that will be levied on the manufacture, sale, and consumption of goods and services in India. It aims to replace multiple taxes imposed by central and state governments with a single tax in order to create a unified national market. GST will be imposed as CGST by the central government, SGST by state governments, and IGST on inter-state transactions of goods and services. It is expected to simplify current tax processes and boost economic growth by reducing costs for businesses.
Ramesh.m
Taxable capacity refers to the maximum amount citizens can contribute to public authorities through taxes without undue strain. Estimating taxable capacity allows governments to determine how much revenue can be raised, mobilize resources for development, and avoid imposing unnecessary taxes that hurt production and consumption. However, pushing taxes too far can curb consumption, cripple industry, and reach a point where additional taxation brings diminishing returns as taxpayers sell assets or take on debt to pay.
Session Two: Reforms Of Fiscal Relations In Brazil, Meeting 2018
The document summarizes challenges facing fiscal relations in Brazil, including a high tax burden, rigid mandatory spending rules, and high levels of state indebtedness. It discusses reforms that have been implemented, such as developing objective borrowing limits for states and standardizing debt analysis methods. Important future reforms proposed include pension system changes, reducing budget rigidity, revising earmarked revenue rules, and creating a fiscal management board to standardize accounting across states.
PPT ON GOODS AND SERVICES TAX
GST (Goods and Services Tax) is a major tax reform that will transform India into a unified market and manufacturing hub. It will replace multiple indirect taxes and is expected to increase GDP by 1-2% by creating more jobs and opportunities. The GST bill was introduced in Parliament in 2015 and passed in 2016. GST will lower prices for many goods while increasing prices for some services. It will benefit the economy overall but some sectors like banking, medical and IT may see higher costs initially. Careful implementation of tax rates between states and inclusion of petroleum products is needed for GST to be a success in India.
Goods and service tax
The document discusses Goods and Service Tax (GST) in India. It introduces GST as an indirect tax implemented on July 1, 2017 that replaced several other taxes including sales tax, central sales tax, service tax, and central excise. GST is made up of four types - IGST, SGST, CGST, and Cess. Goods and services are taxed under GST at rates of 0%, 3%, 5%, 12%, 18%, or 28% and small dealers have the option to use a composition scheme with turnover up to 75 lacs.
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The document summarizes key proposed changes to India's Goods and Services Tax (GST) and customs duties according to the FY 2021-22 Union Budget. Some key points include: 1) Mandatory GST audits by chartered accountants have been removed and replaced by annual return filing with self-certification; 2) Conditions for claiming input tax credit have been tightened to require invoices be reported in GSTR-2B; 3) Penalties for e-way bill violations have been increased. Customs duty rates have been changed for various products and an new Agriculture Infrastructure Development Cess has been introduced on certain goods.
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Nigeria is failing to optimize its tax revenue, collecting only 7% of GDP compared to an emerging markets average of 20%. This is due to overdependence on oil revenues which have declined sharply, as well as weaknesses in tax administration and compliance. To address this, Nigeria needs to strengthen its tax system through measures like implementing a tax identification system, improving record keeping, increasing civic education, and reforming tax laws to be more understandable. This will help diversify the country's revenues away from volatile oil prices.
Goods and service tax made easy
The document discusses Goods and Services Tax (GST) in India. It provides details on:
1. GST is a consumption-based tax that will replace existing indirect taxes in India.
2. Under GST, there will be two components - Central GST (CGST) and State GST (SGST). An Integrated GST (IGST) will be applicable on inter-state transactions.
3. GST is expected to simplify tax structure, reduce compliance costs, expand tax base and increase tax revenues through improved compliance. However, certain items like alcohol, petrol and real estate will be outside GST's purview.
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Basic outline of how HST applies to Toronto residential real estate. Good reading for a general interpretation and understanding of this tax.
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Samkelo Magongo is a 4th year student studying a B.Ed in Secondary Business Studies. The document defines VAT as a consumption tax added to the sales price of a product that represents a tax on the value added to a product throughout its production process. It lists the key objectives of VAT as increasing government revenue, avoiding cascading effects of taxes, transparency in tax systems, reducing tax evasion, and preventing distortion in trade. The advantages are that VAT is easier to manage than other indirect taxes and generates constant revenue as long as consumption exists. Disadvantages include VAT being expensive to implement and difficult to calculate value added at each stage. The document discusses why VAT increased in South Africa and may increase in Eswat
Gst Some Important Topic.
As Per My opinion This Is very Useful .
Most of the information Has Been Has Covered in this.
If Some thing left then You can send in comment box Also.
I Will see it and reply you.
Thanks For Your Support
Introduction to GST
Presentation on the Indirect Tax system in India, the need for tax reforms, the journey to GST, basic understanding and features of GST and the benefits of GST.
Gst gm foundation-3
GST is a comprehensive indirect tax on the supply of goods and services throughout India that will replace existing taxes levied on goods and services by the central and state governments. It is expected to simplify and harmonize the indirect tax regime in India and provide a more efficient system of tax administration. Key benefits of GST include a wider tax base through elimination of cascading of taxes, simplification and rationalization of tax rates and structures, and improved compliance. The proposed GST model in India will follow a dual GST model with taxation powers shared between the central and state governments.
