scholarly journals Implementation of goods and service tax (gst) in india: prospectus and challeneges

2017 ◽  
Vol 7 (2) ◽  
pp. 330-333
Author(s):  
Ramya R ◽  
Gnanaraj G

There are blended reaction, ambiguous, controversies and viewpoint amongthe Manufactures, traders and society about the Goods and Services Tax (GST) to beimplemented by Government of India from 1st April 2017 this year. Distinct neworganizations from all around the world focused on the bill unifying the country and it beingan achievement of the government. As the Goods and Services Tax Bill was passed in theRajya Sabha, it also brought India at the centre of the global economy. With the passing ofthe bill, many international newspapers published their views on how the GST Bill brings anew wave of economic reform in the country. The paper highlights the background,Prospectus and challenges in Implementation of Goods and services Tax (GST) in India.Certainly, the paper examines and draws out a conclusion.

2004 ◽  
Vol 3 (1) ◽  
pp. 19-29
Author(s):  
Tomy Kallarackal

The Value Added Tax was first introduced in France in 1954. It was the resultant effort of France and members of the European Economic Community (E.E.C) during the 1950s aimed at the simplification of commodity taxes. Currently more than 130 nations in the world have adopted the VAT system. In the last decade alone over 50 nations have introduced VAT. This includes implementation in China and most recently the addition of Australia to the list of VAT nations. The world over, VAT is payable on both goods and services as they constitute a part of the national GDR Excise duty and sales taxes are merged into the singularity of VAT. No tax is levied on exports with full input tax credit made available. The scheme of taxation adopted by most nations is very simple. The seller of goods and the service provider charge tax on sales, avail input tax credit and pay the difference as VAT to the goVernment treasury. The compliance system in VAT nations is also very simple. There is very less interface between the tax collector and the tax payer. However there are provisions for heavy penalization of VAT defaulters. VAT is administered nationally and is also levied on imports.  


2020 ◽  
pp. 1-3
Author(s):  
N. Thyagaraju

This paper is a brief description of the historical scenario of Indian taxation and its tax structure. Then why there is a need for the change in tax structure from traditional system to GST model. There are mixed response, inexplicit, arguments and opinions among the Manufactures, traders and society about the Goods and Services Tax (GST) to be implemented by Government of India from 1stApril 2017 this year. Various news organizations from all around the world focused on the bill unifyingthe country and it being an achievement of the government. Evolution of GST has be detailed discuss in this paper as the background, silent features, challenges, revenues, distribution of revenues ,Problems, efforts of government, various GSt Council meetings, Different tax rates etc. The implementation of a comprehensive GST in India is expected to lead to efcient allocation of factors of production thus leading to gains in GDP and exports. Though a number of initiatives by the various machineries at the Centre, the present taxation regime is marked as cumbersome, complicated and unfriendly.


Author(s):  
Svitlana Bestuzheva ◽  
Viktoria Kozub

The paper proposes a scientific approach to determining the impact of globalization processes on the development of Ukraine’s economy based on the analysis of the dynamics and modeling of indicators of the degree of integration of Ukraine’s economy into the system of world economic relations. Globalization is seen as a modern trend in the world economy as a system of interconnected and interdependent economic entities, among which a significant place is occupied by countries. The authors determine the degree of Ukraine's integration into the world economic space by its place in the ratings of globalization and economic openness. Analysis of the dynamics of the degree of integration of Ukraine's economy into the global economy is based on GDP, export and import quotas during 2006 – 2020. Based on the results of the analysis, the authors developed an econometric model for assessing the impact of factors on the globalization index of Ukraine, identified the most significant positive factors, namely the volume of exports of goods and services as a percentage of GDP, GDP, the ratio of foreign direct investment to GDP, the share of innovative exports export of goods and services of the country. The import quota and the corporate income tax rate have been identified as negative factors. Based on the results obtained during the modeling, the authors have developed and proposed a sequence of measures to increase the level of openness of Ukraine's economy in the context of its globalization. Perspective forms of globalization in the context of forming a new perspective of the international community on changing the vector of world economy - from globalization to regionalization and nationalization which have materialized in increasing the volume and diversification of the structure of international trade, intensification of international financial transactions, the emergence of transnational business, a sharp increase in foreign direct investment and intensification of international labor migration.


