GST Calculation for Invoice Generation in IT Filing

2021 ◽  
pp. 173-176
Author(s):  
Shivangi Kaushal ◽  
Ashima Narang ◽  
Nishu Sethi ◽  
Neha Bhateja
Keyword(s):  
Income Tax ◽  
Tax System ◽  
Goods And Services ◽  
Billing System ◽  
Complex Information ◽  
Scale Size ◽  
Use Of Technology ◽  
It Systems ◽  
The World ◽  
Tax Returns

Goods and Services Tax (GST) Accounting and Billing System is arguably one of the most complex Information Technology (IT) Systems in the world – in terms of scale, size, and complexity. Under Goods and Services Tax, the returns of the buyer’s will be auto filled by data from the returns done by sellers and invoices uploaded by him/her. The software will have to match the data automatically from the returns and uploaded invoices and accept/deny/modify these invoices. The uploading of duplicate invoice is not allowed by the Goods and Services Tax system. All payments, uploading of invoices and filing of returns will have to be done electronically by all taxpayers only through the Goods and Services Tax portal. Access to and use of technology is therefore crucial for all taxpayers registered with the Goods and Services Tax Network, without which they cannot conduct business. This paper intents a proper invoice generation through the software and application that will be uploaded on the Goods and Services Tax Portal for filing Income Tax Returns.

scholarly journals Cybersecurity Threat Modelling: A Case Study of An Ecommerce Platform Migration to the Public Cloud

2020 ◽  
Vol 4 (4) ◽  
Author(s):  
Bamidele Ola ◽  
Iyobor Egho-Promise
Keyword(s):  
Information Technology ◽  
Public Cloud ◽  
The Public ◽  
Goods And Services ◽  
It Systems ◽  
The World ◽  
Modelling Techniques ◽  
Security Concerns ◽  
Threat Modelling

The emergence of ecommerce almost three decades ago has completely transformed the approach to purchasing goods and services across various countries in the world. Almost every country in the globe, now have some form of ecommerce operations, this has further been enhanced by the stay at home COVID-19 induced lockdowns. The value and volume of transactions has also increased in transactions. However, there has been security concerns impacting ecommerce operations, which has in part, led to increasing adoption of hosting ecommerce systems in the public cloud. Threat modelling offer mechanisms to enhance the security of information technology (IT) systems. In this paper, we apply different threat modelling techniques to decompose the migration of an on-premise hosted ecommerce system to the public cloud and also evaluate these threat modelling techniques.

scholarly journals Cleaning the Muck of Ages from the Windows into the Soul of Tax

2016 ◽  
Vol 5 (1) ◽  
pp. 177-216
Author(s):  
John Passant
Keyword(s):  
Income Tax ◽  
Specific Reference ◽  
Tax System ◽  
The World ◽  
Ways Of Thinking ◽  
Insight Into

Abstract The aim of this paper is to provide readers with an insight into Marx’s methods as a first step to understanding income tax more generally but with specific reference to Australia’s income tax system. I do this by introducing readers to the ideas about the totality, that is, capitalism, appearance, and form, and the dialectic in Marx’s hands. This will involve looking at income tax as part of the bigger picture of capitalism and understanding that all things are related and changes in one produce changes in all. Appearances can be deceptive, and we need to delve below the surface to understand the reality or essence of income and, hence, of income tax. Dialectics is the study of change. By developing an understanding of the processes of contradiction and change in society, the totality, we can then start to understand income tax and its role in our current society more deeply. To do that, we need to understand the ways of thinking and approaches that Marx and others have used. Only then, armed with the tools that we have uncovered, we can begin the process of cleaning the muck of ages from the windows into the soul of tax and move from the world of appearance to the essence of tax.

scholarly journals Measurement of Effectiveness of Personal Income Tax in the Tax System of the Czech Republic

2014 ◽  
Vol 62 (2) ◽  
pp. 307-314 ◽  
Author(s):  
Břetislav Andrlík
Keyword(s):  
Czech Republic ◽  
Income Tax ◽  
Personal Income ◽  
Personal Income Tax ◽  
Public Budget ◽  
Tax System ◽  
The Czech Republic ◽  
The Public ◽  
Administrative Costs ◽  
The World

