File Name: gst and its impact on indian economy 2017.zip
It is a comprehensive, multistage, destination-based tax: comprehensive because it has subsumed almost all the indirect taxes except a few state taxes.
This article is written by Shreya S. After the enforcement of Goods and Services Tax GST , many sectors faced some positive effects as well as negative effects. The enforcement of the tax was for the long term benefit. The long term benefit requires the patience of citizens. Where one sector in the country faces a positive aspect, on the other hand, the other sector faced the negative aspect.
Visit for more related articles at Journal of Internet Banking and Commerce. GST that is Goods and Service Tax is the latest kind of Indirect Tax which is proposed to be in force from 1st July, which is already in force on many countries around the world and they all were considering it as their sales Tax system. The GST will be the levied on the manufacture, sale and the consumption of goods and services in India. It is said to be the biggest form of reform in the indirect taxation aspect ever since The main purpose of GST is to bring about the single tax system for the manufacture and the sale of goods at the both central and the state level in the country.
The Tax will be very much useful for the consumers in the aspects of payment of Taxes that is, we all have to pay separate tax at state level and at central level for the goods and services purchased and after the GST there will be only one tax to be paid for the goods and services consumed which is the Goods and Services Tax GST.
This paper brings out about the overview of the concepts of GST and its impact and implications on the various Industries in the Indian Economy. Through this paper we can be in a position to understand about the concepts, objectives, impact and the implications of the Goods and Service Tax in India. GST is the crucial form of Indirect Taxation which is said to be the indirect taxation reform ever since our Independence. The Goods and Service Tax is levied on the manufacture, sale and consumption of the goods and services.
Through the implementation of GST, all other taxes like Value Added Tax, Sales Tax will be removed and a uniform tax system on goods and services will be followed. They have found out that the legal procedures in implementing, consent from all the states, proper literacy on the concept of GST are the challenges associated with the implementation of GST.
They have found out that the GST will improve the input tax credit to the manufacturers which would result in reduced cost of goods. They have suggested that the government must provide awareness about the concepts of GST to the public. Garg [ 3 ] and Kumar [ 4 ] have said that the GST has positive impact on the present scenario of Indian economy.
This study is descriptive in nature and it used the exploratory technique. The data for the study were gathered from the secondary sources such as journals, articles published online and offline on various newspapers and websites. On , the then Finance Minister of Union P. During , an empowered committee was formed by the finance ministers of each state to submit the roadmap for GST and they have submitted it. They also made some suggestions with regard to that report.
Later on November , the EC submitted the first paper and conducted a debate with regard to gather the opinion of all stakeholders. And on the Amendment Bill was passed in Lok Sabha in order to implement the GST Bill for certain goods and services and it was sent to the standing committee. In the standing committee submitted its report. But later it was lapsed due to some political discrepancies.
Later, on the budget the Finance Minister said that the Bill will be passed on 1st April , and which could not happen and as of during the budget of , Arun Jaitley said that the GST bill will be implemented through the One Hundred and One Amendment Bill officially known as The Constitution One Hundred and One Amendment Act will be in force from 1st July, [ 6 - 8 ].
The GST is the proposed Indirect tax system which is levied on the manufacture, sale and the consumption of goods and services. It will replace all the indirect tax systems such as sales tax and value added tax. The main purpose of GST is to bring about the single uniform system of taxation in the manufacture, sale and the consumption of goods and services in India.
The GST is said to reduce the level of Tax evasion and the corruption and it also reduces the tax burden of the public.
To remove the cascading effect of taxes that is through this Single taxation system GST the tax on taxes will be removed easily.
They are as follows. The rate of the proposed Goods and Services Tax for the certain goods and services are laid down by the government which is as follows.
Currently, it is collected in the form of VAT which is The above mentioned percentage of Goods and Service Tax is just a proposed value it may subject to change as per the revisions make up by the Executive Committee and the government.
So, there is a huge loss of revenue to the central as well as state government. Through GST a uniform tax rate is followed all over the country and so that there will no such loss of revenue. As all the products are taxed uniformly across the country, the various forms of indirect taxes will remove and which in turn will reduce the tax burden of the consumers. This will reduce the prices of the products and increases the consumption which in turn will be more beneficial for the companies.
The GST is said to have a positive impact on the economy as a whole. But when it comes to sectoral-wise classification, the GST have both positive as well as negative impact on each of the sectors. Here are some sectors given and its GST is given below. As a result, the prices of the software products will be at high which will give either a neutral or slightly negative impact on the Technology Sector as a whole. But they will be benefited through the reduction of tax and benefits of other industries and can somewhat mitigate it.
