scholarly journals Pros and cons of indian goods and services tax in economic

2017 ◽  
Vol 7 (2) ◽  
pp. 356-361
Author(s):  
Nithya S
Keyword(s):  
Tax Structure ◽  
Tax Base ◽  
Goods And Services ◽  
Indirect Taxes ◽  
History Of ◽  
Pros And Cons

The Goods and Service Tax Bill passed recently by the RajyaSabha and the LokSabhahas been getting a lot of attention lately. Mainly because it is ‗The Next Big Thing‘ after theFinancial Reforms of 1991 in the history of India‘s economy. We all know that themultiplicities of indirect taxes have driven up the prices of goods and services. Moreover,they make taxation complicated. Further, these taxes are different in each state and businessesend up paying tax on taxes.So basically, GST rationalizes this whole bucket of indirect taxesand attempts to unify most of them to make for a destination base tax, thereby making India aunified market. It is estimated that the GDP of the country will rise by 1 – 2 %. Let‘s have alook at the GST impact on business in the country.Consumers are expected to benefit fromreduced prices of goods and services, which in turn increase consumption. Improved demandand simplified tax structure will help attract increased FDIs and FIIs and boost overalleconomic growth. At the same time state and Central governments are likely to benefit from abroader tax base.

scholarly journals Recent impact of gst in india

2017 ◽  
Vol 7 (2) ◽  
pp. 288-293
Author(s):  
Gomathi N
Keyword(s):  
Economic Growth ◽  
Gross Domestic Product ◽  
Central Government ◽  
National Level ◽  
Tax Structure ◽  
Tax Reforms ◽  
Tax System ◽  
Goods And Services ◽  
National Market ◽  
Indirect Taxes

GST also known as the Goods and Services Tax is defined as the giant indirect taxstructures designed to support and enhance the economic growth of a country. In today‘sscenario to pay various taxes i.e. direct and indirect taxes, which are felt as burden on us anddue to these taxes the corruption is increasing. So, to overcome from all these taxation systemthe Central Government has decided to make one tax system i.e. Goods and Services Tax(GST). GST is one of the most critical tax reforms in India which has been long awaitingdecision. It is a comprehensive tax system that will subsume all indirect taxes of State andcentral Governments and whole economy into seamless nation in national market. It isexpected to remove the burden of existing indirect tax system and play an important role ingrowth of India. GST includes all Indirect Taxes which will help in growth of economy andproves to be more beneficial than the existing tax system. GST will also help to accelerate theoverall Gross Domestic Product (GDP) of the country. The Goods and Services Tax (GST) isa vast concept that simplifies the giant tax structure by supporting and enhancing theeconomic growth of a country. GST is a comprehensive tax levy on manufacturing, sale andconsumption of goods and services at a national level

scholarly journals Tax System in India-Evolution and Present Structure

2015 ◽  
Vol 2 (1) ◽  
Author(s):  
Ms. Neha Nainwal
Keyword(s):  
Tax Evasion ◽  
Structural Changes ◽  
Tax Structure ◽  
Tax Reforms ◽  
Public Authorities ◽  
Tax System ◽  
Direct Taxation ◽  
Excise Duty ◽  
Goods And Services ◽  
Indirect Taxes

<bold>Main findings of the book</bold> The Indian tax system has undergone major structural changes since Independence in 1947. It has become comprehensive and complicated over the years. It has successfully mobilised resources to finance developmental, welfare and administrative activities of public authorities. Besides being the main source of revenue, both for the Central and State Governments, it is an effective instrument to realise various socio-economic objectives of national policies. However, the tax system has been relying heavily on indirect taxes and suffering extensively from fiscal malady called tax evasion. Restructuring of the tax system has constituted a major component of fiscal reforms initiated since 1991. The main focus of the tax reforms has been on simplification and rationalization of both direct and indirect taxes with the objective of augmenting revenues and removing anomalies in the tax structure. Tax reforms in recent years have brought the tax system much closer to international tax practices. Tax reforms are a part of the package to liberalise and globalise the Indian economy. The post-1991 period has witnessed a sharp decline in the rates of income tax, excise duty and customs tariff. The theory that high rates of duty lead to higher revenue collection has been discarded in favour of lower rates with fewer exemptions and concessions. The strategy in respect of direct taxation is to minimise distortions in tax structure by expanding the tax base and moderating tax rates on the one hand and improving the efficiency of tax administration and increasing the deterrence level on the other, so as to encourage voluntary compliance. The strategy in respect of indirect taxes is to move towards a fully integrated goods and services tax (GST).

