scholarly journals Goods And Services Tax (GST): A Comprehensive and Uniform Indirect Tax Reform in India

2017 ◽  
Vol 3 (2) ◽  
Author(s):  
Surbhi Gupta
Keyword(s):  
Supply Chain ◽  
Tax Reform ◽  
Value Added ◽  
Cascading Effects ◽  
Goods And Services ◽  
Finance Minister ◽  
Entire Economy ◽  
And Training ◽  
Indirect Tax Reform ◽  
Final Consumer

Overcoming the loopholes in the existing indirect tax regime, Goods and services tax (GST) is a major indirect tax reform in India. India is very close to its implementation, tentatively from 1 July 2017 as announced by Sri Arun Jaitely, the current Finance Minister. Goods and services tax (GST) is a nationwide tax levied on supply of goods and services in India. It is a destination based value added tax levied at each stage in supply chain right from the manufacturer to the consumer with benefit of input tax credit at each stage thereby eliminating cascading effects. The final consumer thus will bear only the GST charged by the last dealer in the supply chain. The proposed GST regime is expected to bring a basket of benefits for the entire economy thereby favouring its implementation at the earliest by overcoming all the challenges. Proper planning, administration, timely guidance to the industry and training to both the tax officers and payers on GST will aid its smooth implementation.

Book Reviews

2009 ◽  
Vol 47 (1) ◽  
pp. 192-193
Keyword(s):  
United States ◽  
Tax Reform ◽  
National Level ◽  
Value Added ◽  
The United States ◽  
Consumption Tax ◽  
Senior Lecturer ◽  
Goods And Services ◽  
Empirical Context ◽  
American Case

Isaac W. Martin of University of California, San Diego reviews “Taxing Reforms: The Politics of the Consumption Tax in Japan, the United States, Canada and Australia” by Richard Eccleston,. The EconLit Abstract of the reviewed work begins “Explores the politics of consumption tax reform in the four countries where the political resistance to such policies has been most acute--Australia, Canada, Japan, and the United States. Provides an overview of the contemporary literature on institutional and policy change and identifies a number of processes and mechanisms likely to be associated with comprehensive tax reform. Presents the empirical context for the book’s case studies and describes the rise and proliferation of value-added taxes over the course of the twentieth century. Describes the politics of consumption tax reform in Australia between the early 1970s and 2000. Considers the politics of introducing a national goods and services tax in Canada. Assesses the most notable exception to the trend toward implementing national level value added taxes among advanced industrial nations with an American case study. Identifies a number of occasions on which U.S. policymakers gave serious consideration to the introduction of a national value added tax. Eccleston is Senior Lecturer in the Department of Government at the University of Tasmania. Index.”

scholarly journals GST: A Tax Reform for Sustainability of Indian Handicrafts

2019 ◽  
Vol 7 (1) ◽  
pp. 354-359
Author(s):  
Kritika Tekwani ◽  
Rinku Raghuvanshi
Keyword(s):  
Sustainable Development ◽  
Tax Reform ◽  
Value Added ◽  
Secondary Data ◽  
Published Data ◽  
Tax System ◽  
The Sustainable Development ◽  
Goods And Services ◽  
The Government

Purpose of the study: Taxation is one of a tool, which helps the Government for the achievement of the goal of sustainable development for every sector including handicraft. The objectives of this study are to know about Goods and Services Tax & its inferences on sustainable development of Indian handicrafts and to identify the role of GST as tax reform in the sustainable development of handicrafts sector in India. The Indian handicraft is economically important and it has more potential for exports. This sector places a major role in the Indian economy. Methodology:  The Descriptive method of research has been used to gather information about the existing conditions of GST and Handicraft sector of India. This study is based on secondary data. The data has been taken from different journals, books, magazines, websites, and published data from government institutions. This study is explanatory in nature. The collected data from different sources has been reviewed and data relevant to the handicraft sector further analyzed. The researcher concluded that how GST is helping Indian handicraft sector for sustainable development. Main Findings: GST brought transparency in the tax system and it also eliminated the multiple taxes, which ultimately increases the final prices. This study revealed that GST would make Indian handicrafts more competitive in the domestic and foreign markets. GST is fiscal tax reform which helps in the sustainable development of Indian handicrafts. This research study found that the handicraft sector of India became more organized, centralized, and regulated after the implementation of Goods and Services Tax. The implication of the study: GST implemented on July 01, 2017 with the aim of simplification of the tax system, fiscal structure, United Indian Market, and sustainable development in India. It is a comprehensive value-added tax which merged different taxes including VAT, service tax, surcharges, CST, etc. This study can be useful for future researchers, traders, and exporters to know the implication of GST in the handicraft sector. Traders and exporters can get knowledge about the GST, tax rates, and exports under LUT/ bond. This study may be benefited to the Government for further development in GST as per the findings of this study. Novelty/Originality of this study: GST is new tax reform in India, only a few studies have been done on it. As per the researcher ’ s best knowledge few studies have been carried out on GST and handicraft sector, but none of the study is carried out on this topic. This study highlights the unrevealed facts and figures about the role of GST in the sustainable development of the handicraft sector.