Author(s):  
Isaiah Nnanna Ibeh ◽  
Seyi Samson Enitan ◽  
Richard Yomi Akele ◽  
Christy Chinwe Isitua ◽  
Felix Omorodion

The Coronavirus Disease – 2019 (COVID-19) is officially now a pandemic and not just a public health emergency of international concern as previously labelled. Worldwide, the new coronavirus has infected more than 4.9 million people and leaving more than 300,000 people dead in 188 countries. As countries of the world get locked down in an effort to contain the widespread of the virus, experts are concern about the global impacts of the pandemic on individuals, countries and the world at large. Millions of people are currently under quarantine across the globe. Many countries have responded by proclaiming a public health emergency, closed their borders and restrict incoming flights from high risk countries. This has grossly affected the travel plan of many. Several international programs, conferences, workshops and sporting activities are either postponed or cancelled. As the number of confirmed cases continues to escalate across the globe, hospitals seems to be running out of medical supplies, hospital spaces and personnel. Health workers are being overwhelmed by the numbers of people requesting for testing and treatment. Many of such health workers have been infected with the coronavirus and even lost their lives since the fight against COVID-19 started. Public health experts are also concerned about the huge medical wastes coming from the hospitals at this time and the adverse effects associated with improper management of such medical wastes, both at the hospital and community levels. The pandemic has also impacted negatively on the global economy. There have been serious crises in the stock market, with gross fall in the price of crude oil resulting in inflation and economic hardship among the populace. Many are currently out of job and as a result, the level of crime, protest and violence have continued to escalate in different parts of the world. The deaths of loved ones due to the coronavirus has left many emotionally traumatized. Nigeria, like other African countries is not spared of the ravaging effects of the pandemic, even as the government take strict measures to contain the virus. No doubt, this is very challenging, but the country is capable of surmounting the virus with the needed help from her international partners and cooperation from the citizenry. But if we as a people, remain complacent and continue with business as usual, without taking measures to flatten the curve, the disease will escalate too quickly beyond our capacity to handle and our health system will be overwhelmed and may collapse eventually. We cannot therefore afford to be complacent in our response to containing the pandemic.


2015 ◽  
Vol 20 (58) ◽  
pp. 121-128
Author(s):  
José Félix García Rodríguez ◽  
Luis Arturo Méndez Olán

RESUMEN: La gestión empresarial, entendida como la actividad emprendida con el propósito de mejorar la productividad y la competitividad, así como asegurar la sustentabilidad de la empresa, enfrenta importantes retos y desafíos. Por un lado, la actividad empresarial debe desarrollarse en el entorno de la economía global, caracterizada por el libre comercio de bienes y servicios, así como la libre circulación de capitales financieros. Por otra parte, la libre circulación de capitales es el principal determinante de una amplia volatilidad e inestabilidad en los mercados financieros globales, lo que ejerce una gran influencia sobre la situación económica de un país y su actividad empresarial. Ello quedó plenamente demostrado con la crisis económica y financiera de 2008, cuyas consecuencias recesivas aún se manifiestan en la mayoría de los países del mundo. Así, como consecuencia de la recesión económica de 2008, millones de personas en todo el mundo perdieron sus hogares y sus empresas, y muchas de ellas se empobrecieron. No era eso lo esperado en el mundo de los negocios y las finanzas. La teoría económica neoliberal, con su fe en el libre mercado y en la globalización, había prometido prosperidad para todos. Se suponía que la Nueva Economía, con sus sorprendentes innovaciones financieras -como son la desregulación y la ingeniería financiera- traería consigo el fin de los ciclos económicos, crecimiento y bienestar. Si en el mundo desarrollado las consecuencias fueron desastrosas, en América Latina provocaron una verdadera emergencia económica y social. ABSTRACT: The business management, understood as the activity undertaken in order to improve productivity and competitiveness, and ensure sustainability of the company, faces significant challenges and challenges. On the one hand, businesses must develop in the environment of the global economy, characterized by free trade in goods and services and the free movement of financial capital. Moreover, the free movement of capital is the main determinant of a wide volatility and instability in global financial markets, which exerts great influence on the economic situation of a country and its business. This was fully demonstrated by the economic and financial crisis of 2008, whose recessionary consequences still evident in most countries. So, as a result of the economic recession of 2008, millions of people around the world lost their homes and businesses, and many of them were impoverished. That was not expected in the world of business and finance. The neoliberal economic theory, with its faith in free markets and globalization, had promised prosperity for all. It was assumed that the New Economy, with its surprising, as financial innovation and deregulation are financially engineering would bring to business cycles, growth and welfare. If I developed were disastrous in the world, in Latin America provoked a genuine economic and social emergency.


Subject Macron’s economic reform agenda. Significance President Emmanuel Macron views his reforms through the prism of power: by strengthening the economy, he hopes to win credibility with Germany, whose support he needs to reform the EU and euro-area. However, the apparent ease of his labour regulations reform in September does not diminish the risk of his next two targets: unemployment benefits and pensions. Impacts With a shrinking share of euro-area exports, France will see limited benefit from the stronger global economy. Business confidence may increase if the government eases the regulatory burden on medium-to-large businesses. Financing an innovation fund by selling off some state assets will take time and likely have little impact on confidence.