The standard and the social status of the consumers get uplifted. There will be a huge boom in the Automobile Industry as a result of implementation of Goods and Services Tax. Financial Services: The Financial services such as banking, Stock Trading firms are currently paying And the services are likely to be costlier. Textiles: Currently, the Textile industry is paying the tax at the rate of nearly This moderate impact may either be neutral or slightly negative when compared to the other present system of taxation.
But they will be benefited through the reduction of cost in transportation, savings etc. This will be a major relief for the companies of that industry.
And the logistics tax also is to be reduced; it would be a double benefit for all the industries involved in manufacturing. Real estate: Real estate contributes about nearly 7. Real estate is said to get a positive impact under the GST regime immediately after its implementation. It is expected that since there is a single system of Taxation under GST, all other forms of indirect taxation will be removed which results on reduction of property prices and the cost of construction. Thus, we can have a positive impact of GST on the Real estate sector.
There are certain challenges and problems in implementing the GST in India. Some of them are as follows. There is no such clear picture about the GST both to the government and to the general public. There is no cooperation between the Central government and the state government in implementing the GST.
Even though, if implemented the levy of Tax remains on the part of the state. The State government generally refuses to accept it. As the states levy taxes on the Destination principle i. But under GST, we could not say that the revenue remains same as that of the current system of taxation. Loss of revenue to the state. If we buy any product the VAT Even though the government said that they will pay the loss of revenue to the state government, it will be again imposed on the general people in some other forms.
Lack of political support. The Bill must be passed in the Rajya Sabha for its successful implementation. So, government must show keen interest on the development of portal for GST and successfully achieves it. There is a large debatable question in implementing the GST such as whether the small entrepreneurs and small firms will be helpful through the GST regime?
Are some of the questions which are highly in confused dilemma? The GST is very crucial tax reform since independence of India, so it must be better handled with utmost care and analysed well before implementing it. And, the government both central and state have to conduct awareness programmes and various literacy programmes about GST to its various stakeholders. Authors are requested to submit articles directly to Online Manuscript Submission System of respective journal.
Objectives of the Study This study is based on the following objectives. To study about the concepts of GST. To provide suggestions and recommendations regarding GST. Methodology This study is descriptive in nature and it used the exploratory technique. Objectives of GST 1. To reduce the Tax evasion and Corruption. To bring about the consumption based tax instead of manufacturing. To absorb various Indirect taxes and to bring a single system of taxation. To remove the prices of goods by having a uniform system of taxation over the country.
To increase the GDP by the exclusion of cascading effects of Taxation. Proposed GST Rate The rate of the proposed Goods and Services Tax for the certain goods and services are laid down by the government which is as follows.
IV Year, B. GST and Demonetization are two bold decisions taken by the Indian government to tackle the issues which are existing and to resolve the emerging issues which arises day by day in the Indian economy. On the other hand Demonetization is leading to boom the cashless payments. These two will render great opportunity for customers to relook at their structure and redesign their supply chains, since the current supply chain has been designed according to interstate taxation.
This blog also covers impact for the Indian Consumers. Get 40 Railway mocks for just Rs. It was termed as One Nation One Tax. Suppose say a manufacturer buys raw material from a Vendor. The manufacturer incurs some cost to produce the product.
Visit for more related articles at Journal of Internet Banking and Commerce. GST that is Goods and Service Tax is the latest kind of Indirect Tax which is proposed to be in force from 1st July, which is already in force on many countries around the world and they all were considering it as their sales Tax system. The GST will be the levied on the manufacture, sale and the consumption of goods and services in India.
Rust ed. Keshab Bhattarai, Michael Keen, A Review of Richard M.
GST is here! How is our economy and the businesses coping with this new tax policy? Let our experts tell you about the same. Updated on Jan 05, - PM.
The 14 year-long journey of the Goods and Services Tax finally culminated on the July 1 , with the implementation of what was touted to be the biggest tax reform for the country in 70 years of independence. While the central government was confident of launching the GST as a Good and Simple Tax, there were a lot of others who wanted to keep it away considering it as a half-baked GST regime over the taxpayers. The implementation of Goods and Service Tax GST has transformed the economy into a digital and standardized one, which in turn will now help seamless flow of information and availability of common set of data to both the Centre and the States making the Direct and Indirect Tax collections more effective. GST revenues continue to rise, owing to the number of registered taxpayers and improved compliance with more returns being filed. This is facilitated by the implementation of anti-tax evasion measures such as e-Way Bill, reverse charge mechanism and the much-anticipated system of invoice matching expected to be put into action by end of GST collections peaked in April at Rs 1.
