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 Thus excise duty, special additional duty, service tax, VAT to name afew will get repealed and will be added into GST.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

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 One Nation, One Tax: How the Goods and Services Tax (GST) have Impacted the Indian Economy

2020 ◽  
Vol 3 (11) ◽  
pp. 141-144
Author(s):  
Ishant Chawla
Keyword(s):  
Value Added ◽  
Secondary Data ◽  
Indian Economy ◽  
Excise Duty ◽  
Goods And Services ◽  
Significant Step ◽  
The Business Cycle ◽  
The Government ◽  
Taxation System ◽  
The Impact

GST is a single national uniform tax levied across India on all goods and services. In GST, all Indirect taxes such as excise duty, 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 implementation of GST will lead to the reduction in the product prices throughout the business cycle. The country’s taxation system has improved with the help of GST and the government should take more efforts to training and educating public. Necessary modules should be integrated in the education sector related to GST. The Proposed study is designed to know the impact on GST on Indian Economy with the Help of Its individual effect on different sectors. The Study is Exploratory in nature and Secondary Data has been used for the study. The data is collected from different Journals, Periodicals, Newspapers and Internet.

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.

From Inception to Implementation

2018 ◽  
pp. 123-141 ◽  
Author(s):  
Garima
Keyword(s):  
Paradigm Shift ◽  
Common Market ◽  
The Other ◽  
Market Place ◽  
Indirect Taxation ◽  
Goods And Services ◽  
Indirect Taxes ◽  
Taxation System

Goods and service tax (GST) is a partially centralized and unified indirect taxation system on goods and services, which will sculpt India as a one common market place. GST on one side is being regarded as a paradigm shift in Indian taxation system, as it will comprehend all the indirect taxes levied on manufacturing, sale, and consumption of goods and services across pan India while on the other side there is lot of commotion over its implementation as it is generally perceived that it will bring no benefit for the country as a whole and rather will create more ambiguity cross state and center. Taking cognizance of the shift in the Indian taxation structure and emergence of the GST, the present chapter addresses this dilemma and contradictions by commenting on the various aspects and impacts of GST, specifically on the Indian e-commerce industry.

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.

scholarly journals GOODS AND SERVICES TAX: A STUDY ON ROAD MAP FOR 2017

2016 ◽  
Vol 4 (9) ◽  
pp. 1-13
Author(s):  
Nidhi
Keyword(s):  
Central Government ◽  
State Governments ◽  
Local Council ◽  
The Road ◽  
Goods And Services ◽  
Legislative Authority ◽  
Road Map ◽  
Challenges And Opportunities ◽  
History Of ◽  
Taxation System

The paper covers the scope of GST and the history of the taxation system in India. The word tax is derived from the Latin word ‘taxare’ meaning, to estimate. “A tax is not a voluntary payment or donation, but an enforced contribution, exacted pursuant to legislative authority" and is any contribution imposed by government whether under the name of toll, tribute, impost, duty, custom, excise, subsidy, aid, supply, or other name.” Taxes in India are levied by the Central Government and the State Governments. Some minor taxes are also levied by the local authorities such as Municipality or Local Council. The paper consists of the demerits of existing taxation system, challenges and opportunities of the GST and the latest amendments with the road map for 2017. With the help of this paper we get the overview of the current amendments and the future efforts to be made in the implementation of GST.

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.

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