scholarly journals Importance of goods and services tax in india

2017 ◽  
Vol 7 (2) ◽  
pp. 338-341
Author(s):  
MOHAN PRAKASH R.S
Keyword(s):  
The State ◽  
Tax Structure ◽  
Cascading Effect ◽  
Goods And Services ◽  
Doing Business ◽  
Indirect Taxes ◽  
Last Stage ◽  
The Difference ◽  
The Cost

The multi-staged tax structure has charges from the State and Union governments separately,leading to cascading effect of taxes. There are taxes at different rates and at multiple points.The GST is an indirect tax which means that the tax is passed on till the last stage wherein itis the customer of the goods and services who bears the tax. This is the case even today for allindirect taxes but the difference under the GST is that with streamlining of the multiple taxesthe final cost to the customer will come out to be lower on the elimination of double chargingin the system. GST is a transparent Tax and also reduces the number of indirect taxes. WithGST implemented a business premises can show the tax applied in the sales invoice.Customer will know exactly how much tax they are paying on the product they bought orservices they consumed. GST will not be a cost to registered retailers therefore there will beno hidden taxes and the cost of doing business will be lower. This in turn will help businessbeing more competitive. The consumer will get the end-product at cheaper rates because ofelimination of multiple taxes and the tax cascade. An attempt is made to spot light theimportance of Goods and Services Tax in India.

GST - Sway On Small Scale Industries

2019 ◽  
Vol 118 (10) ◽  
pp. 365-372
Author(s):  
Jayanti.G ◽  
Dr. V.Selvam
Keyword(s):  
State Government ◽  
Tax Reform ◽  
Small Scale ◽  
Tax Revenue ◽  
Tax System ◽  
Goods And Services ◽  
Single Tax ◽  
The People ◽  
Indirect Taxes ◽  
The Government

India being a democratic and republic country, has witnessed the biggest indirect tax reform after much exploration, GST bill roll out on 1 April 2017.  The concept of this reform is for a unified country-wide tax reform system.  Enterprises particularly SMEs are caught in a state of instability.  Several taxes such s excise, service tax etc., have been subsumed with a single tax structure. it is the responsibilities of both centre and state government to shoulder the important responsibility to cater the needs of the people and the nation as a whole.  The main basis of income to the government is through levy of taxes.  To meet the so called socio-economic needs and economic growth, taxes are considered as a main source of revenue for the government.  As per Wikipedia “A tax is a mandatory financial charge or some other type of levy imposed upon tax payer by the government in order to fund various public expenditure”   it is said that tax payment is mandatory, failure to pay such taxes will be punishable under the law.   The Indian tax system is classified as direct and indirect tax.   The indirect taxes are levied on purchase, sale, and manufacture of goods and provision of service.  The indirect tax on goods and services increases its price, this can lead to inflationary trend.  Contribution of indirect taxes to total tax revenue is more than 50% in India, therefore, indirect tax is considered as a major source of tax revenue for the government, which in turn is one of source for GDP growth.  Though indirect tax is a major source of revenue, it had lot of hassles.  To overcome the major issues of indirect tax system the government of India subsumed most of the indirect tax which in turn gave birth to the concept called Goods and Service Tax.