This article deals with the issues of effectiveness of personal income tax in the Czech Republic. The personal income tax in the Czech Republic, referred to as the tax on income of natural persons, represents a significant part of the public budget revenue (23.35% of all tax revenues in 2012). One of the principles of a good tax system is the principle of its effectiveness. The effectiveness of a particular tax is measured by various methods. The theory distinguishes between two types of costs expended on the collection of taxes, i. e. administrative costs (direct or indirect) and excessive tax burden. In the case of direct administrative costs the measurement compares the total volume of a particular tax revenue with the costs of its collection. The amount of the tax levied is thus not a net income of the public budget, due to the fact that it must be reduced by the costs of the public sector which are necessary for obtaining such amount. In this contribution we shall focus on the measurement of direct administrative costs. The measurement of effectiveness of income tax on natural persons is performed with the use of the full-time equivalent (FTE) method, which is based on the classification of revenue authorities staff according to their jobs and on the determination of conversion coefficients in order to identify costs related to the collection of a particular tax. A separate part of the article deals with measurements of tax system effectiveness in the international scope. We cite an important international study, "Paying Taxes 2013: The Global Picture", annually prepared by the World Bank and PricewaterhouseCoopers, which analyses demands of tax systems in different countries of the world.

scholarly journals Value Added Tax & Export: the Case of Selected Countries around the World

2011 ◽  
Vol 2 (6) ◽  
pp. 298-305
Author(s):  
Ahmad Jafari Samimi
Keyword(s):  
Value Added ◽  
Statistical Test ◽  
Annual Growth ◽  
Value Added Tax ◽  
Tax System ◽  
Goods And Services ◽  
The World ◽  
Before And After ◽  
The Impact ◽  
Do So

The purpose of the present paper is to compare the impact of implementing Value Added Tax on Export of goods and services in selected countries. In this paper, we used four different indices for export; export of goods and services, export of goods and services (BOP), export of goods and services (annual % growth), export of goods and services (% of GDP) to investigate the sensitivity to different definitions .To do so, study concentrated on a sample of 140 countries that have applied Value Added Tax in their tax system from 1990 to 2008. Findings of the study based on Mean Difference Statistical Test in a two threeyear periods before and after introduction of VAT. In general, the results show that, in different indices, the impact of VAT on export is positive. Therefore, it is suggested that other countries have not yet introduced the VAT to reform their tax system by introducing the VAT.

Taxes in America

2020 ◽  
Author(s):  
Leonard E. Burman ◽  
Joel Slemrod
Keyword(s):  
Income Tax ◽  
Tax Law ◽  
Costs And Benefits ◽  
Tax System ◽  
Role Of Government ◽  
The World ◽  
Comprehensive Reform ◽  
Jobs Act ◽  
Answer Format

Arguments about taxation are among the most heated-no other topic is as influential to the role of government and the distribution of costs and benefits in America. But while understanding of our tax system is of vital importance, the complexity can create confusion. Two of America's leading authorities on taxes, Leonard E. Burman and Joel Slemrod, bring clarity in this concise explanation of how our tax system works, how it affects people and businesses, and how it might be improved. The book explores what makes a tax system fair, simple, and efficient, why our system falls short, and whether the new tax law promises much, if any, improvement. Accessibly written and organized in a clear, question-and-answer format, the book describes the intricacies of the modern tax system in an easy-to-grasp manner. It has been revised and updated to both explain the Tax Cuts and Jobs Act (TCJA) in 2017, the most comprehensive reform of its income tax system since 1986, and to examine its likely effects on individuals, businesses, and society. Among the questions discussed are: How much more tax could the IRS collect with better enforcement? How do tax burdens vary around the world? Why do corporations pay so little tax, even though they earn trillions of dollars every year? What kind of tax system is most conducive to economic growth? And, can taxes be fair?

Issues in Designing a System of Income Tax

2014 ◽  
Vol 1 (2) ◽  
Author(s):  
M M Sury
Keyword(s):  
Developing Countries ◽  
Government Policy ◽  
Income Tax ◽  
Income Taxes ◽  
Annual Income ◽  
Tax System ◽  
Policy Issues ◽  
Ability To Pay ◽  
The World

Among the various indices of ability-to-pay taxes, income is regarded, by far, as the most appropriate. This is borne out by the popularity of income taxes the world over. Income tax is levied on the annual income of various taxable entities, mainly individuals and companies. For operating an income tax system successfully, fiscal authorities, particularly in developing countries, are required to resolve various issues to make it compatible with the socio-economic objectives of government policy. This paper examines general policy issues relevant for designing and reshaping a suitable income tax system.