2021 ◽  
Vol 8 (4) ◽  
pp. 9-24
Author(s):  
J. L. Rodríguez

The world economy is facing an unprecedented crisis. The COVID-19 pandemic demonstrated the real scale of the imminent crisis of neoliberal model, accelerating its development and aggravating its consequences. The situation in the global economy had a negative impact on the Cuban economy, especially since it coincided with tightening of economic embargo by Donald Trump Administration against Cuba launched more than 60 years ago. This article provides a preliminary assessment of the consequences of the crisis bearing in mind that the damage will depend upon duration and intensity of the pandemic around the world. Given the open nature of the Cuban economy, the estimates are based on the projected dynamics of the global economy. In the first part of the article the author, relying on extensive statistics, analyzes international context in which the economic situation in Cuba is developing, as well as the key obstacles to the country’s economic development. Further on, the author examines in detail the course of COVID-19 pandemic development in the country, assessing key peculiarities of the government program to combat the virus. The author also makes a detailed analysis of the government program for economic recovery and development, paying specific attention to the peculiarities of the monetary regime in force in Cuba. In the final part of the article the author provides an analysis of the main priorities of the government at the present stage, namely, increasing foreign exchange earnings, food production and improving the efficiency of capital investments, especially foreign direct investments. The author concludes that the key factor for Cuba development will be the effectiveness of application of the economic policy approved by the government and promptness of the reforms that are required to overcome existing obstacles.


2017 ◽  
Vol 5 (6) ◽  
pp. 170-174
Author(s):  
Chiranjib Kumar

The global economy has been facing a lot of challenges and crisis due to Interlinkage for exchanging goods and services. A race is going on among different nations to become a super powerful country. As a result of which global warming and climate change has been seen throughout the world. A new econometrics has taken over the charge of international politics and that could be seen in the recent developments took place in Korean Peninsula and some part of the world where powerful politicians of the world have been threatening to each other for deep consequences. The Key Questions are, Q.1. What happened in the Middle East?  Q.2. What is happening in Syria and others countries?  Ans. The impact would be more transparent and visible in the coming days. Q.3. What is OBOR (One Belt One Road) of China? Ans. Imposing their excess burdens on other countries on the name of globalization and peace building and making realize the participating countries that you are under my kindness with liabilities(indirect loan). The present paper has tried to find out answers of some questions and also suggests solutions at last. Qualitative thinking is always better than quantitative thinking


2021 ◽  
pp. 90-96
Author(s):  
Bohdana Hunko ◽  
Anastasiia Honcharova

Introduction. The influence of the COVID-19 pandemic on the global economy is difficult to assess fully, but the changes that are taking place in various industries and business areas can not be ignored. One of the most affected sectors of the economy is the service sector. The decline trend in this area is traced from the beginning of quarantine restrictions mainly in all countries of the world. Ukraine is not an exception. Obviously, the service sector needs to be adapted to a distance form of work, but, of course, each scope of economic activity has undergone irreversible changes. Therefore, the object of research is the scope of services of Ukraine, and the subject – trends, problems and prospects for transforming the sphere of services of Ukraine as a result of the influence of the COVID-19 pandemic. Purpose. The purpose of the article is to find new creative and innovative solutions for the transition of services in distance working in order to minimize losses during and after quarantine restrictions. Method (methodology). To study this topic, both theoretical and practical research methods were used. In particular, in the first stage, the method has been used to collect information on periodicals and other reliable sources. In the second stage – analysis, synthesis and content analysis, it helps to interpret the content of information through quantitative indicators. Further is the formation of a personal position and recommendations based on analyzed data. Results. The key results of this study are the outlining of potential threats with creative decisions to them, based on the experience of leading countries and analyzed information. The recommendations for companies and the Government to facilitate the release of the scope of services from the crisis situation were suggested.


Author(s):  
Erwin Situmorang

The Indonesian government, issued a number of policies to help exporters to be able to compete in the world market by exempting import duties or returning import duties on imported goods for export purposes in the form of Bonded Zone and KITE.The policy is aimed at attracting foreign investment and increasing exchange rates, as a laboratory for economic reform and technology transfer, as well as increasing labor force in unproductive areas. Providing facilities provided by the government During 2017 to 1,606 companies valued at Rp 57.28 T from that year.  In that year, the total value of exports produced was Rp. 780.8 T, or covering 47.23% of the total national manufacturing exports. The existence of KB and KITE facilities has stimulated the formation of gross fixed capital of IDR 178.17 trillion throughout 2017. From the spillover effect, companies receiving facilities in KB and KITE involve as many as 95,251 business networks, including 68,234 in KB that absorb labor 1.13 million people work and 27,017 business networks in KITE with a workforce of 292.2 thousand people. The presence of companies in KB and KITE contributed to the creation of indirect economic activity of 268,508 businesses, the majority of companies that obtain KB and KITE facilities come from the Western Region of Indonesia, where the number of recipients is concentrated in Java with the largest percentage of companies receiving facilities of 90.35 percent. While, West Java is the province with the largest percentage of KB and KITE facility recipients, which is around 43.90 percent. These results are in accordance with current conditions, where West Java Province is a province that has the most industrial estates in Indonesia, namely 25 industrial estates or equivalent to 33.8 percent of the total 74 industrial estates in Indonesia.


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