Herbal Medicine: Clinical Perspective & Regulatory Status

2020 ◽  
Vol 23 ◽  
Author(s):  
Md Abul Barkat ◽  
Anjali Goyal ◽  
Harshita Abul Barkat ◽  
Mohammad Salauddin ◽  
Faheem Hyder Pottoo ◽  
...  
Keyword(s):  
Herbal Medicine ◽  
Herbal Medicines ◽  
New Drugs ◽  
Herbal Drugs ◽  
Clinical Perspective ◽  
Regulatory Status ◽  
Novel Drugs ◽  
History Of ◽  
Pros And Cons ◽  
Health Complications

Abstract:: Herbal medicines pays an important in treating the vaious diseases mainly due to the their potentially high therapeutic values and also due to the better acceptance of vaioruspatient under different health complications. The herbal medicine practice involves use of part of plant, entire plant or the selectctive isolated phytomedicineand the use and practices based on these has its pros and cons and has been greatly affected during the dawn. The search of new drugs during scientific era revives the interest in discovery of herbal drugs from different natural resources during 20th century. The present modern healthcare system invovlves utilization drugs and 50% of them are of ofnaural origin. Herbal drug disocovery found to be highly costly affair with low success rate and it hinders the further progress in utilizting the phytomedicine in treating the various deseases. But in recent years there is an increase in the search interest of herbal drugs mainly by the pharmaceutical industry and those invoves in the search of novel drugs from the herbs. Discovery of such new novel phytomedicines has to overcomes various challenges in indentification of active extracts and their toxicity, advereffects, herb drug interaction and importantly their regulatory requirments. The present review mainly focused on the history of herbal medicine, current clinical perspective, pharmaceutical, and regulatory challenges as well as its clinical presentation. Moreover, problems encountered in drug discovery from herbal resources and its possible solutions are delineated.

Preferences, Tax Structure and Tax Reform: Theory and Evidence

1975 ◽  
Vol 3 (1) ◽  
pp. 56-69 ◽  
Author(s):  
Shlomo Maital
Keyword(s):  
Tax Reform ◽  
Tax Structure ◽  
Indirect Taxation ◽  
Tax System ◽  
The Past ◽  
Pure Public Good ◽  
Indirect Taxes ◽  
Current Shift ◽  
Optimal Tax Structure ◽  
The U.S

When the structure of tax revenues–the proportion of revenues earned by income, consumption and wealth taxes–is treated as a pure public good, a useful framework emerges for analyzing interrelationships among taxpayers' preferences, tax structure and tax reform. The “optimal” tax structure is defined and used to outline several conjectures about the current shift from direct to indirect taxation, evident particularly in Europe. Attention is then focused on the U.S. tax system. The structure of the tax system is shown to have changed very little in the past two decades. In contrast, interview surveys carried out over the past thirty years indicated a long-standing shift in taxpayers' preferences toward indirect taxes. Implications are drawn regarding tax reform.

scholarly journals A Critical Appraisal of Goods and Services Tax in India

2018 ◽  
Vol 5 (2) ◽  
Author(s):  
Rabinarayan Samantara
Keyword(s):  
Economic Growth ◽  
Small Businesses ◽  
Critical Appraisal ◽  
Tax Rates ◽  
Indian Market ◽  
Tax Base ◽  
Employment Opportunities ◽  
Mass Consumption ◽  
Goods And Services ◽  
The Impact

The present paper attempts to make a critical appraisal of Goods and Services Tax (GST), implemented in India from 1st July, 2017. In addition to explaining the structure of GST in India as well as the tax rates under it, the present paper attempts to analyse the impact of GST on certain major industries or sectors within the Indian economy. Although GST has certain obvious advantages including exemptions and low compliance burden for small businesses, lower tax rates for mass consumption goods, increase in tax base and tax collections, etc., it is noteworthy, however, that GST has certain limitations as well. In spite of this, it must be accepted that GST has helped in ensuring a common Indian market through the elimination of multiplicity of taxes as well as ‘ tax on tax ‘. It is expected to accelerate economic growth, help generate more of employment opportunities, and lead to increased tax base as well as increased revenue generation

scholarly journals Meningioma of posterolateral tentorial incisura: a case demonstration of paramedian supracerebellar transtentorial approach

2021 ◽  
Vol 5 (1) ◽  
pp. V8
Author(s):  
Abdullah Keles ◽  
Burak Ozaydin ◽  
Mustafa K. Baskaya
Keyword(s):  
Pineal Region ◽  
Neurological Deficits ◽  
Total Resection ◽  
Tumor Extension ◽  
History Of ◽  
Tectal Plate ◽  
Pros And Cons ◽  
Ambient Cistern ◽  
Tentorial Incisura ◽  
Transtentorial Approach