Cbec releases document on updated gst concept and status
The document provides an overview of the Goods and Services Tax (GST) in India, including:
1) GST was introduced on July 1, 2017 to simplify indirect taxes and reduce tax cascading. It amalgamated many central and state taxes into a single tax.
2) The genesis of GST began in 2006 and its introduction required amendments to the Indian Constitution to allow both central and state governments to levy GST.
3) A GST Council was constituted to make recommendations regarding GST rates, exemptions, and other features to harmonize policies between central and state governments.
BUILDING A SUSTAINABLE TAX-BASE TO CONTAIN FISCAL DEFICITS
1) The document discusses building a sustainable tax base in Zimbabwe's deflationary economic environment.
2) A sustainable tax system should be fair, simple, equitable, and ensure those who can afford to pay the most taxes do so.
3) Initiatives to build a sustainable tax base include anti-corruption campaigns, automating processes, increasing the number of taxpayers, and supporting industry.
Canons of taxation
Meaning of canons of taxation, Canons of taxation, Finance Bill, Finance Act, Difference between Finance act and Bill
Union budget 2015
The document summarizes key aspects of the Indian Union Budget for 2015. It discusses fiscal policies, tax policies, investment schemes, growth projections, and highlights for specific sectors like infrastructure and cooperative federalism between the central and state governments. The budget aims to balance financial constraints with increased capital spending on infrastructure through measures like raising the fiscal deficit target. It also outlines the government's plans and proposals for areas like the goods and services tax, healthcare deductions, and individual and corporate tax rates.
(34) gst overview ah authors
The document provides an overview of the Goods and Services Tax (GST) implemented in India in 2017. It discusses the existing indirect tax structure that GST replaced, including multiple central and state taxes. GST is a dual model with CGST collected by the central government and SGST/UTGST collected by state governments. For inter-state transactions, IGST is collected and subsequently distributed between the states. The objectives, benefits, and key features of GST are outlined including a unified market, reduced compliance costs, and a broader tax base.
(34) gst overview hari master piece
The document provides an overview of the Goods and Services Tax (GST) system implemented in India in 2017. It discusses the existing indirect tax structure that GST replaced, including various central taxes and state taxes. The key features of GST are outlined, such as a dual GST with CGST and SGST/UTGST, and IGST for inter-state transactions. The objectives and benefits of GST are highlighted, including a unified market, reduced compliance costs, and increased tax revenues. The constitution of the GST Council and its role in administering GST are also summarized.
GST ; AND ITS ACCOUNTING IMPLICATION
The document discusses Goods and Services Tax (GST) in India. It provides background on the efforts to introduce GST, potential benefits including reduced tax burden for companies and economic growth. However, it also notes challenges such as impact on the real estate market and need for strong IT infrastructure. Industry leaders express support for GST, expecting it to enhance economic development and reduce tax evasion. Case studies of GST implementation in other countries like Australia and New Zealand are also presented.
Gst.docx
The document discusses the need for implementing GST in India. It outlines several issues with the current indirect tax structure, including a lack of input tax credits between central and state taxes, definitional issues, and different compliance mechanisms across states. Implementing GST would help rationalize these issues by introducing a single, comprehensive indirect tax on both goods and services with input tax credits. The document then discusses three models for implementing GST - Central GST, State GST, and Dual GST (concurrent or non-concurrent), concluding that a concurrent dual GST model seems most feasible given India's present tax structure.
Goods And Services Tax
The document discusses the implementation of the Goods and Service Tax (GST) in Malaysia which will replace the existing Sales Tax and Service Tax. Some key points:
- GST will be effective on April 1, 2015 at a rate of 6% to replace the current Sales Tax of 5% and Service Tax of 10%.
- GST is a single tax on goods and services that is modeled after the Value Added Tax (VAT) used in over 150 other countries.
- The goals of implementing GST include reducing the tax burden on consumers, making businesses more competitive, and enhancing tax compliance.
Reemou
Taxation is the biggest source of public revenue for modern governments. It is the legal duty of citizens to pay taxes honestly on income, property, and purchases. A good tax system collects the minimum necessary from citizens based on their ability to pay, ensures maximum social benefits, and applies taxes universally without discrimination. It also maintains simplicity, acceptability to the public, and a balance between different types of taxes to fund common welfare.
Anshad
The document outlines the main sources of public revenue for governments. The key sources are taxes, fees, prices for goods and services, special assessments, fines and penalties, gifts, and borrowings. Public revenue is necessary for governments to fund public expenditures and perform important functions for societal welfare.
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PPT ON GOODS AND SERVICES TAX
GST (Goods and Services Tax) is a major tax reform that will transform India into a unified market and manufacturing hub. It will replace multiple indirect taxes and is expected to increase GDP by 1-2% by creating more jobs and opportunities. The GST bill was introduced in Parliament in 2015 and passed in 2016. GST will lower prices for many goods while increasing prices for some services. It will benefit the economy overall but some sectors like banking, medical and IT may see higher costs initially. Careful implementation of tax rates between states and inclusion of petroleum products is needed for GST to be a success in India.
