Download or read book A Journey of Goods and Services Tax GST and Structural Impact of GST on the Growth of GDP in India written by Ajaykumar Kankipati and published by . This book was released on 2017 with total page 4 pages. Available in PDF, EPUB and Kindle. Book excerpt: In Developing countries like India, the taxation system is very crucial role in the development of revenues of the country. But India tax system is difficult to understand and in fact for calculation too in case of both direct tax as well as indirect tax. In order to overcome the problems of the government of India tries to simply the direct tax as well as indirect tax, the government made the proposal of introducing GST (goods and services tax) instead of all indirect taxes and DTC (direct tax code) instead of direct tax. But fortunately GST won the first place in the purview of implementation. The government of India is committed to replace all the indirect taxes levied on the services and goods by state and central government in the month of April 2017. This paper made an attempt to explain the level of impact of this GST (goods and services tax) on the growth of the economy, and benefits for the business and government and for the consumers.

Download or read book Goods and Services Tax GST written by Anjali Agarwal and published by . This book was released on 2017 with total page 0 pages. Available in PDF, EPUB and Kindle. Book excerpt: National level goods and services tax (GST) is India's most ambitious indirect tax reform. Its objective is to levy a single uniform tax across India on goods and services. GST, when implemented, would replace a number of Central and State taxes, making India more of a national integrated market, and bring more producers into the tax net. The changeover to GST, it is claimed, would significantly contribute to the buoyancy of tax revenues, acceleration of growth, and generation of many positive externalities. The present edited volume contains 19 research articles (divided into 5 sections) authored by experts in the field of public finance. GST has now been implemented in 160 countries and case studies have been provided in this volume for an effective comparison. The detailed impact of GST on consumers, business, government, individual sectors/industries, and national growth, along with a comparative analysis of GST with current indirect taxes, is given an in-depth analysis. The included contributions provide insights into various aspects of GST, adding to the heated debate on the implications of this game-changing tax reform. [Subject: South Asian Studies, Economics, Tax]

Download or read book Evolution of Goods and Services Tax in India written by R. Kavita Rao and published by Cambridge University Press. This book was released on 2019-05-23 with total page 220 pages. Available in PDF, EPUB and Kindle. Book excerpt: Goods and Services Tax (GST) was implemented in India in July 2017, after four decades of protracted deliberations amid critical socio-economic and political challenges. GST is a comprehensive multistage value added tax (VAT) on goods and services where both central and state governments share the same tax base. Finding a suitable design for GST that encompasses taxes from both the centre and the state tax brackets makes the Indian GST unique among GST implemented in other federal countries. This book is a study of the evolution of GST in India since the Report of the Indirect Taxation Enquiry Committee of 1977. It studies the following issues on GST: a) inclusion and exclusion of taxes, b) finding a suitable mechanism to handle inter-state transactions, c) finding revenue neutrality of the tax reform, d) providing compensation to states for any possible loss of revenue due to its adoption, and e) possible scope for coordination in GST administration.

Download or read book Economic Consequences of GST in India written by D. Amutha and published by . This book was released on 2018 with total page 5 pages. Available in PDF, EPUB and Kindle. Book excerpt: The research paper focuses on the economic consequences of Goods and Services Tax (GST) personified newly in the Indian Tax structure. The paper also discusses the anticipated barriers and future predictions for GST. The Goods and Services Tax (GST) is a vast notion that simplifies the giant tax structure by supporting and augmenting the economic growth of a country. GST is a comprehensive tax levy on manufacturing, sale and consumption of goods and services at a national level. India's historic and bold move towards integrated tax structure is viewed by most economists as an answer to regressive indirect tax structure. It is a comprehensive tax system that will subsume all indirect taxes of states and central governments and unified economy into a seamless national market. An important feature of GST is that products and services are equalized and are taxed at a fixed rate until customers access it within the supply chain. Therefore, tax reforms give equal rights to large and small businesses and taxpayers. Another important feature of India's GST rollout is that it is dual-based. In other words, both central and multiple government agencies will release GST separately. The central government will charge CGS T and the state will charge SGST respectively. However, the tax, tax and taxation standards are the same. This is necessary in view of the federal structure of the government if governments are free to manage their own taxes at two levels. GST would help in lesser corruption and increased tax revenue. It contributes towards a better and improved economy with single taxation. The system will make it easier to identify the tax defaulters. In India, GST is imposed on goods and services income. It is expected to iron out wrinkles of existing indirect tax system and play a vital role in growth of India. It is believed that GST would put India's indirect tax structure at par with more than 140 countries and would be productive for all the sectors. Implementation of such reforms does face surmountable challenges; however this is expected to bring in benefits in the form of higher GDP and also transparency in the tax system. The GST would be imposed on the value - addition and thus would leave lesser scope for tax evasion.