scholarly journals Impact of Goods and Service Tax (GST) on Business and Tax Reforms in India

2017 ◽  
Vol 4 (1) ◽  
pp. 15-22
Author(s):  
Lavisha Verma
Keyword(s):  
Tax Reform ◽  
Research Paper ◽  
State Governments ◽  
Tax Reforms ◽  
Tax System ◽  
Dual Structure ◽  
High Compliance ◽  
Goods And Services ◽  
Finance Minister ◽  
Indirect Taxes

Goods and Services Tax (GST) comes under Indirect Tax regime covers whole of  India replaced  various indirect taxes levied by the Central and state governments. The GST is governed by GST Council and its Chairman is Union Finance Minister of India “GST is not a tax reform in true sense, but it is a major business reform which will change the way business activities are carried in the country. The dual structure of GST is the fundamental character of our country and therefore a single GST across the country is not possible in true sense under GST ,the taxpayer will be ease the burden  of taxpayers to deal with multiple indirect taxes as under present Indirect system but GST will cost high compliance burden on the taxpayers requiring a registration in every state from where taxable activities are carried out  but it would definitely reduced cumbersome documentation and save time. This research Paper discuss about the biggest step taken in indirect tax system that is GST and challenges in implementation. The paper aims to show that GST is a merely a Business reform, not a uniform tax system.

scholarly journals Impact of GST on Indian Economy

2018 ◽  
Vol 8 (02) ◽  
Author(s):  
Meenakshi Bindal ◽  
Dinesh Chand Gupta
Keyword(s):  
Supply Chain ◽  
Positive Impact ◽  
Cost Effective ◽  
Federal System ◽  
Tax Rates ◽  
Perceived Benefits ◽  
Indirect Taxation ◽  
Cascading Effects ◽  
Indian Economy ◽  
Goods And Services

GST Stands for Goods and Services Tax (GST). The GST Act was passed in the Lok Sabha on 29th March, 2017 and came into effect from 1st July, 2017. It was termed as One Nation One Tax. The major impact of introducing GST in India is the transformation in the fiscal structure of the Indian federal setup. The fiscal right of the states and centre to deal with goods and services independently will be taken away and both the Governments have to depend on each other’s for managing the so called goods and services tax in future. This is a very hard blow to the freedom of participating governments in the federal system. The perceived benefits are – • GST would eliminate to a large extent, the multiplicity of administrative mechanisms and tax rates across different states. • It removes many of the cascading effects of indirect taxation. • Its positive impact on retail as a whole will make supply chain more cost effective. • It is expected to address most of the complex issues in taxation like software, intangibles, composite contracts etc. and brings more clarity in the levy.

scholarly journals Goods and Services Tax (GST) reforms and implementation : An economic analysis in the marine fisheries sector of Kerala, South India

2019 ◽  
Vol 66 (4) ◽  
Author(s):  
Shyam S. Salim ◽  
Harsha Elizabeth James ◽  
Mohammed Meharoof
Keyword(s):  
South India ◽  
Tax Reform ◽  
Value Added ◽  
Additional Cost ◽  
Fishing Community ◽  
Fuel Prices ◽  
Goods And Services ◽  
Positive Effects ◽  
Fisheries Resources ◽  
Taxation System

Goods and services tax (GST), hailed as a historic tax reform, is a step taken by Government of India to improve transparency and accountability in the taxation system of our country. The fisheries sector is also expected to have a varied impact consequent to the introduction of these reforms. The present study assessed the level of awareness and perception of impact of GST and to estimate the additional cost per annum in marine capture fisheries sector of Kerala due to implementation of GST and also to highlight the possible positive effects of inclusion of diesel price under GST. The study was undertaken in the fish landing centers/harbours of Alappuzha and Ernakulam districts of Kerala, south India aimed at measuring the extent of uncertainty generated by introduction of GST. The study revealed that the implementation came as a complete bolt from the blue with majority of the fishers in disagreement with the process of implementation of GST without taking all stakeholders into confidence. Compared to value added tax (VAT), the GST and post-Guwahati Council GST rates are found to be high, affecting the fishing community at multidimensional levels. The results revealed that the marine capture fishing operations across all sectors in Kerala will be incurring an additional cost of `171.25 million per year due to GST introduction. However introducing GST on fuels will lead to a reduction of diesel price by 30-40% and 25-30% at 18 and 28% GST slabs respectively, which would reduce the ever increasing cost of fishing. The study also advocates that the implementation of GST in fuel prices should not add to overexploitation of the already dwindling fisheries resources.

