Apr 11, · Goods and Services Tax (GST) is a reformatory legislation which 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 blogger.comted Reading Time: 8 mins Jun 12, · Goods and services subject to tax GST operates on a negative concept - all goods and services are subject to GST unless specifically exempted. For sales tax, the same concept applies where all goods are taxable unless specifically blogger.comted Reading Time: 11 mins Nov 18, · Essay on goods and service tax for honors thesis philosophy. Invited editorials in tax goods essay on and service journals that use sample statistics to test and is accompa- nied online by letting go of the differences between gerunds and nominal- izations, which are introduced in the united states and or follow-up work with the journals demonstrate that when students receive low grades on
Goods and Service Tax - Term Paper
A just and viable tax regime is vital for the sustainable economic growth and fiscal consolidation of any economy in the world. This assumes a greater importance in a developing economy like Essay on goods and service tax where although we have a high demographic dividend, we are yet to convert it to the proportionate human capital, which will in turn benefit the social and economic growth of the country.
In order to facilitate this, we need a conducive environment as we push forward towards becoming a better developed nation. In order to become a more economically developed nation, essay on goods and service tax, we need a transparent, just, equitable and fair taxation system that is easy to administer. The essential rationale behind this is that the taxation system should be reasonable and non-discriminatory in respect to both the direct taxes payable by individuals and the indirect taxes payable by corporations and industries so as to make them more tax-compliant and bring the larger populace in the taxation net to essay on goods and service tax turn aid the government in taking development projects.
Goods and Services Tax GST is a reformatory legislation which 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 additionwhich makes GST essentially a tax only on value addition at each stage.
The final consume will thus bear essay on goods and service tax the GST charged by the last dealer in the supply chain with set-off benefits at all the previous stages. The tax-GDP ratio of a country is an important indicator that helps understand how much tax revenue is being collected by the government as compared to the overall size of the economy and unfortunately, this ratio is a dismal low for India despite having years of high growth, the lowest in BRICS countries.
From to the Indirect Tax-GDP ratio has increased from The burden of regressive taxes is another issue that the GST aims to redress, essay on goods and service tax. Direct taxes are progressive taxes as they are contingent on the ability of the taxpayer to pay. Furthermore, the sharing of financial resources and revenue from the tax system between the Centre and the State is made simpler by the GST tax reform.
Furthermore the cascading of taxes with both the Centre and State levying taxes as the taxes levied by the State Government are not available to set off against the taxes being levied by the State Governments. At the central level GST will subsume Central Excise Duty, Additional Excise Duty, Service Tax, Additional Customs Duty Countervailing Dutyand Special Additional, Duty of Customs. Also, the variety of VAT tax laws in the country with disparate tax rates and dissimilar tax practices divides the country essay on goods and service tax separate economic spheres thereby creating tariff and non tariff barriers thereby hindering the free flow of trade in the country.
This in turn also constitutes high compliance cost for the taxpayers disadvantageous to economic growth of a country. Along with GST, there are a number of reforms that the Government is bringing in to strengthen the manufacturing bone of India. GSTN, the Goods and Services Tax Network is being setup with the objective to provide the requisite IT infrastructure and services for the proper roll-out and implementation of GST. It is a company under Section 25 which implies that its is a non government, private limited company which will not work for profit.
The division of powers is such that the Central Government holds Essay on goods and service tax company will work towards providing a proficient GST Eco-System. It will encourage and collaborate with GST Suvidha Providers to roll out GST applications for providing simplified services to the stakeholders. It is also entrusted to carry out research in order to conclude better and best practices and to indulge in staff training and also consultancy to the Tax Authorities and other stakeholders.
Another very important feature of the GSTN is to develop Tax Payer Profiling Utility which is a very important aspect in ensuring efficient administration and achieve the GST goals. This is the most important aspect of the Goods and Services Tax, in ways bigger than the GST bill too, as the entire structure of GST is contingent on this foundation. It is an apex body headed by the Union Finance Minister Mr. Arun Jaitley with the State-nominated ministers and the Union Minister of State for Finance In charge of Revenue as members.
It is imperative to note that the decisions of the GST Council will shape whether this ambitious tax reform will achieve its due desired effect or not. GST will bring uniformity and also deplete the cascading consequence of these taxes by giving input tax credit, essay on goods and service tax, having a comprehensive tax inclusion with minimum exceptions which will in turn help the Industry to benefit from the proposed common procedures and claim credit for the tax paid.
This will take place in two ways: a directly the resources available to the poorer states will increase substantially; b indirectly as the tax base becomes more buoyant.
This impedes the Make in India process which will get a boost through GST as it is making tax compliance easier and removing ambiguity and at the same time as GST will be applied on imports, domestic manufacturing would be encouraged. To claim input tax credit, each dealer has an incentive to request documentation from the dealer behind him in the tax chain which will ensure tax compliance.
Also this would further require producers to buy materials from registered dealers and therefore will bring in more and more vendors in the taxation net. Furthermore, the dual monitoring structure of the GST by both Centre and State will make tax evasion more prone to detection. Your email address will not be published.
Home » Knowledge Base » GST and its Impact on Business in India [Student Essay]. Saumya Snehal April 11, Disclaimer: We try to ensure that the information we post on Lawctopus is accurate. However, despite our best efforts, some of the content may contain errors, essay on goods and service tax.
You can trust us, but please conduct your own checks too. Categories: Knowledge BaseRead Essays and Papers.
Tagged: goods and services tax essaygst essay. Saumya Snehal. Responses Cancel reply Your email address will not be published. Stark ahir January 16, Aman September 25, Anonymous January 16, Sukhman June 22, Rishita November 20, Anonymous November 17, Anonymous November 7, Kshirabdhi tanaya samal November 7, Gayatree Mohapatra November 5, shahrukh November 1, sandeep yadav October 30, jitendra sankhla jitsa sankhla October 15, Dharak October 13, kajal October 10, Anonymous October 6, khanum September 6, Sharanya August 17, Anonymous August 8, Yashu August 7, Sanvi July 30, Kusumanjali July 29, Goukam kuki July 29, Anonymous July 29, Anonymous July 27, Anonymous July 25, Shilpi rastogi July 22, Ashish July 19, Shweta patil July 19, Siya Singh July 19, Chinmayi July 17, Name:prabhu July 16, Anonymous July 13, Thanks very helpfull for making assignment and hone work -Tanjay Thakur T.
maanvi July 6, Ritika July 6, Karan July 5, Anonymous July 4, Anmol July 4, Himanshi July 3, Anonymous June 24, mukul June 22, rambo June 7, Get the latest opportunities. Hi there! You can unsubscribe any time. Clear Clear All.
10 Lines essay on Goods and Services Tax in English - Essay on GST (Goods and Services Tax)
, time: 3:17GST Essay: All You Need to Know about the Goods and Services Tax
Goods and Services Tax Main Features of Goods and Services Tax (GST) Our Prime Minister, Datuk Seri Najib Razak announced the introduction of the Goods and Services Tax (GST) in Budget on 25th October GST will be effective on April, In the current environment, there are two acts of its management is called sales tax in (Act 64) and Services Tax in (Act ) of goods and services. These two taxes are handled by the Royal Malaysian Customs (Customs). Sales tax on consumers who consume taxable goods, then collected and accountable to the Customs by commercial enterprises Apr 11, · Goods and Services Tax (GST) is a reformatory legislation which 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 blogger.comted Reading Time: 8 mins
No comments:
Post a Comment