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 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 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 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.  

scholarly journals What are effects of tax changes on market risk? - a case in listed Viet Nam investment and financial service companies

2021 ◽  
Vol 7 (Extra-E) ◽  
pp. 497-504
Author(s):  
Phan Anh ◽  
Nguyen Dinh Trung ◽  
Dinh Tran Ngoc Huy
Keyword(s):  
Service Industry ◽  
Stock Exchange ◽  
Market Risk ◽  
Financial Service ◽  
Viet Nam ◽  
Tax Rates ◽  
Tax Rate ◽  
Financial Service Industry ◽  
Global Stock Markets ◽  
Tax Changes

The financial crisis has been affected many global stock markets, as well as the Viet Nam stock exchange. This study analyzes the impacts of tax policy on market risk for the listed firms in the non-banking financial service and investment industry, so-called financial service industry, as it becomes necessary. First, by using quantitative and analytical methods to estimate asset and equity beta of total 10 listed companies in Viet Nam financial service industry with a proper traditional model, we found out that the beta values, in general, for many companies are acceptable. Second, under 3 different scenarios of changing tax rates (20%, 25% and 28%), we recognized that there is not large disperse in equity beta values, estimated at 1,048, 1,050 and 1,052.These values are just little higher than those of the listed VN construction firms but much higher than those of listed banking firms. Third, by changing tax rates in 3 scenarios (25%, 20% and 28%), we recognized equity /asset beta are most the same (0,23 and 0,16) if tax rate increases from 20% to 25%, then goes up from 25% to 28%.

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