Goods and service tax
The document discusses Goods and Service Tax (GST) in India. It introduces GST as an indirect tax implemented on July 1, 2017 that replaced several other taxes including sales tax, central sales tax, service tax, and central excise. GST is made up of four types - IGST, SGST, CGST, and Cess. Goods and services are taxed under GST at rates of 0%, 3%, 5%, 12%, 18%, or 28% and small dealers have the option to use a composition scheme with turnover up to 75 lacs.
2021 budget indirect tax
The document summarizes key proposed changes to India's Goods and Services Tax (GST) and customs duties according to the FY 2021-22 Union Budget. Some key points include: 1) Mandatory GST audits by chartered accountants have been removed and replaced by annual return filing with self-certification; 2) Conditions for claiming input tax credit have been tightened to require invoices be reported in GSTR-2B; 3) Penalties for e-way bill violations have been increased. Customs duty rates have been changed for various products and an new Agriculture Infrastructure Development Cess has been introduced on certain goods.
The Implementation of Goods and Service Tax (GST) Malaysia
Exabytes eCommerce Conference 2014
The Implementation of Goods and Service Tax (GST) Malaysia by Vimmy Yap (GST Vintage Sdn Bhd)
Tax revenue optimization in nigeria
Nigeria is failing to optimize its tax revenue, collecting only 7% of GDP compared to an emerging markets average of 20%. This is due to overdependence on oil revenues which have declined sharply, as well as weaknesses in tax administration and compliance. To address this, Nigeria needs to strengthen its tax system through measures like implementing a tax identification system, improving record keeping, increasing civic education, and reforming tax laws to be more understandable. This will help diversify the country's revenues away from volatile oil prices.
Goods and service tax made easy
The document discusses Goods and Services Tax (GST) in India. It provides details on:
1. GST is a consumption-based tax that will replace existing indirect taxes in India.
2. Under GST, there will be two components - Central GST (CGST) and State GST (SGST). An Integrated GST (IGST) will be applicable on inter-state transactions.
3. GST is expected to simplify tax structure, reduce compliance costs, expand tax base and increase tax revenues through improved compliance. However, certain items like alcohol, petrol and real estate will be outside GST's purview.
Hst Transition Rules From Treb
Basic outline of how HST applies to Toronto residential real estate. Good reading for a general interpretation and understanding of this tax.
Value added tax
Samkelo Magongo is a 4th year student studying a B.Ed in Secondary Business Studies. The document defines VAT as a consumption tax added to the sales price of a product that represents a tax on the value added to a product throughout its production process. It lists the key objectives of VAT as increasing government revenue, avoiding cascading effects of taxes, transparency in tax systems, reducing tax evasion, and preventing distortion in trade. The advantages are that VAT is easier to manage than other indirect taxes and generates constant revenue as long as consumption exists. Disadvantages include VAT being expensive to implement and difficult to calculate value added at each stage. The document discusses why VAT increased in South Africa and may increase in Eswat
Gst Some Important Topic.
As Per My opinion This Is very Useful .
Most of the information Has Been Has Covered in this.
If Some thing left then You can send in comment box Also.
I Will see it and reply you.
Thanks For Your Support
Introduction to GST
Presentation on the Indirect Tax system in India, the need for tax reforms, the journey to GST, basic understanding and features of GST and the benefits of GST.
Gst gm foundation-3
GST is a comprehensive indirect tax on the supply of goods and services throughout India that will replace existing taxes levied on goods and services by the central and state governments. It is expected to simplify and harmonize the indirect tax regime in India and provide a more efficient system of tax administration. Key benefits of GST include a wider tax base through elimination of cascading of taxes, simplification and rationalization of tax rates and structures, and improved compliance. The proposed GST model in India will follow a dual GST model with taxation powers shared between the central and state governments.
Cbec releases document on updated gst concept and status
The document provides an overview of the Goods and Services Tax (GST) in India, including:
1) GST was introduced on July 1, 2017 to simplify indirect taxes and reduce tax cascading. It amalgamated many central and state taxes into a single tax.
2) The genesis of GST began in 2006 and its introduction required amendments to the Indian Constitution to allow both central and state governments to levy GST.
3) A GST Council was constituted to make recommendations regarding GST rates, exemptions, and other features to harmonize policies between central and state governments.
BUILDING A SUSTAINABLE TAX-BASE TO CONTAIN FISCAL DEFICITS
1) The document discusses building a sustainable tax base in Zimbabwe's deflationary economic environment.
2) A sustainable tax system should be fair, simple, equitable, and ensure those who can afford to pay the most taxes do so.
3) Initiatives to build a sustainable tax base include anti-corruption campaigns, automating processes, increasing the number of taxpayers, and supporting industry.
Canons of taxation
Meaning of canons of taxation, Canons of taxation, Finance Bill, Finance Act, Difference between Finance act and Bill
Union budget 2015
The document summarizes key aspects of the Indian Union Budget for 2015. It discusses fiscal policies, tax policies, investment schemes, growth projections, and highlights for specific sectors like infrastructure and cooperative federalism between the central and state governments. The budget aims to balance financial constraints with increased capital spending on infrastructure through measures like raising the fiscal deficit target. It also outlines the government's plans and proposals for areas like the goods and services tax, healthcare deductions, and individual and corporate tax rates.
