scholarly journals Role of GST in Economic Development

2021 ◽  
Vol 1 (2) ◽  
pp. 73-84
Author(s):  
Shobha Sarita Bhuinyan
Keyword(s):  
Economic Development ◽  
Petroleum Products ◽  
Human Consumption ◽  
Consumption Tax ◽  
Efficient Manner ◽  
Tax Rate ◽  
Goods And Services ◽  
Single Tax ◽  
Provision Of Services ◽  
The Impact

The Goods and Services Tax (GST) is the biggest reform in India’s indirect tax structure. GST would be applicable on the supply of goods or services as against the previous concept of tax on the manufacture and sale of goods or provision of services. It is a destination based consumption tax. GST would apply to all goods other than exempted goods i.e. alcoholic liquor for human consumption and specified petroleum products. It would apply to all services barring a few to be specified. The impact of GST would be a major game changer for the economy for accelerating the economic growth and generating more and more employment. GST helps the economy to grow in more efficient manner by ameliorating the tax accumulation as it abolishes all the tax barriers among states and integrate country via single tax rate i.e.”One tax ,one nation”. It benefits the Indian economy in many ways e.g. reducing the price for domestic necessities, uniform tax rate, reduce multiple taxes etc .GST will affect many sectors in positive or negative manner. After GST implementation some products price have been reduced like branded goods, hotels, personal hair products, soap etc. some products price have been increased like mobile bills, aerated drinks, internet, air tickets. This paper focuses on the benefits, challenges and roll of GST on Indian economic development.

scholarly journals Утицај пореских подстицаја и промена пореских стопа ПДВ-а на привредни развој и социјалну стабилност // The impact of tax incentives and changes in VAT rates on economic development and social stability

2014 ◽  
Vol 12 (21) ◽  
pp. 123
Author(s):  
Славен Савић
Keyword(s):  
Economic Development ◽  
Value Added ◽  
Price Policy ◽  
Social Stability ◽  
Tax Rates ◽  
Consumption Tax ◽  
Real Wages ◽  
Goods And Services ◽  
The Republic ◽  
The Impact

Резиме: Порез на додату вредност, као општи порез на потрошњу, у значајној мери има утицаја на формирање ценовне политике, као и на конкурентност привреде и њен економски развој. Ово посебно долази до изражаја код промена висине пореских стопа. Разлог томе је чињеница да се због постојања више врста пореских стопа, одређена добра и услуге различито опорезују, а тиме и различито категоризују. Ова категоризација, тј. подела добара на луксузна добра и добра од ширег јавног значаја, има директног утицаја на њихову потрошњу, као и на њихову конкурентност, а нарочито када се ради о конкурентности истих производа на тржиштима различитих земаља. У овом раду ће се дати анализа утицаја пореских стопа (тј. промена њихове висине) на ове категорије у Републици Србији. Поред тога, указаће се и на одређене социјалне аспекте цена, будући да њихов ниво утиче на висину реалних зарада.Summary: Value added tax, as a general consumption tax, significantly influences the formation of price policy as well as economic competitiveness and economic development of country. This is especially evident in the changes in tax rates. The reason for this is the fact that, due to the existence of several types of tax rates, certain goods and services are taxed differently, and thus categorized differently. This categorization, ie. distribution of goods on luxury goods and goods of the wider public interest, has a direct impact on their consumption, as well as on their competitiveness, especially when it comes to the competitiveness of the same products in the markets of different countries. This paper will provide an analysis of the impact of tax rates (i.e. changes in their height) on these categories in the Republic of Serbia. In addition, we will point out certain social aspects of prices, since the level of these costs has influence on the level of real wages.

To Study the impact of Gabbar Singh tax or Goods & services tax for Restaurant and Food Services Business in India

2019 ◽  
Vol 118 (12) ◽  
pp. 32-48
Author(s):  
Mr. Arun Gautam ◽  
Dr. Saurabh Sharma ◽  
CA Narendra Kumar Bansal
Keyword(s):  
State Level ◽  
The State ◽  
Assessment Framework ◽  
Food Services ◽  
Goods And Services ◽  
Single Tax ◽  
The Impact

GST that is Goods and Services Tax has been in compel since first July, 2017 and which is, in constrain on numerous countries globally and they all were thinking about it as their business assessment framework. The principle reason for GST is to realize single tax on products at both centre and the state level in the nation.

scholarly journals Analysis of Financial Statement of NRC Agro with Special Reference to Goods and Service Tax

2019 ◽  
pp. 45-65
Author(s):  
Nalla Bala Kalyan ◽  
Toopalli Sirisha
Keyword(s):  
Service Provider ◽  
Central Government ◽  
Financial Analysis ◽  
Financial Statements ◽  
Financial Statement ◽  
Accounting Data ◽  
Goods And Services ◽  
The Past ◽  
Provision Of Services ◽  
The Impact