The GST Act was passed in the Lok Sabha on 29th March, and came into effect from 1st July, It was termed as One Nation One Tax. It is an Indirect Tax applicable throughout India which replaced multiple taxes (like Service Tax, Vat Tax) levied by Central & State Governments of India.
Скорее всего он проделал это дважды и каждый раз получал адрес Танкадо, а не Северной Дакоты. Элементарная ошибка, подумала Сьюзан, Стратмор, по-видимому, поменял местами поля информации, и Следопыт искал учетные данные совсем не того пользователя. Она завершила ввод данных и запустила Следопыта. Затем щелкнула по кнопке возврат. Компьютер однократно пискнул. На экране высветилось: СЛЕДОПЫТ ОТПРАВЛЕН Теперь надо ждать. Сьюзан вздохнула.
Она снова почувствовала себя школьницей. Это чувство было очень приятно, ничто не должно было его омрачить. И его ничто не омрачало. Их отношения развивались медленно и романтично: встречи украдкой, если позволяли дела, долгие прогулки по университетскому городку, чашечка капуччино у Мерлутти поздно вечером, иногда лекции и концерты. Сьюзан вдруг поняла, что стала смеяться гораздо чаще, чем раньше.
Чатрукьян не был бы так раздражен, если бы ТРАНСТЕКСТ был его единственной заботой. Однако это было не. Несмотря на свой внушительный вид, дешифровальное чудовище отнюдь не было островом в океане. Хотя криптографы были убеждены, что система фильтров Сквозь строй предназначалась исключительно для защиты этого криптографического декодирующего шедевра, сотрудники лаборатории систем безопасности знали правду. Фильтры служили куда более высокой цели - защите главной базы данных АНБ. Чатрукьяну была известна история ее создания.
Я умею добиваться своей цели, - подумал. Потом он подумал о вирусе, попавшем в ТРАНСТЕКСТ, о Дэвиде Беккере в Испании, о своих планах пристроить черный ход к Цифровой крепости.
Она ускорила шаги, чтобы побыстрее оказаться в кабинете шефа. К рабочему кабинету Стратмора, именуемому аквариумом из-за стеклянных стен, вела узкая лестница, поднимавшаяся по задней стене шифровалки. Взбираясь по решетчатым ступенькам, Сьюзан смотрела на массивную дубовую дверь кабинета, украшенную эмблемой АНБ, на которой был изображен могучий орел, терзающий когтями старинную отмычку. За этой дверью находился один из самых великих людей, которых ей довелось знать. Пятидесятишестилетний коммандер Стратмор, заместитель оперативного директора АНБ, был для нее почти как отец.
Но мы его упустили. - Не могу с ним не согласиться, - заметил Фонтейн. - Сомневаюсь, что Танкадо пошел бы на риск, дав нам возможность угадать ключ к шифру-убийце. Сьюзан рассеянно кивнула, но тут же вспомнила, как Танкадо отдал им Северную Дакоту.
Он узнал также и о том, что его заместитель просиживает на службе до глубокой ночи и может не выдержать такого напряжения. Несмотря на разногласия со Стратмором по многим вопросам, Фонтейн всегда очень высоко его ценил. Стратмор был блестящим специалистом, возможно, лучшим в агентстве. И в то же время после провала с Попрыгунчиком Стратмор испытывал колоссальный стресс.
Что ж, - сказал Джабба, - мне неприятно первым тебя разочаровать, но твои данные неверны.
Сьюзан улыбнулась: - Уж ты-то мог бы это понять. Это все равно что изучать иностранный язык. Сначала текст воспринимается как полная бессмыслица, но по мере постижения законов построения его структуры начинает появляться смысл. Беккер понимающе кивнул, но ему хотелось знать .
Было видно, что Хейл ей не поверил. - Может быть, хочешь воды. Она не нашлась что ответить. И проклинала. Как я могла не выключить монитор.
Эта последняя цифра достигла Севильи в доли секунды. Три… три… Беккера словно еще раз ударило пулей, выпущенной из пистолета. Мир опять замер. Три… три… три… 238 минус 235.
Защитник Джорджтауна перехватил опасную передачу, и по трибунам пронесся одобрительный гул.
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The aim of introducing the tax was to replace all the existing indirect taxes with a single comprehensive tax.