(34) gst overview ah authors
The document provides an overview of the Goods and Services Tax (GST) implemented in India in 2017. It discusses the existing indirect tax structure that GST replaced, including multiple central and state taxes. GST is a dual model with CGST collected by the central government and SGST/UTGST collected by state governments. For inter-state transactions, IGST is collected and subsequently distributed between the states. The objectives, benefits, and key features of GST are outlined including a unified market, reduced compliance costs, and a broader tax base.
(34) gst overview hari master piece
The document provides an overview of the Goods and Services Tax (GST) system implemented in India in 2017. It discusses the existing indirect tax structure that GST replaced, including various central taxes and state taxes. The key features of GST are outlined, such as a dual GST with CGST and SGST/UTGST, and IGST for inter-state transactions. The objectives and benefits of GST are highlighted, including a unified market, reduced compliance costs, and increased tax revenues. The constitution of the GST Council and its role in administering GST are also summarized.
GST ; AND ITS ACCOUNTING IMPLICATION
The document discusses Goods and Services Tax (GST) in India. It provides background on the efforts to introduce GST, potential benefits including reduced tax burden for companies and economic growth. However, it also notes challenges such as impact on the real estate market and need for strong IT infrastructure. Industry leaders express support for GST, expecting it to enhance economic development and reduce tax evasion. Case studies of GST implementation in other countries like Australia and New Zealand are also presented.
Gst.docx
The document discusses the need for implementing GST in India. It outlines several issues with the current indirect tax structure, including a lack of input tax credits between central and state taxes, definitional issues, and different compliance mechanisms across states. Implementing GST would help rationalize these issues by introducing a single, comprehensive indirect tax on both goods and services with input tax credits. The document then discusses three models for implementing GST - Central GST, State GST, and Dual GST (concurrent or non-concurrent), concluding that a concurrent dual GST model seems most feasible given India's present tax structure.
Goods And Services Tax
The document discusses the implementation of the Goods and Service Tax (GST) in Malaysia which will replace the existing Sales Tax and Service Tax. Some key points:
- GST will be effective on April 1, 2015 at a rate of 6% to replace the current Sales Tax of 5% and Service Tax of 10%.
- GST is a single tax on goods and services that is modeled after the Value Added Tax (VAT) used in over 150 other countries.
- The goals of implementing GST include reducing the tax burden on consumers, making businesses more competitive, and enhancing tax compliance.
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The Implementation of Goods and Service Tax (GST) Malaysia
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Cbec releases document on updated gst concept and status
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BUILDING A SUSTAINABLE TAX-BASE TO CONTAIN FISCAL DEFICITS
BUILDING A SUSTAINABLE TAX-BASE TO CONTAIN FISCAL DEFICITS
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Reemou
Taxation is the biggest source of public revenue for modern governments. It is the legal duty of citizens to pay taxes honestly on income, property, and purchases. A good tax system collects the minimum necessary from citizens based on their ability to pay, ensures maximum social benefits, and applies taxes universally without discrimination. It also maintains simplicity, acceptability to the public, and a balance between different types of taxes to fund common welfare.
Anshad
The document outlines the main sources of public revenue for governments. The key sources are taxes, fees, prices for goods and services, special assessments, fines and penalties, gifts, and borrowings. Public revenue is necessary for governments to fund public expenditures and perform important functions for societal welfare.
Rigil
India has a long history of taxation dating back to 1922 when the country saw a major shift in its taxation system. The current system has a well-developed structure that clearly divides tax authority between the central government, state governments, and local bodies. In 1991, India's tax system underwent radical reforms including reducing customs and excise duties, lowering corporate tax rates, widening the tax base, and improving tax administration. Most state governments also replaced sales taxes with value-added tax starting in 2005. The central government levies both direct and indirect taxes.
Arun.s.k
This document outlines Taylor's classifications of public revenue sources, including grants-in-aid which are financial assistance between governments, administrative revenue from fees and fines, commercial revenue from goods and services, and taxes which are compulsory payments to the government without a direct benefit to the taxpayer.
Ajina
Taxable capacity refers to the maximum amount of taxes that can be collected from citizens without negatively impacting production. Economists have defined taxable capacity as either reaching the point where taxpayers must borrow to pay taxes, or as the optimum level of public finances indicated by financial principles. Taxable capacity can be absolute, referring to the maximum without unpleasant effects in a community, or relative, comparing the capacities of different communities. Understanding taxable capacity is significant for public finance administration as taxes are a major source of government revenue.
Salini
Taxation is the biggest source of public revenue for modern governments. The equity principle of taxation refers to fairness and justice in distributing the tax burden. Equity has two aspects: horizontal equity means those equally well-off should pay equal taxes, while vertical equity means those better off should pay more taxes than others.
Meera
Indirect taxes are paid by consumers through higher prices rather than directly by taxpayers. They have merits like being convenient to collect, elastic to adapt to economic conditions, equitable by taxing based on ability to pay, and promoting social welfare. However, indirect taxes also have demerits like being regressive by taking a larger share from low-income groups, creating uncertainty, discouraging saving, not being economical, and lacking a direct link between taxpayers and the government.
