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

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 Thus excise duty, special additional duty, service tax, VAT to name afew will get repealed and will be added into GST.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.

scholarly journals Goods and Services Tax: Issues and Challenges in India

2019 ◽  
Vol 8 (2S10) ◽  
pp. 758-760
Keyword(s):  
Competitive Advantages ◽  
Indian Economy ◽  
Goods And Services ◽  
Indirect Taxes ◽  
Consumption Benefits ◽  
Taxation System

Number of indirect taxes is under one umbrella which simplifies taxation system for service and commodity businesses. GST can convey various advantages to economy as an indirect tax. The paper focuses on advantages to Indian economy, and various problems, issues and challenges in front of GST. These advantages include effect on GDP ratio, competitive advantages, price and consumption benefits and others. Present GST rates, exempted products from GST, issues and challenges are also discussed in this paper in which some problems such as lack of growth, complexity, filing charges, multiple returns are included.

scholarly journals Goods and Service Tax (GST): A Sweet Pill for Indian Economy

2018 ◽  
Vol 12 (01) ◽  
Author(s):  
Shantanu Saurabh ◽  
Veenita Singh
Keyword(s):  
Vital Role ◽  
Sales Tax ◽  
State Governments ◽  
Tax System ◽  
Indian Economy ◽  
Excise Duty ◽  
Goods And Services ◽  
National Market ◽  
Indirect Taxes ◽  
Central Level

It is a comprehensive tax system that will subsume all indirect taxes of states and central governments and unified economy into a seamless national market. It is expected to iron out wrinkles of existing indirect tax system and play a vital role in growth of India. It will not be an additional tax; it will include central excise duty, service tax additional duties of customers at the central level, VAT, central sales tax, entertainment tax, octroi, state surcharge, luxury tax, lottery tax and other surcharge on supply of goods and services. GST is the only indirect tax that directly affects all the sections and sectors of our economy. India is a federal democratic, therefore the GST will be implemented parallel by the Central and State governments as CGST and SGST respectively. The purpose of GST is to replace all indirect taxes with single comprehensive tax, bringing it all under single umbrella, to eliminating tax on tax. It is expected to iron out wrinkles of existing indirect tax system to improve the productivity in the country as well as will be benefited to the consumers and play a vital role in growth of Indian economy.

scholarly journals Goods and Services Tax: Benefits and its Impact on Indian Economy

2021 ◽  
Vol 11 (4) ◽  
Author(s):  
Jamil Ahmad
Keyword(s):  
Consumption Tax ◽  
End User ◽  
Value Addition ◽  
Indian Economy ◽  
Final Destination ◽  
Goods And Services ◽  
Single Tax ◽  
Long Run ◽  
Indirect Taxes ◽  
Tax Benefits

The Goods and Services Tax, or GST, took effect on July 1, 2017. The new tax system was designed to replace all current indirect taxes with a single, comprehensive tax. The Products and Services Tax (GST) is a consumption tax imposed on goods and services depending on their final destination (Bhushan Satya). Simply said, GST is a single tax that applies to the delivery of goods and services from the producer to the end user. In a nutshell, it's a tax imposed solely on value addition, with input tax credits transferred to successive stages of value addition, implying that the ultimate tax burden would fall on the end user of products or services. The anticipated advantages of implementing the GST are that it would decrease the cascading impact of taxes, i.e. it will eliminate tax on tax. It was also anticipated to stimulate demand for products and the elimination of a number of indirect taxes such as VAT, CST, Service tax, CAD, SAD, and Excise, among others, which would help to improve the Indian economy in the long term. This paper tries to highlight the cost and benefits bear by the economy due to implementation of the GST. The paper also tries to find out the expected rate of growth of economy after the GST. Finally, the study tries to conclude that how it would be disrupted and benefits the economy in the long run.

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.

Government is unlikely to overhaul Poland’s tax regime

2021 ◽  
Keyword(s):  
Value Added ◽  
Disposable Income ◽  
Policy Preference ◽  
Corporate Taxes ◽  
Value Added Tax ◽  
Alternative Source ◽  
Content Type ◽  
Goods And Services ◽  
Indirect Taxes ◽  
The Government

Significance This continues the policy preference -- out of line with Poland’s peers -- for indirect taxes on goods and services, including a relatively high value-added tax (VAT) rate. The government says the sugar tax aims to curb rising obesity, but critics suspect it is a new way of raising revenue. Impacts Corporate taxes could be raised as an alternative source of revenue. Left unaddressed, the regressive trend in taxes and rising inequality may create an opening for the leftist Spring and Together parties. If UK taxes rise post-pandemic, the relative fall in disposable income could encourage Polish immigrants to return to Poland.

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.

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

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.

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