Impact of Goods and Services Tax Bill on the Indian Economy

2017 ◽  
Vol 11 (7) ◽  
pp. 65 ◽  
Author(s):  
Seema Shokeen ◽  
Vijeta Banwari ◽  
Pooja Singh
Keyword(s):  
Indian Economy ◽  
Goods And Services

India and the Uruguay Round Trade Agreement

2019 ◽  
pp. 142-189
Author(s):  
Karthik Nachiappan
Keyword(s):  
Interest Groups ◽  
Uruguay Round ◽  
Market Access ◽  
Business Groups ◽  
Trade Agreement ◽  
Developed Countries ◽  
Indian Economy ◽  
Goods And Services ◽  
Gatt Round

In this chapter, I map how India negotiates agreements under GATT’s Uruguay Round by showing how protectionism by developed countries in the 1980s affected the Indian economy and particular sectors like textiles, agriculture and services, in turn, shaping their interests for more open trade. The arrival of a new GATT round served as an apt opportunity for the Ministry of Commerce, the institution that sought to alleviate constraints facing Indian exporters in these and other sectors influencing the pragmatic tack adopted at negotiations. India’s practical, yet sober, approach at the Uruguay Round was also influenced by domestic interest groups, specifically business groups and lobbies, who were keen to secure greater market access for their goods and services.

EXPORT, ECONOMIC GROWTH AND CAUSALITY – A CASE FOR INDIA.

2013 ◽  
Vol 9 (1) ◽  
pp. 21-28
Author(s):  
Shamurailatpam Sofia Devi
Keyword(s):  
Economic Growth ◽  
Causal Relationship ◽  
Growth Process ◽  
Economic Reforms ◽  
The Real ◽  
Indian Economy ◽  
Goods And Services ◽  
Real Gdp ◽  
Main Emphasis

This paper examines the causal relationship between the real GDP and the total export of goods and services produced in India during the period 1990-91 to 2011-12. The main emphasis is to substantiate the importance of exports in the growth process of Indian economy after the economic reforms taken up in the early part of the 90s’ In other words, the study is to see the validity of economic strategy of export-led growth in case of India. The empirical findings of the study indicated that there is a bi-directional causality between GDP and export of the economy. And the hypothesis that export-led-growth is valid in case of the Indian economy for the period under study.

scholarly journals Impact of gst in india

2017 ◽  
Vol 7 (2) ◽  
pp. 297-300
Author(s):  
NAMASIVAYAM ◽  
SRI PADMA ABIRAMI P ◽  
RAMPRAKASH S
Keyword(s):  
State Government ◽  
Indian Economy ◽  
Excise Duty ◽  
Goods And Services ◽  
Finance Minister ◽  
Indirect Taxes ◽  
The Impact

Goods and Service Tax or GST as it is known is all set to be a game changerfor the Indian economy. The Finance Minister in his budget speech of Budget 2015 hasannounced time and again that the tax will be introduced on 1 April, 2016. In India, there aredifferent indirect taxes applied on goods and services by central and state government. GSTis intended to include all these taxes into one tax with seamless ITC and charged on bothgoods and services. Thus excise duty, special additional duty, service tax, VAT to name afew will get repealed and will be added into GST. For this, GST will have 3 parts – CGST,SGST and IGST. The central taxes like excise duty will be subsumed into CGST and statetaxes like VAT into SGST .This paper deals with the impact of GST in India

scholarly journals Impact and Challenges of GST in India with Reference to Media & Entertainment Sector – An Insight

2021 ◽  
Vol 23 (08) ◽  
pp. 366-382
Author(s):  
Sudipta Chakraborty ◽  
Keyword(s):  
Entertainment Industry ◽  
Online Delivery ◽  
Cascading Effects ◽  
Indian Economy ◽  
Goods And Services ◽  
Indirect Taxes ◽  
The Media ◽  
Brand Promotion ◽  
Almost All ◽  
The Impact

