scholarly journals Basic concepts and features of good and service tax in india

2018 ◽  
Vol 8 (2) ◽  
pp. 205-210 ◽  
Author(s):  
Priyadharshini J ◽  
Selladurai M
Keyword(s):  
Basic Structure ◽  
State Governments ◽  
Tax Structure ◽  
Goods And Services ◽  
Ignorance Of Law ◽  
Basic Concepts ◽  
The Cost ◽  
The Impact ◽  
Historical Scenario ◽  
Structure And Design

This paper is an analysis of what the impact of Goods and Services Tax will be on Indian Tax Scenario. Here stated with a brief description of the historical scenario of Indian taxation and its tax structure. Then the need arose for the change in tax structure from traditional to GST model. GST has be detailed discuss in this paper as the background, silent features and the impact of GST in the present tax scenario in India. GST is the only indirect tax that directly affects all sectors and sections of our economy. Ignorance of law is no excuse but is liable to panel provisions, hence why not start learning GST and avoid the cost of ignorance. The GST is aimed at creating a single, unified market that will benefit both corporate and the economy. Several countries implemented this tax system followed by France, the first country introduced GST. India is a centralized democratic and therefore the GST will be implemented parallel by the central and state governments as CGST and SGST respectively. The objective will be to maintain a commonality between the basic structure and design of the CGST and SG

TRANSFER FİYATLAMA UYGULAMASININ İŞLETME PERFORMANSINA ETKİSİ VE VERGİSEL AÇIDAN DEĞERLENDİRİLMESİ

2014 ◽  
Vol 1 (2) ◽  
pp. 187
Author(s):  
Serdar KUZU
Keyword(s):  
Business Performance ◽  
Transfer Pricing ◽  
Tax Law ◽  
Economic Activities ◽  
Tax System ◽  
Goods And Services ◽  
Tax Legislation ◽  
International Transactions ◽  
The Cost ◽  
The Impact

The size of international trade continues to extend rapidly from day to day as a result of the globalization process. This situation causes an increase in the economic activities of businesses in the trading area. One of the main objectives of the cost system applied in businesses is to be able to monitor the competitors and the changes that can be occured as a result of the developments in the sector. Thus, making cost accounting that is proper according to IAS / IFRS and tax legislation has become one of the strategic targets of the companies in most countries. In this respect, businesses should form their cost and pricing systems according to new regulations. Transfer pricing practice is usefull in setting the most proper price for goods that are subject to the transaction, in evaluating the performance of the responsibility centers of business, and in determining if the inter-departmental pricing system is consistent with targets of the business. The taxing powers of different countries and also the taxing powers of different institutions in a country did not overlap. Because of this reason, bringing new regulations to the tax system has become essential. The transfer pricing practice that has been incorporated into the Turkish Tax System is one of the these regulations. The transfer pricing practice which includes national and international transactions has been included in the Corporate Tax Law and Income Tax Law. The aim of this study is to analyse the impact of goods and services transfer that will occur between departments of businesses on the responsibility center and business performance, and also the impact of transfer pricing practice on the business performance on the basis of tax-related matters. As a result of the study, it can be said that transfer pricing practice has an impact on business performance in terms of both price and tax-related matters.

scholarly journals IMPACT OF ECONOMIC REFORMS ON GST IN INDIA-AN ANALYSIS (WITH REFERENCE TO MANUFACTURERS, DISTRIBUTOR AND RETAILERS)

2020 ◽  
pp. 1-3
Author(s):  
N. Thyagaraju
Keyword(s):  
Economic Reforms ◽  
Tax Rates ◽  
Tax Structure ◽  
Traditional System ◽  
Goods And Services ◽  
Mixed Response ◽  
News Organizations ◽  
The World ◽  
The Government ◽  
Historical Scenario

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.

How fast GST is moving the Indian FMCG sector: Empirical Study

GIS Business ◽  
2020 ◽  
Vol 15 (1) ◽  
pp. 339-349
Author(s):  
Mr. Arun Gautam ◽  
Dr. Gaurav Lodha ◽  
Dr. Rohit Bansal ◽  
Dr.) M.L. Vadera
Keyword(s):  
Central Government ◽  
National Level ◽  
State Governments ◽  
Tax Reforms ◽  
Tax System ◽  
Excise Duty ◽  
Goods And Services ◽  
Beverage Industry ◽  
Food And Beverage ◽  
The Impact