Arya
A single tax system levies taxes on only one subject and would be difficult to administer, not producing adequate revenue or a satisfactory distribution of the tax burden. A multiple tax system instead taxes various items, increasing government tax income in a more flexible way while checking tax evasion, but it involves higher collection costs.
Joby
British rule in India imposed various taxes on the traditional agricultural economy including import duties, customs duties, and export duties. The Sea Customs Act of 1878 and the Tariff Act of 1934 further established taxation policies during this time. Overall, British rule saw the imposition of new taxes on India's economy and trade.
Nanduneww
India has low tax rates due to several factors including a low standard of living, high unemployment, lack of quality education, a large non-monetized sector, inefficient tax administration, political instability, taxpayer awareness, and lower international trade volumes. These causes contribute to India's overall low tax collection.
Thadeus
The document defines various historical units of measurement used on farms in medieval England. The rod was a unit of length equal to 5 1/2 yards, the furlong was the distance an ox team could plow before resting standardized to 40 rods, and the acre was the amount of land one man could plow in a day with an ox. Larger units included the ox gang which was around 15 acres plowed in a season, the virgate plowed by two oxen, and the carucate plowed by eight oxen which was equal to 8 ox gangs or 4 virgates.
Presentation1.ppt vinitha.v.v
Double taxation occurs when the same income is taxed twice by different tax authorities. This creates obstacles for economic development by increasing the costs of compliance for taxpayers and the difficulties they face, such as harassment. Double taxation is problematic because different states do not always follow the same tax rules and it can affect both debtors and creditors when a loan amount is taxed multiple times.
Ajina
Taxable capacity refers to the maximum amount of taxes that can be collected from citizens without negatively impacting production. It is defined as the maximum ability of a community to contribute through taxation. Taxable capacity is assessed in both absolute and relative terms. Absolute taxable capacity is the maximum amount that can be collected without causing unpleasant effects, while relative compares capacities between communities. Understanding taxable capacity is significant for governments seeking to mobilize revenue sources and assess how much taxation citizens can bear.
Divya taxation during mugal period
Taxes during the Mughal period were collected primarily as land revenue, which was the most important source of income for Mughal rulers. The tax system is documented in contemporary court chronicles like Ain-i-Akbari. Rates of the zazia tax, imposed on non-Muslims, varied based on annual income levels from exempted for those earning less than 52 rupees to 480 dirhams (13 rupees) for those earning over 2,500 rupees annually. The discriminatory tax policies based on religion implemented by some later Mughal rulers contributed to the decline of the Mughal Empire after Aurangzeb's death in 1707.
Aswathy.c.s
Jizya was a poll tax charged to non-Muslims in Islamic states, with exemptions for those engaged in military service, women, children, monks, beggars, blind and crippled. The Hindu population was divided into three groups for taxation purposes, with zakat being a fortieth on imports and later abolished on gains by Sikander Lodi, who distributed booty with one-fifth going to the state and the rest to soldiers.
Greeshma direct tax
Direct taxes are taxes imposed directly on individuals and corporations. In India, direct taxes are managed by the Central Board of Direct Tax. Examples of direct taxes include income tax, capital gains tax, and corporate tax. Direct taxes have merits like being easy to collect directly from the source and promoting personal responsibility, but they also have demerits like being unpopular due to reducing purchasing power and being easier to evade than indirect taxes.
Anitha
The taxable capacity of a country depends on several factors, including the size of national income, population, distribution of income, stability of income, pattern of taxation, nature of public expenditure, psychology of taxpayers, administrative efficiency, stages of economic growth, and political stability. Taxable capacity refers to the maximum amount of taxes a government can collect from its citizens without negatively impacting production.
Presentation1.ppt abhijith.k.r
Public finance is the study of how governments collect tax revenue from citizens and businesses and how they spend these funds. Governments collect taxes and use the funds to provide public goods and services, manage income distribution, and conduct other operations. Government expenditures are financed through tax revenues and borrowing, with taxes including income taxes, sales taxes, corporate taxes, and duties. The goal of public finance is to manage resources efficiently and effectively to benefit citizens.
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history of tax reforms in pakistan
This document summarizes the history and key issues of tax reforms in Pakistan. It discusses how the tax system has evolved over time through various acts and ordinances starting in 1922. Major goals of reforms have been to simplify the system, reduce rates, and broaden the tax base. However, issues remain such as lack of tax on agricultural income, exemptions, and high tax evasion. While collections have increased over time, challenges persist including weak administration, many exemptions, and an large informal economy.
What is Tax Reform.docx
Tax reform is a policy implemented by governments to improve the effectiveness and efficiency of their tax systems. It aims to close loopholes, lower tax evasion, and generate higher tax revenues. Tax reform objectives include decreasing marginal tax rates, lowering taxes on savings and investment, reducing tax avoidance, improving economic decision making, and providing uniform treatment across industries. While tax reform enhances tax system functioning, it can also distort economies and be politically motivated in the short term. Overall, tax reform strengthens tax systems by widening the tax base and simplifying tax laws.