The biggest tax reform since independence i.e., Goods and Services Tax (GST) has now become a part of Indian economy from 1st July, 2017. It is a comprehensive indirect tax on manufactures, sales and consumption of goods and services; thereby subsuming almost all other indirect taxes that were in existence throughout India before its implementation and also eliminating the cascading effects thereby. GST was introduced just after demonetisation in November, 2016 and has changed the whole scenario of indirect tax system in India. It aims at boosting overall growth of Indian economy by integrating all indirect taxes into one. The media and entertainment (M&E) industry in India is one of the fastest growing sectors and has outperformed expectations in recent years. With the expansion of the economy, the sector has accelerated its growth. The sector spreads into big and small screens, media, events, exhibitions, amusement facilities and gaming zones, with various combinations of offline and online delivery systems. With the advent of GST, things have become relatively simpler for the entertainment industry as it is subjected to only one tax and permissible local body taxes. One of the major changes has been the subsuming of Entertainment Tax under GST. Earlier, prior to implementation of GST, the rate of Entertainment Tax for the film industry varied from state to state, ranging from 15% to 110%. Introduction of GST has stabilised the rate variance and provided a uniform market across the nation. In this study, we have also made an attempt to study the pre and post GST effects on different activities of the media and entertainment industry like exhibition of movies, food and beverages sold at movie halls, services rendered by artists and other technician, sponsorship and brand promotion and advertisement. Thus, this paper is an endeavour to understand the impact of GST on media and entertainment sector and aims at pointing out the challenges of the same under the present structure and provide some way outs to it.

Demonetisation deepens 2017-18 Indian budget woes

2017 ◽  
Keyword(s):  
Prime Minister ◽  
Fiscal Year ◽  
Tax Collection ◽  
Content Type ◽  
Indian Economy ◽  
Goods And Services ◽  
Annual Budget ◽  
The Government ◽  
Working Day

Subject Outlook for the Indian economy and the budget for the April 2016-March 2017 financial year. Significance Prime Minister Narendra Modi's government has decided to bring forward the annual budget presentation by a month, from the last working day of February to the first. The government claims the move is aimed at revealing well in advance the revenue-raising measures and expenditure allocations to be adopted in the 2017-18 fiscal year starting April 1. Impacts The 2016-17 divestment and privatisation revenue targets are unlikely to be met. Implementation of the Goods and Services Tax is likely to be delayed beyond the finance ministry's July 2017 target. This will further reduce tax collection potential in the next fiscal year.

ATTITUDE OF COMMON PEOPLE TOWARDS GST (GOODS AND SERVICES TAX) IN INDIA

2018 ◽  
Vol 6 (26) ◽  
Author(s):  
Vimal Kishor Shukla
Keyword(s):  
Common People ◽  
Indian Economy ◽  
Goods And Services ◽  
Indirect Taxes

India is going through a lot of change right now, first demonetization attempt to curb the black money and eradicate corruption and now a few months later GST bill to make sure there should be no space for the reasons of corruption which will directly boost our Indian economy. We have written this article to make you aware of the effects and impacts of GST on various aspects of our lives. The best part about this article is that with this core information you can prepare a decent essay or speech for your speech and essay competition. Because I am pretty sure the GST is going to be the topic of discussion in every school and college too. The death of all taxes: With the unified tax regime common people said goodbye to a plethora of indirect taxes making India One Nation One Market One Tax country. Now, businesses don’t need to worry about the plethora of taxes

INNOVATION AND ECONOMIC GROWTH: A CASE OF INDIA

2017 ◽  
Vol 5 (2) ◽  
pp. 64 ◽  
Author(s):  
Sushma Shukla
Keyword(s):  
Economic Growth ◽  
Growth Rate ◽  
Sustainable Growth ◽  
Series Data ◽  
Original Research ◽  
Education Spending ◽  
Indian Economy ◽  
Goods And Services ◽  
Patent Applications