GST is one of the most critical tax reforms in India which has been long awaiting decision. It is a comprehensive tax system that will subsume all indirect taxes of State and Central Governments and whole economy into seamless nation in national market. GST will be a game changing reform for Indian economy by developing a common Indian market and reducing the combined effect of tax on the cost of goods and services. GST is a consumption based tax imposed on sale, manufacturing and consumption on goods & services at national level. Several taxes such as central excise duty, service tax, central surcharge and cess etc. imposed by Central Government and VAT / sales tax, entertainment tax, octroi & entry tax, purchase tax, luxury tax, taxes on lottery etc. levied by State Governments have been subsumed under GST. The FMCG sector of India composes more than 50 % of the food and beverage industry and another 30 % from personal and household care. Under the proposed GST system, it is expected that it would result in a simpler tax system, especially for industries like FMCG. Under this system, a single product would be taxed at the same rate in every corner of the country meaning that an cooler will be taxed the same in Madhya Pradesh as well as Kerala thus we also refer GST as ONE NATION ONE TAX. This paper will help to present that, what is the impact of GST after its implementation; analyze the influence of GST on FMCG sector.

scholarly journals Inter-governmental Fiscal Transfers in the Presence of Revenue Uncertainty: The Case of Goods and Services Tax (GST) in India

2020 ◽  
Vol 5 (1) ◽  
pp. 74-102
Author(s):  
Sacchidananda Mukherjee
Keyword(s):  
Fiscal Policy ◽  
Value Added ◽  
State Governments ◽  
Consumption Tax ◽  
Tax System ◽  
Goods And Services ◽  
Fiscal Transfers ◽  
Fiscal Management ◽  
Revenue Collection ◽  
The Impact

A comprehensive multistage Value Added Tax (VAT) system, namely Goods and Services Tax (GST), is introduced in India since 1 July 2017. GST encompasses various taxes from Union and State indirect tax bases, and it is a dual VAT system with concurrent taxation power to Union and State governments. It was envisaged that removal of cascading of taxes and enshrining destination based consumption tax system under GST will encourage investment and improve ease-of-doing business in India. Though it is not right time to comment on success or failure of Indian GST system unless the tax system stabilises, so far revenue mobilisation from GST is not encouraging. The shortfall in GST collection has been acknowledged in the ‘Medium Term Fiscal Policy cum Fiscal Policy Strategy Statement’ of the Union Budget 2019–2020. The genesis of revenue shortfall may be design and structural in nature and/or compliance and tax administration related. However, the uncertainty surrounding GST revenue collection is an issue which needs an in-depth assessment for fiscal management of Union and State governments. The impact of revenue uncertainty will not be restricted to Union finances alone; it will spill over to state finances through inter-governmental fiscal transfers. Therefore, depending on seriousness of the uncertainties associated with GST revenue collection, devising an inter-governmental fiscal transfer framework may be a challenging task for the Fifteenth Finance Commission. Given the information available in the public domain, this article attempts to explore possible causes of revenue shortfall and assess possible impacts of revenue shortfall on Union and State finances.

scholarly journals Prospects for the Formation of Social Capital of the Mesoeconomic Level of the National Economy

2020 ◽  
pp. 106-117
Author(s):  
Yurii Malakhovskyi ◽  
◽  
Snizhana Kovalenko ◽  
Ali Canso ◽  
◽  
...  
Keyword(s):  
Social Capital ◽  
National Economy ◽  
Goods And Services ◽  
Development Scenarios ◽  
The Social ◽  
Egocentric Network ◽  
Educational Production ◽  
The Cost ◽  
Post Industrial ◽  
The Impact

The purpose of the publication is to formulate theoretic and methodological provisions on the prospects for the development of social capital of localized post-industrial scientific and educational-production clusters that embody the idea of dynamic formation of innovatively oriented ecosystems of the national economy. The research is devoted to the prospects of forming the social capital of the national economy (SKNE) as a productive value of interpersonal and intergroup network connections implemented in the production of thoughtful and coordinated results of social activities. Particular attention is paid to the distinction of key features of SKNE, unlike other forms of capital assets in the production of goods and services. The comparative matrix of identification of differences inherent in different forms of capital, according to the criteria of features of formation and implementation, natural essence, degree of distribution, ability to alienate, features of investment, inflation discounting in the process of consumption, level of participation in the formation of “chains” of value of goods and services, ability to liquidity and conversion, features of valuation methods are given. The characteristic factors of transformation of structural, relational and cognitive elements of SKNE in terms of circumstances and requirements of formation of post-industrial, post-information, network, humanomic, behavioral economy of saving and collective use of public goods are investigated. Fully the requirements of the innoving mechanism of regulation of SKNE meets the incorporation to the tools for the implementation of goals and objectives of its development of means of forecasting the future state, structure, prospects for increasing the cost of elements. This provides an opportunity to increase SKNE on the basis of Foresight procedures for analyzing the impact of these factors, formulating and modernizing the mission of forecasting inclusive social capital, a comprehensive specification of the regulatory sector, taking into account macroeconomic development scenarios. The prospects for further research are seen in the implementation of imitation verbal models of social capital adapted to the needs of the different level of national economy: microeconomic – “Individual and egocentric network”, mesoeconomic – “Sociocentric Network”, macroeconomic – “Civil Society”.

