scholarly journals Overview of the igst act

2017 ◽  
Vol 7 (2) ◽  
pp. 229-233
Author(s):  
Saranya G
Keyword(s):  
State Government ◽  
Excise Duty ◽  
Goods And Services ◽  
Indirect Taxes ◽  
State Taxes

The CBEC has issued a compilation of frequently asked questions (FAQs) on various issues relating to GST (2nd Edition 31st March, 2017). In this Chapter various FAQs relating to the IGST Act ―Integrated Goods and Services Tax‖ have been answered by the CBEC. IGST stands for Integrated Goods and Services Tax which is charged on the supply of commodities and services from one state to another state. For example, if the supply of goods and services occurs between Gujarat and Maharashtra, IGST will be applicable.In India, there are different indirect taxes applied on goods and services by central and state government. GST is intended to include all these taxes into one tax with seamless ITC and charged on both goods and services. Thus excise duty, special additional duty, service tax, VAT to name a few will get repealed and will be added into GST.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 subsumedinto CGST and state taxes like VAT into SGST.

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 Thus excise duty, special additional duty, service tax, VAT to name afew will get repealed and will be added into GST.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 GST : A NEW ERA OF INDIRECT TAXES

2017 ◽  
pp. 199-211
Author(s):  
Hitendra Vyas
Keyword(s):  
State Government ◽  
Service Industry ◽  
Financial Service ◽  
New Era ◽  
Excise Duty ◽  
Goods And Services ◽  
Financial Service Industry ◽  
Unfavourable Effect ◽  
Indirect Taxes ◽  
The Government

There are distinguishing indirect taxes functional on services and goods by the Government of India and state government of India. Goods & Services Tax is planned to incorporate all these taxes into one tax with consistent ITC and charged on both goods and services. Accordingly excise duty, special additional duty, service tax, VAT to give some examples will get cancelled and will be included into GST. For this, Goods & Services Tax will have 3 sections – CGST (Central Goods & Services Tax), SGST (State Goods & Services Tax), and IGST (Integrated Goods and Services Tax). The focal duties like extract obligation will be subsumed into CGST and state charges like VAT into SGST. Financial service industry, specifically financial institutions like Banks and NBFCs are the backbone of any economy. They are the drivers of the economy and contribute roughly 6% of the roundabout charges. Accordingly they are a huge player and an unfavourable effect on the segment impacts the economy. Further, Banks presently work just in the service area and are secured by Service Tax @ 12.36% right now. Going ahead with GST (Goods & Services Tax), they should pay approx. 27% GST. This paper examined information gathered from inquires about articles and data for worldwide practices for comparative issues and information gathered through meeting and poll from individuals in the field. In view of this investigation, the paper goes ahead to propose changes or necessities that GST should address from a financial service industry perspective

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.

scholarly journals Goods and Services Tax (GST): A Revolutionary Step towards Economic Unification

2019 ◽  
Vol 8 (S1) ◽  
pp. 67-70
Author(s):  
M. P. Akhil
Keyword(s):  
National Level ◽  
Differential Treatment ◽  
Tax Credit ◽  
Tax System ◽  
Excise Duty ◽  
Goods And Services ◽  
National Market ◽  
Indirect Taxes ◽  
Service Sectors

GST is a comprehensive tax system that subsumed all indirect taxes of states and central governments and unified economy into a seamless national market .Under the erstwhile indirect tax regime, there were a number of taxes. Prof. Kelkar Committee has proposed a uniform Goods and Services Tax (GST) to do away with the issues and problems of VAT. Based on Kelkar Committee recommendations, the Govt of India has brought a Bill in 2011 through the Constitution (115th Amendment) (GST) Bill, 2011. However the bill was not passed due to dissolution of 15th Lok Sabha. Again, Constitution (122nd Amendment) (GST) Bill, 2014 was presented in the Lok Sabha and this Bill has been passed in the Lok Sabha as well as Rajyasabha. Goods and service tax is a new story of VAT which gives a widespread setoff for input tax credit and subsuming many indirect taxes from state and national level. The Government’s GST regime seeks to replace excise duty, import duties, VAT and service tax regulations, along with other Cess and surcharges, with three separate legislations namely CGST, SGST and IGST. GST would be applicable to all transactions of goods and service, and it to be paid to the accounts of the Centre and the States separately. The biggest advantage of GST is economic unification of India. It has potential to end the longstanding distortions arising out of the differential treatment of the manufacturing and service sectors. It is an issue if people are still unaware or confuse with the tax system of GST and become worst when people ignore and boycott not to pay the tax.

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 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 An Insight Into the Value Added Tax System Detailing Its Origins, Impact, Provisions and Regulations With Reference to India

2004 ◽  
Vol 3 (1) ◽  
pp. 19-29
Author(s):  
Tomy Kallarackal
Keyword(s):  
European Economic Community ◽  
Value Added ◽  
Tax Credit ◽  
Value Added Tax ◽  
Excise Duty ◽  
Goods And Services ◽  
The World ◽  
The Difference ◽  
The Government ◽  
Insight Into

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.  

Trends of centre–state relations in India under the neo-liberal regime

2018 ◽  
Vol 5 (1) ◽  
pp. 83-91 ◽  
Author(s):  
Prabhat Patnaik
Keyword(s):  
Interest Rates ◽  
State Government ◽  
Central Government ◽  
The State ◽  
State Governments ◽  
Tax Rates ◽  
Economic Role ◽  
Goods And Services ◽  
Role Of The State ◽  
Financial Strength

India had been envisioned as a federation by our Constitution makers, and so states were assigned some important subjects in which the centre could have no or only limited authority. Thus state governments run by opposition parties could pursue policies different from those of the Central Government in a number of ways. But since the onset of economic ‘liberalisation’ beginning with the late 1980s the financial strength and economic role of the state governments have been constantly undermined. This came, first, through the raising of interest rates to attract foreign finance capital, which created budgetary crises for the states since they fell under heavy debt simply to pay interest on existing debt. Neo-liberal policies were then imposed on them by Finance Commissions which made compliance with these compulsory for centre’s financial assistance. More recently the states’ powers have been further curtailed by the Goods and Services Tax, which has deprived the state government of the power to determine tax rates on goods produced within the states. Another means to the same end has been the centre’s trade agreements with foreign countries, with no reference made to states whose products thereby may be priced out of the market. The demonetisation of 2016, which impacted so destructively on employment and the cooperative sector in the states, was also undertaken by the centre without any reference to the states.

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.

scholarly journals Managing Annual Accounting Reports to Avoid State Taxes: An Analysis of Property-Casualty Insurers

1999 ◽  
Vol 74 (3) ◽  
pp. 371-393 ◽  
Author(s):  
Kathy R. Petroni ◽  
Douglas A. Shackelford
Keyword(s):  
State Government ◽  
State Level ◽  
Income Shifting ◽  
Tax Rates ◽  
Firm Level ◽  
Level Data ◽  
State Tax ◽  
Total State ◽  
State Taxes ◽  
Accounting Reports

We hypothesize that, in their annual accounting reports, propertycasualty insurers allocate premiums from multistate policies to reduce total state taxes. To test this prediction, we exploit the industry's unique state tax disclosures. We examine firm-level data, collected from the publicly available, statutory reports filed with each state government. Reported premiums at the insurer-state level, scaled by incurred losses, are regressed on state tax measures. Consistent with tax-motivated income shifting, we find the premiumloss ratio is decreasing in state tax rates. The negative relation is greatest for insurers specializing in multistate lines of business.

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