PURPOSEInnovation is often seen as one of a driving force for a sustainable long-term economic growth of any country. Indian economy is one of the fastest growing economies in this modern globalization world.  Indian economy is enjoying the average economic growth of 7% from last two decades but is this economic growth sustainable or only some short-term phenomena because of increasing consumer market and increasing information sector. To achieve long-term sustainable growth Innovation is very important. The purpose of this paper is to discover the role of innovation in the economic growth of India.METHODOLOGYThis paper defines innovation that includes both production of innovative goods and services, and the innovative process of producing goods and services.  World Bank’s data bank is the primary source of this study. Time series data has been used to study the variables. In this study to understand the economic growth, GDP growth Rate, GDP per capita growth Rate, and for Innovation R&D Expenditure, Education Spending rate, and Patent applications variables have been used.FINDINGSAccording to the result as Indian economy will grow economic it will decrease the R&D Exp, it will decrease the education spending, it will decrease the FDI, and it will also decrease the no of patent applications filed in India. This negative correlation raises the questions to the policy maker. These questions also open the door of future research in this field. SOCIAL/ PHYSICAL IMPLICATIONS OF STUDYThis study can provide some insights to the policy makers that can be helpful for the society in terms of efficient use of our resources.ORIGINALITY OF STUDYThis study is an original research

Impact of World’s Economic Recession on India’s Growth Perspective – Theories and Facts

2009 ◽  
Vol 5 (3) ◽  
pp. 225-238
Author(s):  
J K Sachdeva
Keyword(s):  
Continuous Process ◽  
Economic Recession ◽  
Economic Downturn ◽  
Monetary Policies ◽  
Economic Growth Rate ◽  
Indian Economy ◽  
Goods And Services ◽  
Consecutive Period ◽  
External Sector ◽  
Developed World

Indian economy also passed through these stages during the year 2008. The economic growth rate, which was above 8% for consecutive period of three years since 2006, suddenly plunged to an average of 5.5%. Developed world is under the fear that recession may not turn out to be continuous process resulting into great depression. Generally recessions are for two quarters, but depression is a severe economic downturn that lasts several years. Earlier India was affected less by external world depressions as it relied more on internal consumption, saving and import substitutions. However, after 1991 India opened up its economy to global players, share of exports, both goods and services, in GDP grew significantly. This paper is an attempt to analyse the variables responsible for India’s recent growth, impact of world recession on these variables and their significance. It needs to validate whether India’s economy has shifted away from consumption and saving to external sector dependence.Classification-JEL: Keywords: Indian Economy, Recession, Consumption, Monetary Policies, International Trade, Economic integration

scholarly journals The Impact of GST on Indian Economy

2021 ◽  
Vol 9 (11) ◽  
pp. 1419-1421
Author(s):  
Rohan Navandhar
Keyword(s):  
Central Government ◽  
Negative Impact ◽  
Positive Impact ◽  
Task Force ◽  
Current System ◽  
Tax Avoidance ◽  
Value Added ◽  
Indian Economy ◽  
Goods And Services ◽  
The Impact

Abstract: In India, the idea of GST was contemplated in 2004 by the Task Force on implementation of the Fiscal Responsibility and Budget Management Act, 2003, named Kelkar Committee. The Kelkar Committee was convinced that a dual GST system shall be able to tax almost all the goods and services and the Indian economy shall be able to have wider market of tax base, improve revenue collection through levying and collection of indirect tax and more pragmatic approach of efficient resource allocation. Under the Goods and Service Tax , every person is be liable to pay tax on output and shall be entitled to enjoy credit on input tax paid and tax shall be only on the amount of value added. GST is a single national uniform tax levied across India on all goods and services. In GST, all Indirect taxes such as excise duty, central sales tax (CST)and value- added tax (VAT) etc. will be subsumed under a single regime. Introduction of The Goods and Services Tax (GST) expected as a significant step towards a comprehensive indirect tax reform in the country, which would lead India for its economic growth. The Proposed study is designed to know the impact on GST on Indian Economy with the Help of Its individual effect on different sectors. Under GST, goods and services fall under five tax categories: 0 per cent, 5 per cent, 12 per cent, 18 per cent and 28 per cent. For corporates, the elimination of multiple taxes will improve the ease of doing business. And for consumers, the biggest advantage would be in terms of a reduction in the overall tax burden on goods. "Inflation will come down, tax avoidance will be difficult, India's GDP will be benefitted and extra resources will be used for welfare of poor and weaker section. The Lok Sabha has finally Passed the Goods and Services Tax Bill and it is expected to have a significant impact on every industry and every consumer. Apart from filling the loopholes of the current system, it is also aimed at boosting the Indian economy. Keywords: GST, Indian Economy, Positive Impact , Negative Impact, Central Government, State Government

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