Download or read book Goods and Service Tax GST written by Deepak Adhana and published by . This book was released on 2019 with total page 13 pages. Available in PDF, EPUB and Kindle. Book excerpt: GST was conceptualized for the first time in 1999 during a meeting between the then PM Atal Bihari Vajpayee and his economic advisory panel. On 8 August 2016, the Constitutional Amendment Bill for roll out of GST was passed by the Parliament, followed by ratification of the bill by states and enactment of the bill in September 2017. The Act was passed in accordance with the provisions of Article 368 of the Constitution, and has been ratified by more than half of the State Legislatures, as required under Clause (2) of the said article.On 12 August 2016, Assam became the first state to ratify the bill, when the Assam Legislative Assembly unanimously approved it. The bill, after ratification by the States, received assent from President Pranab Mukherjee on 8 September 2016, and was notified in The Gazette of India on the same date. A comprehensive dual Goods and Services Tax (GST) has replaced the complex multiple indirect tax structure & thus India's biggest tax reform finally became a reality from 1 July 2017. So the year 2017 will forever be etched in Indian history as the year that saw the implementation of the biggest and most important economic reform since Independence - the Goods and Services Tax (GST).The present paper highlights the scenario of GST and its decade long evolutionary journey in India. It studies the month wise GST collection in India from July 2017 to January 2019. It also studies the impact of GST on selected sectors. The paper, in the end also studies how GST has become a game changer for Indian Economy.

Download or read book The Political Economy of India s Transition to Goods and Services Tax written by Chanchal Kumar Sharma and published by . This book was released on 2021 with total page pages. Available in PDF, EPUB and Kindle. Book excerpt: What kept the Goods and Services Tax (GST) from becoming a reality in India for a quarter of a century after the adoption of the structural adjustment programme in 1991? What made it possible in 2016? To what extent the Indian model of GST reflects a compromise between the need to keep fiscal federalism intact and to respond to a more global economic impera-tive? To what extent India's transition to a concurrent dual GST has brought about a change in the principles, rules, frameworks, and institutions guiding intergovernmental fiscal interactions? This paper investigates these issues and shows that the shifts in the indirect tax regime in India since independence have taken place within the structural context of constitutional rules, the economic policy paradigm and political dynamics. Party congruence after 2014 helped to facilitate the introduction of the GST, but the shape thereof was strongly marked by path-dependent logics and the role of state governments as institutional veto players. In addition, the paper examines the ways in which India's transition to a concurrent dual GST has brought about a fundamental change in the principles, rules, frameworks, and institutions guiding intergovernmental fiscal interactions.

Download or read book Impact of Goods Services Tax written by Dr. Sumit Kumar Maji and published by . This book was released on 2017 with total page 12 pages. Available in PDF, EPUB and Kindle. Book excerpt: Since the indirect taxation is the prime source of tax revenue it must be effectively implemented and reformed from time to time to finance majority of the public expenditures for social welfare. One such major Indirect Tax Reform is the implementation of Goods and Services Tax (GST) in India. It is a much awaited Indirect Tax revolution to foster the economic growth in India. In this article an effort will be made to explore the effect of the GST or similar nature tax system on the economies where it has already been introduced and also to generate some expectation based on those experiences from recently implemented GST in the context of Indian economy. It would be unwise to pass any comment at this point of time regarding the impact of GST on Indian economy. However based on some initial data early signs can be explored.

Download or read book Review on Global Implications of Goods and Service Tax and Its Indian Scenario written by R. Revathi and published by . This book was released on 2019 with total page 28 pages. Available in PDF, EPUB and Kindle. Book excerpt: Goods and Service tax is tax regime adopted by 160 countries over the globe in order to evade cascading of tax in the economy. India introduced GST in the year 2017 whereas many other countries implemented GST many years before in their tax system. France was the primary country to adopt this single tax system in 1954 and followed by Germany, Italy, Japan, South Korea. GST is one of the top initiatives taken by most of the countries for a structured and developed economy. A value-added tax levied on mainly goods and services provided or sold for domestic or household consumption is called Goods and Service Tax. GST provides revenue or income for the government in the growth procedure of the economy. The section of GST which is accumulated or collected from the consumers by the business or seller of the goods forwarded to the government. In some countries, Goods and Service Tax is also acknowledged as Value Added Tax. This review paper focused on the implications of GST on different countries economy and its collision on the society. Many scholars have researched on this topic before and after the implementation in India. The paper throws light on the various aspects of GST, and how it affects different industrial sectors in the economy. The paper also analyses how various researchers have interpreted their study about GST, its future implications, and impacts in their countries with special emphasis on India.