The analysis of financial statements is an important aid to financial analysis. They provide information on how the firm has performed in the past and what is its current financial position. Financial analysis is the process of identifying the financial strengths and weakness of the firm from the available accounting data and financial statements. The analysis is done by establishing relationship between the different items of financial statements. The target of this paper is to examine the major features of GST. GST also known as the Goods and Services Tax is defined as the giant indirect tax structure premeditated to maintain and enhances the economic enlargement of a country. Service tax was a tax levied by Central Government of India on services provided or agreed to be provided excluding services covered under negative list and considering the Place of Provision of Services Rules, 2012 and collected as per Point of Taxation Rules, 2011 from the person liable to pay service tax. Person liable to pay service tax is governed by Service Tax Rules, 1994 he may be service provider or service receiver or any other person made so liable. It is an indirect tax wherein the service provider collects the tax on services from service receiver and pays the same to government of India. This paper has also focused on the impact of GST (Goods and Services Tax) will be on Indian Tax Scenario.

scholarly journals Impact of Implementation of Goods and Service Tax on Indian Banking Sector

2018 ◽  
pp. 18-32
Author(s):  
Revathi R. ◽  
Madhushree ◽  
P. S. Aithal
Keyword(s):  
Economic Growth ◽  
Banking Sector ◽  
Value Added ◽  
Tax System ◽  
Tax Rate ◽  
Bank Branches ◽  
Goods And Services ◽  
The Government ◽  
One Year ◽  
The Impact

The banking sector is one of the biggest and revenue generating sector in our economy. Indiais a country with impressively splendid banks with sufficient capital and well-regulated rulesand regulations. One of the biggest transformations that the sector faced during this period isGST i.e., Goods and Service Tax, a new tax regime introduced in the midnight of 1 July2017. Now the new tax regime has become one year old and there are so many changeswhich happened in the banking sector during this one-year periods. Introduction of GST tothe banking sector was one the highly risky and challenging role for the government. GST isa replacement to the Value Added Tax (VAT) which was implied on goods and services. Themain purpose of studying the impact of implementation of GST is to avoid double taxationon goods and services. It is a self-regulated tax system with a simplifies tax regime whichreduces the multiplicity of tax. The purpose of this study is to know the challenges faced bythe Banking sector and its effects on the customers after the implementation of the GST.New tax regime made an incredible step by the abolish of centralized registration of thebanks. Now all the bank branches have to register under GST in each state for the smoothfunctioning. The tax rate has created an impression in the banking sector that the sector iscontributing much toward the economic growth of the country. Tax slabs is anotherimportant and critical thing discussed in this paper which has substantially increasedcompared to the old tax regime. Data for the study have been collected from secondary datasources such as journals, internet, and news articles. Using the ABCD qualitative analysistechnique, advantages, benefits, constraints, and disadvantages for both banks and thecustomers for payment of GST are identified.

scholarly journals Tax Policy and Income Inequality in the Visegrad Countries

2015 ◽  
Vol 61 (6) ◽  
pp. 12-18
Author(s):  
Anna Moździerz
Keyword(s):  
Income Inequality ◽  
Tax Policy ◽  
Negative Impact ◽  
The State ◽  
Consumption Tax ◽  
Tax Reforms ◽  
Tax Rate ◽  
Recent Financial Crisis ◽  
The Impact ◽  
Visegrád Countries

Abstract The financialisation of economies is believed to be the primary cause of the increase in income inequality in the world, occurring on a scale unseen for more than 30 years. One can hypothesise that it is the state that is responsible for the widening inequality, as the state has not sufficiently used the redistributive function of taxation. The purpose of this paper is to study the impact of tax policy on income inequality in Poland, the Czech Republic, Slovakia and Hungary. These so-called Visegrad countries have, in the last several years, carried out some controversial experiments with tax policy, specifically in terms of the flattening of tax progressivity or its replacement with a flat tax, which led to the weakening of the income adjustment mechanism. The imbalance between income tax and consumption tax has contributed to perpetuating income inequality. The verification of tax systems carried out during the recent financial crisis has forced the countries included in this research to implement tax reforms. The introduced changes caused various fiscal and redistributive effects. Analyses show that the changes in income taxation and an increase in the consumption tax rate had the most negative impact on the income and asset situation in Hungary.

scholarly journals Impact of Petroleum on SMEs Growth in Nigeria.

2014 ◽  
Vol 2 (2) ◽  
Author(s):  
Sam Tende ◽  
Ezie Obumneke
Keyword(s):  
Positive Impact ◽  
Unit Root Test ◽  
Petroleum Products ◽  
Goods And Services ◽  
Petroleum Price ◽  
The Government ◽  
Petroleum Refineries ◽  
Private Investors ◽  
Log Linear ◽  
The Impact