Good tax structure
The document outlines the principles of a good tax structure according to classical economists and tax experts. It discusses that a good tax system should: 1) Bear lightly on production and fall directly on the ultimate payer; 2) Be easy and cheap to collect with clear rules on when and how taxes are paid; 3) Consider principles of equity, certainty, convenience of payment, economy in collection, simplicity, neutrality, economic growth, transparency, minimum tax gap, and appropriate government revenues. The tax structure should minimize costs and noncompliance while providing reasonable revenues.
Indian Taxation
what are the different tax structures are existing in world and how Indian government is collecting tax
Five broad principles guide AARP’s evaluation of tax options. Propos.pdf
Five broad principles guide AARP’s evaluation of tax options. Proposals to reform the tax code,
stimulate the economy, raise additional revenue for any purpose, or modify specific tax
provisions should take into account these principles. Equity—Revenue-raising methods should
consider people’s ability to pay and should, to the extent possible, achieve vertical and horizontal
equity. Taxation should be progressive, and people with comparable incomes should be taxed at
comparable rates. Taxes may also be related to benefits derived from government services.
Economic neutrality—Taxes should be as neutral as possible in their treatment of economic
activity and should not unduly encourage behavior undertaken simply to avoid taxation. Often
this can be achieved by a combination of a broad taxable base and a low tax rate. In addition
taxes should not unduly hinder economic growth, induce inflation, or discourage savings. Taxes
may be used to mitigate economic costs imposed on society that were not fully captured through
market prices. Administrative efficiency—Taxes should be simple for taxpayers to understand
and comply with, and as easy as possible to administer. The need to collect data on taxpayers and
enforce tax laws should be balanced against the protection of individual liberties and privacy.
Revenue—The tax system must produce sufficient revenue to pay for important national, state,
and local priorities and maintain fiscal stability. Stable and reliable public policies and programs
require adequate and consistent sources of revenue. Social and other policy goals—A balance
must be struck between using the tax system to address social policy goals (through such
measures as tax expenditures or earmarking revenue) and raising adequate revenues simply and
equitably. Sometimes the above principles conflict with each other. In these cases AARP may
weigh the relative importance of each of the key principles. AARP’s position on tax policies take
into account the net fiscal impact of a given policy proposal, not only its tax component.
Economic neutrality—Typically taxes create some inefficiencies by distorting economic choices
and thus people’s behavior in the market. One major goal of most tax reform proposals is to
reduce these distortions and encourage stronger economic growth. Proponents of consumption
taxes note that income taxes encourage consumption over saving. Integrating the individual and
corporate income taxes would reduce distortions that influence how businesses are organized and
how income is transferred from corporations to shareholders. By eliminating certain tax
deductions and other preferences, fundamental restructuring of the current income tax would also
improve the neutrality and efficiency of the tax system. Administrative efficiency—The degree
of administrative complexity depends greatly on the form of the tax. A VAT can have high
administrative costs because it increases the number of taxpayers and requires detailed record
ke.
Goods and service tax made easy
this ppt is essentially helpful for beginners for a better understanding of the gst and also many legal and constitutional framework has been added so that u can also overview the law related matters in it.
History Of Taxation in Pakistan and Income Tax Authorities
The document provides an overview of the history of taxation in Pakistan and income tax authorities. It discusses taxation systems prior to Pakistan's independence, including various Acts passed between 1860-1947. After independence in 1947, Pakistan adopted the Income Tax Act of 1922 and has since made various amendments through committees, new ordinances in 1979 and 2001, and annual finance acts. The key components of Pakistan's current income tax law include the Income Tax Ordinance 2001, rules by the Federal Board of Revenue, and notifications, circulars, and case law.
Goods and Services Tax in Malaysia
The document summarizes key issues with Malaysia's tax system, including concerns that the public is not ready for GST implementation, low tax compliance rates, and lack of public knowledge about tax responsibilities. It recommends increasing penalties for noncompliance, controlling price increases, continuous public education on taxes, and developing understanding from a young age.
Goods service tax_gst_
GST is a comprehensive indirect tax on the supply of goods and services throughout India. It replaces multiple taxes levied by the central and state governments. The key features are:
- It has two components - central GST (CGST) and state GST (SGST) which are levied on a common tax base.
- Taxpayers need to submit periodic returns to both central and state tax authorities. Cross utilization of input tax credit between CGST and SGST is generally not allowed.
- Different countries have adopted various models of GST including Australian, Canadian, Kelkar-Shah, and Bagchi-Poddar models. India has adopted a dual GST model with separate but
A study on GST and the areas of its impact in banking & financial services
A brief study on GST, sectoral impacts, winners and losers of GST, rates of GST, Taxes subsumed by GST, areas of impact in banking and financial services, advantages of GST, challenges of GSt
GST : Benefits and challanges in indian context ( By Prachi and Group)
The document discusses the benefits and challenges of implementing GST in India. Some key benefits include abolishing multiple taxes, reducing cascading taxation, developing a common national market, and increasing voluntary compliance. Challenges include ensuring IT infrastructure readiness, training tax officers, managing new registrations, addressing transitional issues, and resolving pending cases. Overall, GST aims to simplify and rationalize indirect taxation in India.