scholarly journals INFLASI DALAM PRESPEKTIF ISLAM (ANALISIS TERHADAP PEMIKIRAN AL-MAQRIZI)

2017 ◽  
Vol 16 (2) ◽  
pp. 197
Author(s):  
Awaluddin Awaluddin
Keyword(s):  
Exchange Rates ◽  
Economic Crisis ◽  
Relative Price ◽  
Purchasing Power ◽  
Social Perspective ◽  
Goods And Services ◽  
Monetary System ◽  
The Cost ◽  
The Impact ◽  
Material Welfare

Inflation is one of the macroeconomic symptoms associated with the decline in exchange rates (money) on goods and services market. One of the leaders of Islamic economics who specializes in his discussion of macroeconomics is al-Maqrizi. The solution offered by al-Maqrizi related to the problems that occurred in Egypt is to use the natural monetary system, the dinar and dirham become the base currency, while the fulus is published in a limited and only to buy trivial goods. Al-Maqrizi set the relative price for dinar, dirham and fulus. The relative price of dinar and dirham is 1:24, while the relative price between dirham and fulus is 1: 140. In addition to providing solutions to address the above three issues, al-Maqrizi also proposed solutions in a social perspective. This gives the conclusion that the impact of the economic crisis depends on the nature of income and wealth of each group. If the income is fixed or inflated but lower than the rate of inflation, then the condition is severe. Conversely, if their income rises higher than the rate of inflation, then their material welfare increases. Likewise with wealth in the form of money, they suffered losses because their purchasing power continued to decrease and they also had to increase the cost to meet the demands of the ever-increasing need.

scholarly journals IMPACT OF INFLATION ON THE COST OF LIVING IN INDIA

2021 ◽  
Vol 9 (09) ◽  
pp. 63-68
Author(s):  
Jahaan Singh Oberai ◽  
Deepak Sharma
Keyword(s):  
Cost Of Living ◽  
Goods And Services ◽  
The Cost ◽  
The Impact

An economy may be categorized as developed or developing, but Inflation is something which is common in both the types. Inflation is a phenomenon which cannot be avoided and is therefore a universal problem faced by all economies. If stated in simple terms, inflation is nothing but a constant rise in the prices of goods and services due to certain factors. The article critically examines the impact of inflation on the cost of living in India. All aspects of inflation are discussed in the following article.

scholarly journals Evaluating the Impact of GST on the Growth of Manufacturers, Distributors, Retailers, Freelancers, Startups Etcetera Differently in the IT sector -An Empirical Research

2019 ◽  
Vol 8 (6S4) ◽  
pp. 982-985
Keyword(s):  
Empirical Research ◽  
Service Providers ◽  
Goods And Services ◽  
The Cost ◽  
The Impact ◽  
Online Software

The implementation of Goods and Services Tax has impacted various services differently. In case of the IT sector, it has eradicated the cascading taxes and abided by the policy “One Tax One Nation”. It has made things clearer for online software selling companies as it distinctly talks about products and services. It incurs fewer costs to service providers. Cost of input machinery has dropped. However, now the companies have to register in all the states it wants to operate in and pay CGST. This also means that filing returns and accounting becomes difficult to manage due to decentralization registration. Although there wasn’t much benefit in terms of the cost but there were some other benefits that are discussed in the paper.

India's federal reforms could damage business climate

2015 ◽  
Keyword(s):  
Fiscal Federalism ◽  
Public Expenditure ◽  
Prime Minister ◽  
State Governments ◽  
Investment Climate ◽  
Business Climate ◽  
Content Type ◽  
Goods And Services ◽  
Regional Investment ◽  
The Cost

Subject Federal reforms. Significance Prime Minister Narendra Modi's administration has been keen to advance fiscal federalism since assuming power in May 2014. To this end, the latest (14th) Finance Commission has increased the share of state governments in centrally collected taxes, from 32% to 42%. Together with other funds raised regionally, state governments will now be responsible for administering over 70% of total public expenditure in India. Yet elsewhere, state authority is being curtailed. Impacts The goods and services tax would streamline taxation, but state governments may yet block it. Should federal reforms be perceived as indirect disenfranchisement, street protests could intensify. The regional investment climate will remain fractured, forcing investors to bear the cost of navigating a complex federalist structure.

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.

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