Download or read book GST and Its Impact on the Retail Sector written by Heera B Sanjay and published by . This book was released on 2021-06-02 with total page 69 pages. Available in PDF, EPUB and Kindle. Book excerpt: Goods and Services Tax (GST) is an indirect tax levied in India on the sale of goods and services. Goods and services are divided into five tax slabs for collection of tax - 0%, 5%, 12%, 14%, 18% and 28%. The tax came into effect from July 1, 2017 through the implementation of One Hundred and First Amendment of the Constitution of India by the Modi government. The tax replaced existing multiple cascading taxes levied by the central and state governments. The tax rates, rules and regulations are governed by the Goods and Services Tax Council. Retail business in India is a key pillar of the economy and accounts for about 10% of the GDP. The Indian retail market is estimated to be more than US$ 600 billion and one of the top five retail markets in the world by economic value. The imminent implementation of Goods & Services Tax (GST) is expected to result in greater transparency, an improved flow of credit, and reduced trade barriers from a tax perspective. The timely release and revision of the draft GST model law, GST rules, and documentation templates reflect the government's commitment and keenness to implement the GST law in India in 2017. It is also widely agreed that GST will usher in a series of changes to how businesses will operate and the Retail Industry will be no exception. This thought piece highlights some of the key areas impacted and a number of changes that the industry will need to imbibe over the coming months to ensure that GST is effectively implemented. The current study is on the influence of Goods and Services Tax (GST) on the organized retailers and the unorganized retailers in Bangalore. 70 retailers were chosen for the study. Data was collected by issuing a questionnaire. Data was collected during the month of February 2020. Data was analyzed with the help of statistical package. Results of the study reveal that unorganized retailers were severely hit by the implementation of Goods and Services Tax (GST) due to lack of knowledge and technology infrastructure.

Download or read book GST in India and Its Impact on Indian Economy written by Madhu Bala and published by . This book was released on 2020 with total page 16 pages. Available in PDF, EPUB and Kindle. Book excerpt: Purpose: - Traditionally India's tax regime relied heavily on indirect taxes. Revenue from indirect taxes was the major source of tax revenue till tax reforms were undertaken during nineties. The major argument put forth for heavy reliance on indirect taxes was that the India's majority of population was poor and thus widening base of direct taxes had inherent limitations. But the Indian system of indirect taxation is characterized by cascading, distorting tax on production of goods and services which leads to hampering productivity and slower economic growth. There are endless taxes in present system few levied by Centre and rest levied by state, to remove this multiplicity of taxes and reducing the burden of the tax payer a simple tax is required and that is Goods and Service Tax (GST). This paper throws an insight into the Goods and Service Tax concept and its impact on Indian economy. Design/Research Methodology/Approach: - The paper is based on secondary data. The paper is based on extant literature and internet sources have been used. The various articles, researches, government reports, newspapers, magazines, various websites and the information on internet have been studied. Key Findings: - The macroeconomic impact of GST is significant in terms of growth effects, price effects, current account effects and the effect on the budget balance. In developing open economy with growing service sector, a change in the tax mix from income to consumption-based taxes is likely to provide a fruitful source of revenue. The proposed structure will simplify the procedure which will end up with equal opportunity for all the markets and in other hand will leads reduced tax evasion. Research Limitations/Implications: - The present study provides a starting-point for further research in this field. This further can be explained with respect to real benefits in India after successful implementation of GST.