Public economics
The document discusses four key functions of public finance: allocation, distribution, stabilization, and growth. It also discusses principles for evaluating a good tax system, including revenue adequacy, stability, simplicity, tax neutrality, economic efficiency, and low administration and compliance costs. The document compares tax systems before and after reforms, noting the need to tailor reforms to a country's existing economic system and administrative capabilities.
Public economics
The document discusses four key functions of public finance:
1) Allocation - Taxation is used to fund public goods like defense and infrastructure that are unprofitable to produce privately.
2) Redistribution - Redistribution through public expenditures is more effective than the tax system alone at redistributing wealth over time in a way that promotes growth.
3) Stabilization - Tax and spending policies aim to keep the actual income level close to potential to promote full employment and price stability.
4) Growth - The most important objective, policies aim to promote capital accumulation, education, and productivity to boost per capita incomes over time.
Chapter 2 Tax.pptx best power point presentation
This document provides an overview of taxation concepts including:
- The meaning and objectives of taxation including raising revenue and reducing inequality.
- Characteristics of tax systems such as being compulsory, levied by the government, and providing public benefits.
- Principles of taxation including equity, certainty, and minimizing costs and economic distortions.
- Different types of taxes and how tax rates and structures are determined.
Gst ppt
GST is a comprehensive indirect tax on the manufacture, sale, and consumption of goods and services that will replace existing indirect taxes and be levied at a national level. It is a tax on value addition at each stage of a product's supply chain. The GST bill was passed by the Lok Sabha in 2015 and the Rajya Sabha in 2016. India needs GST to simplify its complex indirect tax structure and reduce tax evasion. The GST Council will administer GST and include representatives from both the central and state governments. GST implementation is expected to make goods and services less expensive for consumers and make exports more competitive.
GST Bill in India
This document provides an overview of the Goods and Services Tax (GST) that is being implemented in India. It discusses what GST is, the need for GST to replace existing indirect taxes, how GST will work, including features like a dual GST model with Central and State components, taxable events, registration requirements, subsuming of existing taxes, rates, exemptions, inter-state transactions and more. It also covers the latest updates on GST implementation and emerging issues regarding transitioning to the new tax system. The conclusion emphasizes that GST aims to simplify indirect taxation by shifting the tax burden to final consumption from production and trade.
Executive supplement gst
This document provides an overview of the Goods and Services Tax (GST) implemented in India, including:
1. It outlines the history and challenges of India's previous indirect tax structure that led to the implementation of GST. This includes issues like cascading taxes and lack of uniformity across states.
2. It summarizes international models of GST and how it has been implemented in over 140 countries globally with common principles like being destination-based and allowing input tax credits.
3. It describes the objectives and key aspects of GST in India like subsuming multiple taxes into a single tax, creating a unified market, and being a consumption-based tax levied at each stage of supply.
Goods and Services Tax
In this file you will find a detailed notes on Goods and Services Tax.
Subscribe to Vision Academy for Video assistance https://www.youtube.com/channel/UCjzpit_cXjdnzER_165mIiw
2020040407175693bf2c4302.pdf
This document discusses the key concepts of taxation including direct and indirect taxes, objectives of taxes, and canons of taxation. It defines taxation as a compulsory charge imposed by the government. Objectives include raising revenue, redistributing income, protecting domestic industries, and promoting social welfare. Taxes are classified as direct (e.g. income tax) or indirect (e.g. sales tax). The document also outlines several canons (principles) of taxation including equality, certainty, economy, convenience, productivity, elasticity, simplicity, and diversity.
Gst amar
GST is an indirect tax that was implemented in India to replace many existing indirect taxes. It is a comprehensive tax applied at every stage of supply of goods and services. GST has three components - CGST collected by the central government for intra-state sales, SGST collected by state governments for intra-state sales, and IGST for inter-state sales collected by the central government. The key advantages of GST are that it eliminates cascading of taxes and reduces the overall tax burden.
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Five broad principles guide AARP’s evaluation of tax options. Propos.pdf
Five broad principles guide AARP’s evaluation of tax options. Propos.pdf
History Of Taxation in Pakistan and Income Tax Authorities
History Of Taxation in Pakistan and Income Tax Authorities
A study on GST and the areas of its impact in banking & financial services
A study on GST and the areas of its impact in banking & financial services
GST : Benefits and challanges in indian context ( By Prachi and Group)
GST : Benefits and challanges in indian context ( By Prachi and Group)
More from knmbcomtax
Salini
Taxation is the biggest source of public revenue for modern governments. The equity principle of taxation refers to fairness and justice in distributing the tax burden. Equity has two aspects: horizontal equity means persons equally well-off economically should pay equal taxes, while vertical equity means those better off should pay more taxes than others.
Meera
This document discusses the merits and demerits of indirect taxes. Indirect taxes are imposed on one person but paid by another, usually the consumer. The merits of indirect taxes include convenience of collection, elasticity to respond to economic changes, equity, promotion of social welfare, and progressiveness. However, the demerits are that indirect taxes can be regressive in nature, create uncertainty, discourage saving, be uneconomical, inequitable, and have no direct link to the government collecting the taxes.