scholarly journals Cross Check of the Tax Base in Serbia – Informative Tax Return Sample

2016 ◽  
Vol 5 (2) ◽  
pp. 119-131
Author(s):  
Ivan Raonić ◽  
Zoran Vasić ◽  
Igor Pejović
Keyword(s):  
Tax Evasion ◽  
Income Tax ◽  
Income Taxation ◽  
Tax Base ◽  
Tax System ◽  
Low Level ◽  
The World ◽  
The Republic ◽  
Specific Challenge

AbstractThe tax system of the Republic of Serbia is characterized by a very low level of income taxation. It is a particularly acute problem in cross-checking the tax base. The legislature tried to solve this problem by the introduction of the informative tax return (IPP). The problem is even greater because the situations encountered have not been analysed in science and tax theory, and very often have not been covered by applicable laws. A specific challenge for the tax authorities represent taxpayers whose incomes are primarily realized abroad (usually persons from the world of entertainment). This paper describes the basic forms of tax offences characteristic of income tax evasion and discusses how to solve them, with a particular focus on the implementation of cross-checking the tax base.

scholarly journals Rationalizing the Canadian Income Tax System

2019 ◽  
pp. 643-666
Author(s):  
Robin Boadway
Keyword(s):  
Tax Policy ◽  
Income Tax ◽  
Retirement Savings ◽  
Corporate Tax ◽  
Tax Reforms ◽  
Tax System ◽  
Goods And Services ◽  
Savings Accounts ◽  
The United Kingdom ◽  
Equity And Efficiency

The Canadian tax system is based on principles informed by the Carter report, and these principles have been challenged as circumstances have changed and ideas about tax policy have evolved. The personal tax system pays only lip service to the comprehensive income tax ideal, and the corporate tax is designed as a complement to a comprehensive tax system that does not exist. Canadian policy makers face the unprecedented challenges of (1) globalization, (2) an economy increasingly based on services and technology, and (3) growing inequality of income, wealth, and opportunity. Modern principles of tax design are reflected in recent tax reform proposals recommended by the Mirrlees review in the United Kingdom. Major tax reforms have been undertaken in other member countries of the Organisation for Economic Co-operation and Development. Some piecemeal innovations in tax policy have been implemented in Canada, such as registered retirement savings plans, tax-free savings accounts, the goods and services tax/harmonized sales tax, and refundable tax credits, but these measures have not been coordinated. The corporate tax structure has changed only modestly. This paper explores options for feasible reform of the Canadian tax system that might enhance equity and efficiency.

Economic Arguments for a New Consumption Tax

1992 ◽  
Vol 3 (1) ◽  
pp. 14-35
Author(s):  
John Freebairn
Keyword(s):  
Income Tax ◽  
Income Taxation ◽  
Sales Tax ◽  
Consumption Tax ◽  
Tax System ◽  
Payroll Tax ◽  
Goods And Services ◽  
Indirect Taxes ◽  
General Revenue ◽  
Revenue Efficiency

The revenue, efficiency, distributional and simplicity effects of using a GST to replace some existing indirect taxes and to reduce income taxation are assessed. Replacing the wholesale sales tax (WST), the general revenue raising portion of petroleum excise and payroll tax with a goods and services tax (GST) promises efficiency gains and negligible net redistribution. The principal case for using a GST to fund reductions in Australia's hybrid income tax system is to increase the productivity of saving and investment.

Latin America's wealthiest untouched by redistribution

2018 ◽  
Keyword(s):  
Latin America ◽  
Middle Class ◽  
Income Tax ◽  
Tax System ◽  
Middle Income ◽  
Middle Classes ◽  
Content Type ◽  
Middle Income Countries ◽  
The Poor ◽  
The World

Subject Patterns of inequality. Significance Inequality across the world varies significantly, particularly among middle-income countries. Much of this variance is the result of differences in the income shares of the poor and rich since the middle class receives a similar level of income in most cases. Latin America occupies a peculiar position in these comparisons: it is the most unequal region in the world because the wealthy are able to control more income than anywhere else. Impacts Effective measures to tackle inequality would require politically difficult reforms of the income tax system. Pressures to redistribute resources to the poor will squeeze the middle classes in times of muted growth. Elite power will be particularly significant in countries such as Colombia and Brazil, if less so in Argentina and Uruguay.

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