The paramedian supracerebellar transtentorial approach allows unobstructed exposure to the quadrigeminal cistern, tectal plate, pineal region, tentorial incisura, medial basal temporal lobe, and posterior ambient cistern. The authors present a meningioma of the posterolateral tentorial incisura case in a 62-year-old male who presented with a long history of upper-extremity tremors and walking difficulties. MRI revealed supra- and infratentorial tumor extension and hydrocephalus. This approach enabled us to achieve gross-total resection without causing neurovascular injury or any postoperative neurological deficits. For each pathology, the pros and cons of various approaches should be considered based on the anatomy, vasculature, and any surrounding structures. The video can be found here: https://stream.cadmore.media/r10.3171/2021.4.FOCVID2138.

scholarly journals Actions Ultra Vires Minister of State-Owned Enterprises in the Procurement of Goods and Services at Subsidiaries of State-Owned Enterprises

2020 ◽  
Vol 8 (06) ◽  
pp. 220-225
Author(s):  
Fauzan Prasetya ◽  
Busyra Azheri ◽  
Ismansyah ◽  
Sukanda Husin
Keyword(s):  
Legal Status ◽  
The State ◽  
Legal Entity ◽  
Goods And Services ◽  
Pros And Cons ◽  
The Law ◽  
The Government ◽  
Legal Subjects

The Government through the Minister of State-Owned Enterprises (SOEs) in his position as a Shareholder in SOEs (Indonesian: Badan Usaha Milik Negara (BUMN) enacts the Minister of SOE Regulation Number: PER-15 / MBU / 2012 Regarding Amendments to the Regulation of the State Minister of State-Owned Enterprises Number PER-05 / MBU / 2008 Regarding Guidelines General Implementation of Procurement of Goods and Services of State-Owned Enterprises in SOE Subsidiaries. Which actions have raised the pros and cons of the capacity of the Minister of SOEs as BUMN shareholders in SOE subsidiaries. The legal status of BUMN subsidiaries in the BUMN holding scheme remains a separate legal entity that has their respective organs and responsibilities as regulated in the Law of PT. When the SOE Minister acts on behalf of the State, he is the shareholder of SOE as contained in Article 1 paragraph (1) of the BUMN Law. As a shareholder, the Minister of SOEs can only establish policies towards SOEs. Whereas in SOE Subsidiaries, the shareholders are SOEs as legal subjects. So that the provisions of Article 1 number (2) SOE Ministerial Regulation Number 3 of 2012 whereby the Minister of BUMN cannot act as a shareholder. The enactment of BUMN Permen 15/2012 to SOE Subsidiaries by SOEs Minister in his capacity as BUMN shareholder is an ultra vires action.

scholarly journals Goods and Services Tax(GST): Biggest Tax Reform In Independent India

2017 ◽  
Vol 5 (01) ◽  
Author(s):  
Preeti Pant
Keyword(s):  
Present Article ◽  
Fiscal Federalism ◽  
Tax Reform ◽  
State Level ◽  
Federal System ◽  
Tax Structure ◽  
Indian Government ◽  
Goods And Services ◽  
Cooperative Federalism ◽  
Sincere Effort

After a marathon debate on Goods and Services Tax (GST) bill finally India witnessed the biggest tax reform after her independence. At the midnight of 30th June, 2017 GST was launched and legally enforced by the Indian Government. It is the biggest tax reform in independent India in last 70 years and will help to modernise Asia’s third largest economy. GST is passed to imply the principle of “One Nation One Tax”. GST has oriented the Indian federal system from fiscal federalism to cooperative federalism. It is replacing the multiple layers of complex taxation currently existing in India and expected to result in simplification of indirect tax structure (at both Centre and State level). Present article includes several aspects of GST. A sincere effort has been made to highlight the implications of GST for government, industries and consumers along with its probable effects on the economy. Besides, practical difficulties related to GST have also been discussed in brief.

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