Copy of salini
Taxation is the biggest source of public revenue for modern governments. The equity principle of taxation refers to fairness and justice in distributing the tax burden. Horizontal equity means people who are equally well-off economically should pay equal taxes, while vertical equity means those who are better off should pay more taxes than others.
Sabitha.
The document outlines the characteristics of an ideal tax system. An ideal system should:
1) Observe the fundamental principles or canons of taxation, such as being equitable, convenient, certain, and economical.
2) Be based on the ability-to-pay principle where taxes are allocated according to least sacrifice.
3) Ensure maximum social advantage by having a combination of different tax types, not just one tax.
4) Maintain a balanced mix of various tax types.
5) Apply universally to all individuals without discrimination.
Asha.a.s
Several factors determine a nation's taxable capacity including the size of national income, population size and growth rate, distribution of income and wealth, administrative efficiency, stability and growth of income, purpose and pattern of taxation, economic situations, standard of living, price levels, and political conditions.
Lavanya
After independence in 1947, India's tax system underwent major reforms to mobilize resources for development activities. In 1953, the Taxation Enquiry Commission studied India's central and state indirect taxes and found high levels of tax evasion. In the 1950s, following recommendations from economist Nicholas Kaldor, India introduced an integrated direct tax system along with new taxes like wealth tax and expenditure tax. Recent tax reforms focused on simplification and rationalization through committees and task forces. The 2006-2007 budget aimed to introduce a unified Goods and Services Tax by 2010.
Suresh tax
The document discusses four canons of taxation: productivity, elasticity, expediency, and coordination. The canon of productivity states that taxes should not interfere with production and maximize income. The canon of elasticity means taxes should be flexible. The canon of expediency refers to considering sound principles like people's views when designing the tax system. The canon of coordination notes that tax collection is difficult, so central and state governments coordinate agencies to collect taxes.
Sudheesh tax
This document discusses the impact and incidents of taxation. It notes that the tax incidence is highest for residents and lower for non-residents. It outlines the total income scope for residents as including income received or deemed received in India, as well as income accruing or arising outside India during the previous year. The scope for non-residents includes income received in India and income deemed received or accruing in India.
Nandu copy
India has low tax rates due to several factors including a large non-monetized sector, lack of administrative efficiency in tax collection, unstable political conditions, psychology of taxpayers who do not want to pay taxes, and a lower volume of international trade compared to other countries. Unemployment, lack of quality education, and standard of living also contribute to India's low tax rates.
Mukhil
This document discusses different types of taxes. A progressive tax has increasing tax rates as the amount earned increases, so higher incomes are taxed at a higher percentage. A proportional tax has a fixed tax rate so the amount of tax is directly proportional to the amount earned, with the marginal tax rate equal to the average rate. Progressive taxes describe a distribution where the tax rate increases from low to high amounts, while proportional taxes have a consistent rate.
Joby
During British rule in India, taxes were primarily collected on agricultural production and international trade. Farmers paid taxes on their crops and land. The government also levied import and export duties on goods being shipped into and out of the country. Over time, laws like the Sea Customs Act and Tariff Act standardized and regulated customs and duties to generate government revenue.
Jaseem
Indirect taxes are paid by one person but the burden is shared partly or wholly by another person, such as sales tax and excise duty. Some merits of indirect taxes are that they are convenient to collect, revenue adjusts to economic activity so they are elastic, and they promote social welfare. However, some demerits are that indirect taxes can be regressive in nature, create uncertainty, discourage savings, be uneconomical, inequitable, and have no direct link to the government.
Amal tax
The document discusses absolute and relative taxable capacity. Absolute taxable capacity refers to the maximum amount of taxes that can be collected from individuals in a country without affecting production. Relative taxable capacity is the proportion in which communities can contribute taxes relative to other communities' capacities to contribute to common expenditures.
Nandu
India has low tax rates due to several factors including a large non-monetized sector, lack of administrative efficiency in tax collection, unstable political conditions, psychology of taxpayers who do not want to pay taxes, and a lower volume of international trade compared to other countries. Unemployment, lack of quality education, and standard of living also contribute to India's low tax rates.
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Vidhya tax
- 1. WELCOME
- 2. Tax It is a compulsory payment made by the tax payer to the government without any expectations of a special return.
- 3. CHARACTERSTICS OF A GOOD TAX SYSTEM *COMPULSORY PAYMENT It is a compulsory payment made by the taxpayer to the government with out any expectations of special return *Dimensions It has many dimensions they are on the basis of its volume, composition, rates, coverage, time of collections, mode of collections etc.
- 4. *CONVENIENCEThere are various difficulties both conceptual and practical .Some taxes though theoretically sound may involve a heavy cost of collections. *ATTITUDE OF A TAX PAYER Each tax payer would like to be exempted from tax paying, while he would not mind if others bear that burden.*CHANGES IN TAX SYSTEM It can be brought about only slowly and in stages. Changes in economic system cause the changes in tax system.
- 5. CONCLUSION A good tax system should run in harmony with important national objectives and if possible should assist the society in achieving them. It should also yield adequate revenue for the treasury and should be flexible enough to move with the changing requirements of the state and the economy.
- 6. THANKYOU