Download or read book RECENT ADVANCES IN COMMERCE MANAGEMENT VOLUME 4 written by Sruthi S and published by RED'SHINE Publication. Pvt. Ltd.. This book was released on with total page 280 pages. Available in PDF, EPUB and Kindle. Book excerpt:

Download or read book Economic Review written by Srinivasan P and published by . This book was released on 2018 with total page 10 pages. Available in PDF, EPUB and Kindle. Book excerpt: GST (Good and Service Tax) is the newly implemented taxation system India, and it is a single tax rate all over India. And it is GST one of the biggest indirect tax reforms in the country. The motto to expect to bring economic growth of state and central. GST levied by the central of India. It creates simplification and removal of multiple valuation of tax. And also, will reduce cost of production. Ease of registration in a single registration process. Cash flow has improved. Supply chain restructuring and elaborate transaction management.

Download or read book Cross Disciplinary Impacts on Insurance Law written by Margarida Lima Rego and published by Springer Nature. This book was released on with total page 265 pages. Available in PDF, EPUB and Kindle. Book excerpt:

Download or read book Goods and Services Tax written by and published by . This book was released on 1990* with total page 24 pages. Available in PDF, EPUB and Kindle. Book excerpt:

Download or read book A LANDMARK ON THE INDIAN CONSTITUTION written by Prasanna S and published by Institute of Legal Education. This book was released on 2023-09-04 with total page 578 pages. Available in PDF, EPUB and Kindle. Book excerpt: In the heart of India's rich legal history lies an extraordinary tale that changed the course of the nation's destiny. "A Landmark on the Indian Constitution" delves into the captivating story of a pivotal moment in the journey of India's democracy. This meticulously researched and engagingly written book explores the untold story of a landmark case that challenged the very foundations of the Indian Constitution. It takes readers on a fascinating journey through the corridors of power, the intricacies of legal arguments, and the passionate debates that echoed in the hallowed halls of justice. The book introduces us to the remarkable individuals who played pivotal roles in this constitutional saga – from the brilliant lawyers who argued the case to the visionary judges who rendered the historic verdict. It uncovers their personal struggles, their unwavering commitment to justice, and the sacrifices they made for the ideals they held dear. As readers embark on this intellectual and emotional journey, they will gain a deeper understanding of the Indian Constitution and the principles that underpin it. "A Landmark on the Indian Constitution" is not just a legal narrative; it's a story of courage, conviction, and the enduring spirit of democracy. This book is a must-read for anyone interested in the intricacies of Indian law, the evolution of democracy, and the indomitable human spirit that shapes the destiny of nations. Please note that this is a fictional description, and there may not be an actual book with this title or content. If you have any specific questions or would like to discuss a different topic, please feel free to ask.

Download or read book Dimensions of Tax Design written by James A. Mirrlees and published by Oxford University Press. This book was released on 2010-04-29 with total page 1360 pages. Available in PDF, EPUB and Kindle. Book excerpt: The Review was chaired by Nobel Laureate Professor Sir James Mirrlees of the University of Cambridge and the Chinese University of Hong Kong. --

Download or read book Indian Economy written by Dr. V. C. Sinha and published by SBPD Publications . This book was released on 2023-06-14 with total page 314 pages. Available in PDF, EPUB and Kindle. Book excerpt: 1.Economic Development : Meaning, Measurement, Indicators and Determinants,2. Underdeveloped (Developing) Economy—Concept of Underdevelopment, 3. Human Development, 4. Indian Economy on the Eve of Independence (Colonial Economy), 5. Structure and Basic Features of Indian Economy, 6. Evaluation of India’s Economic Planning, 7. Import Substituting Industrialisation, 8. Economic Reforms in India : Liberalisation, Privatisation & Globalisation, Demonetisation and GST, 9. Growth, Development and Structural Change in India, 10. Various Means of Transport : Road, Rail, Water and Air, 11. Changes in Policy Perspective in the Role of Institutional Framework After 1991, 12. Economic Growth and Distribution in India, 13. Problems of Poverty in India, 14. Unemployment in India, Nature, Extent and Employment Policy, 15.Economic Development and Environment, 16.Agriculture Growth and Performance in India, 17. Land Tenure and Reforms : Agricultural Holding and Consolidation, 18. Plans and Agriculture Development : Green Revolution, 19. Technological Change and Development in Agriculture (Agriculture Mechanisation), 20. Agricultural Price Policy, 21. Food Problem, Food Policy, Public Distribution System and Food Security, 22. Prominent Large Scale Industries of India—Cotton Textile, Jute, Sugar, Iron and Steel and Cement, 23. Micro, Small and Medium Enterprises (MSMEs) in India, 24. Foreign Trade of India, 25. India and the World Trade Organisation (WTO), 26. Role of Foreign Direct Investment in India.