scholarly journals One or Trine: The (possible) impacts of the PEC 45/2019 on Brazilian fiscal decentralization

2021 ◽  
Vol 10 (7) ◽  
pp. e53010716409
Author(s):  
Mateus Ferreira de Almeida Lima ◽  
Francisco das Chagas Bezerra Neto ◽  
José Cândido da Silva Nóbrega ◽  
Auzenir de Oliveira Abrantes Monteiro ◽  
Hyago Pires Nogueira ◽  
...  
Keyword(s):  
Data Collection ◽  
Social Integration ◽  
Consumer Goods ◽  
Tax Reform ◽  
Central Body ◽  
Fiscal Decentralization ◽  
Value Added ◽  
Structural Reforms ◽  
Goods And Services ◽  
Integration Program

During the passage of time, it is necessary for a legal system to introduce structural reforms, given the maximum   effectiveness of Law. And, among the main reforms proposed to the Brazilian order, there is the tax reform, represented, above all, by the PEC 45/2019. Several points are innovative, such as the adoption of the Value Added Tax (VAT) - renamed Tax on Goods and Services (IBS) - on consumer goods, in the three federal spheres, the basis of which comes from five other taxes: Tax on Industrialized Products ( IPI), Tax on Circulation of Goods and Services (ICMS), Tax on Services (ISS), Contribution to the Financing of Social Security (Cofins) and Social Integration Program (PIS); having specific rates for each federative entity and abolition of taxes such as the Tax on Financial Operations (IOF). However, would the creation or abolition of these taxes be positive or negative for the fiscal decentralization proposed in the 1988 Charter? An unsolvable dichotomy. Despite the selective rates for the three federative entities (Union, States and Municipalities), the Reform intends to create a central body, whose character would be to inspect such rates according to the total. There is, therefore, a paradox: between one and triune. Based on such affirmative assumptions, this article will have an exploratory character, with deduction as a method and data collection extracted from documents, bibliography and data taken from administrative bodies.

How the New Rules of Exchange on Markets Are Justified

2011 ◽  
pp. 104-123
Author(s):  
V. Radaev
Keyword(s):  
Supply Chain ◽  
Value Added ◽  
Slotting Allowances ◽  
Consumer Markets ◽  
Depth Interview ◽  
Retail Managers

Continuous relational conflicts between market sellers in Russian consumer markets are derived not only from redistribution of value added in the supply chain but also from a lack of legitimacy faced by the new rules of exchange. The paper explains the economic meaning of slotting allowances and other additional contract requirements as viewed by market sellers. A major source of data comes from a series of in-depth interview with retail managers and their suppliers.

A Study on Consumers’ Awareness on Goods and Services Tax

2018 ◽  
Vol 6 (11) ◽  
pp. 30
Author(s):  
A. Hilary Joseph ◽  
D. Kanakavalli
Keyword(s):  
Tax Reform ◽  
Subsequent Stage ◽  
State Governments ◽  
Value Addition ◽  
Goods And Services ◽  
Late Night ◽  
Single Tax ◽  
Doing Business ◽  
Ease Of Doing Business ◽  
The One

The Goods and Services Tax (GST) -- India's biggest tax reform since independence formally launched in Parliament by Prime Minister Narendra Modi and President Pranab Mukherjee came into force after 17 tumultuous years of debate, unifying more than a dozen central and state levies.  The new tax regime was ushered at the late night of 30th June and came into force on 1st July 2017.  The one national GST unifies the country's USD 2 trillion economy and 1.3 billion people into a common market.  As commented by Mr.Modi, GST is not just tax reform but its economic reform. GST is a way forward in the ease of doing business.  In the language of law, it is called the goods and services tax, but the benefit of GST is really a Good and Simple Tax. Good because multiple taxes will be removed. Simple because it requires just one form and is easy to use.  GST is a single tax on the supply of goods and services, right from the manufacturer to the consumer.  Credits of input taxes paid at each stage will be available in the subsequent stage of value addition, which makes GST essentially a tax only on value addition at each stage. The final consumer will thus bear only the GST charged by the last dealer in the supply chain, with set-off benefits at all the previous stages.  It renders numerous benefits to different parties such as business and industry, central and state governments and the ultimate consumers.  An effort is made to understand the consumers’ awareness on Goods and Services Tax. Everything that is introduced will attract agitation and unrest among different group of people and they can easily be overcome by designing programmes to clarify the objections of renowned economists.  GST will sure to have success when the confidence of every individual Indian citizens have obtained.

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