The study undertakes an empirical research on the impact of petroleum on small and medium scale enterprises (SMEs) development in Nigeria. The log linear error correction model was adopted to examine how petroleum price (PP), Imported petroleum (IMP) and domestically produced petroleum (DPP) had impacted on Nigeria’s SMEs. Unit root test was carried out on each of the variables to determine their level of stationarity. They were however found stationary after first difference (that is, they are all integrated of order one (I(1)), then it was safe to proceed with Johansen Cointegration Test. The integrated variables were then used for the regression analysis. The cointegration result showed that the variables used in the model have a long term, or equilibrium relationship between them. It was observed that from the analysis that PP and IMP were found to be statistically insignificant and both had negative relationships with SMEs development Nigeria, while DPP had a positive impact and is statistically significant. Due to the underproduction of the Nigerian petroleum refineries, the government had to resort to importation of the shortfall which also has its cost implications on its sales and distribution. Local manufacturers and farmers had to pay more for transporting their goods and services to the markets. Incessant price hikes of petroleum products have led to crisis and industrial actions led by some pressure groups in Nigeria which has caused distortion in the SMEs activities of Nigeria overtime The study thus recommends that the down-stream oil need to be deregulated to allow private investors come in to build in more refineries so as to produce the petroleum at a relatively lower cost to propel the growth of SMEs in the country.

scholarly journals Restructuring the European VAT tax system: advantages and disadvantages of the adoption of a single-rate model - a study based on the Portuguese case

2019 ◽  
Vol 8 (2) ◽  
pp. 145-160 ◽  
Author(s):  
Ricardo Moraes e Soares ◽  
João Ricardo Catarino
Keyword(s):  
Statistical Tests ◽  
Tax Compliance ◽  
Point Of View ◽  
Tax Rate ◽  
Eu Member States ◽  
Goods And Services ◽  
Advantages And Disadvantages ◽  
Single Tax ◽  
Efficient Data

The common VAT system adopted by EU member states comprises a set of various rates, which differentiate the goods and services subject to this tax. However, from a technical and management point of view, it would be preferable to adopt a single tax rate as it reduces distortions and facilitates tax compliance and management. This research seeks to analyse the benefits and disadvantages of adopting a single VAT as a means of simplifying the European VAT model. It takes Portugal as a case study. The main objective of this research is to contribute to the academic debate around the theme of the single rate of VAT versus differentiated rates, through the achievement of a series of analyses and statistical tests to revenues and percentages of GDP that they correspond, in the three scenarios considered in the study: differentiated rates, single rate of 17% and single rate of 21%.In the empirical part, hypotheses were developed, the effects on tax revenue of a differential collection system were analyzed and compared to a possible single rate regime on consumption to verify which one would be more efficient. data comparison permits to verify that the estimated revenue of the single rate of VAT is higher than the values ​​obtained by the system of differentiated rates, in any of the proposed models (17% or 21%). The results of this research are valid for all countries that adopt VAT or general tax transactions.

scholarly journals THEORETICAL AND METHODOLOGICAL ASPECTS OF DETERMINING THE INFLUENCE OF GLOBALIZATION PROCESSES ON THE DEVELOPMENT OF THE ECONOMY OF UKRAINE

2021 ◽  
Author(s):  
Svitlana Bestuzheva ◽  
Viktoria Kozub
Keyword(s):  
Foreign Direct Investment ◽  
Direct Investment ◽  
Global Economy ◽  
World Economy ◽  
Modern Trend ◽  
Tax Rate ◽  
Goods And Services ◽  
The World ◽  
World Economic ◽  
The Impact

The paper proposes a scientific approach to determining the impact of globalization processes on the development of Ukraine’s economy based on the analysis of the dynamics and modeling of indicators of the degree of integration of Ukraine’s economy into the system of world economic relations. Globalization is seen as a modern trend in the world economy as a system of interconnected and interdependent economic entities, among which a significant place is occupied by countries. The authors determine the degree of Ukraine's integration into the world economic space by its place in the ratings of globalization and economic openness. Analysis of the dynamics of the degree of integration of Ukraine's economy into the global economy is based on GDP, export and import quotas during 2006 – 2020. Based on the results of the analysis, the authors developed an econometric model for assessing the impact of factors on the globalization index of Ukraine, identified the most significant positive factors, namely the volume of exports of goods and services as a percentage of GDP, GDP, the ratio of foreign direct investment to GDP, the share of innovative exports export of goods and services of the country. The import quota and the corporate income tax rate have been identified as negative factors. Based on the results obtained during the modeling, the authors have developed and proposed a sequence of measures to increase the level of openness of Ukraine's economy in the context of its globalization. Perspective forms of globalization in the context of forming a new perspective of the international community on changing the vector of world economy - from globalization to regionalization and nationalization which have materialized in increasing the volume and diversification of the structure of international trade, intensification of international financial transactions, the emergence of transnational business, a sharp increase in foreign direct investment and intensification of international labor migration.

scholarly journals The impact of central gst (cgst) and state gst (sgst) on the indian tax scene

2017 ◽  
Vol 7 (2) ◽  
pp. 387-392
Author(s):  
Vellingiri P ◽  
Suhail Ahmed V.S
Keyword(s):  
Value Addition ◽  
Goods And Services ◽  
Single Tax ◽  
The Impact ◽  
Final Consumer

GST is a single tax on the supply of goods and services, right from the manufacturer to theconsumer. Credits of input taxes paid at each stage will be available in the subsequent stageof value addition, which makes GST essentially a tax only on value addition at each stage.The final consumer will thus bear only the GST charged by the last dealer in the supplychain, with set-off benefits at all the previous stages.

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