Essay On Gst

Did you know that an astonishing 43.4 percent of the people in America do not pay any income taxes" (McCullagh 1)? This is roughly 65.6 million people that aren't paying taxes and this is putting our economy and country at its breaking point. Our current tax system penalizes those that work and save money. People that pay no taxes still get to enjoy the benefits. The United States needs to look at which tax is fairer to the people and easier to administer by the government. Although some may disagree, the Flat Tax should replace the income tax to simplify and bring fairness to the system, increase income, and create jobs.

People believe that the tax system is a good way for a government to redistribute the income and make the society more fair and equal, and indeed, Canada's progressivity personal income tax system has decrease the income inequality in some extent. Some people argues that there should be more progressivity at the federal personal income tax system, because the richest Canadian still hold too much share of national income. In 2016, the Canadian federal government actually added a new tax bracket for the person whose income is above $200,000 at the rate of 33%. Government believes that the new added tax bracket will raise the revenue for 2016-2017 by $2.8 billion. However, they only take into account the net primary impact, they do not take the behavioural response into account. When they take into account the behavioural response, according PBO, the revenue that the federal government could actually get is only $1.8 billion.(p.6) The more progressivity on upper income earners will lead to the decrease of labour, reduce of reported income and further stunt economic growth. Canada will also further loss its competiveness of attract highly skilled workers. To reduce the income inequality ,the more progressivity personal income tax system could not achieve the goal perfectly, as it could not raised the anticipated revenue. Meanwhile, the more progressivity will put Canada at a even worse position since its negative impact on economy and Canada's

Taxes are a necessary component for operating a government, however, they are also the source of great debate within our society. Especially when considering what types of taxes to use, and how much to tax the population without negatively impacting the economy. Income taxes are currently one of the biggest sources of income for the government, but are also one of the biggest concerns given the level of complication involved with the current tax system. Although many argue that the current progressive tax system contributes to our country’s economic growth, research indicates there may be benefits for simplifying the income tax system without stalling growth. One theory indicates implementing a flat tax system would not only provide consistency for businesses and consumers, it would positively impact economic growth. If given the appropriate considerations, including an equitable rate, a flat tax would increase consumer confidence and lead to an increase in consumption, and ultimately growing real gross domestic product (GDP).

It has also argued that growth can also be enhanced, by improving the design of individual taxes.  In some cases, such as the reduction of corporate taxes and the top rate of personal income tax, it is unlikely that these growth-enhancing changes will help the recovery from the current crisis.  At the same time, there are tax changes that appear to be bad for growth, such as reductions in sales taxes (particularly if they take the form of exemptions and reductions) and property taxes that would do little to speed recovery.  The tax change that shows the most promise in terms of both increased growth and economic recovery is the reduction of income taxes of those on low incomes.  This would stimulate demand, increase work incentives and reduce income inequality.  The authors display that the dependence of both growth and tax policy on initial income help explain why it is difficult to isolate the effects of tax policy on growth.

Should the flat tax rate system be implemented? No, the flat tax rate system should not be implemented. In this paper, the pro arguments will be presented, which will affirm the thesis. Then the con arguments will be presented. A rebuttal will then follow, and finally, the author’s conclusion will be offered.

This has helped wipe out the unemployment challenge in the economy, the increased investment activities are boosting the economic growth and development which are critical factors for consideration in encouraging the negatively geared tax regime.

There are lot of concerns to this issue. Why is the government imposing this tax and proposing to the community? Why are people against this tax? People are against it

What is economic growth? According to the text, “economic growth is the increase in an economy’s total output of goods and services” (Lovewell, M., 2012, p.11). It occurs when there is a rise in the amount of available resources or an improvement in technology. What is GST/HST? In Canada, the Goods and Services Tax / Harmonized Sales Tax (GST/HST) is a general consumption tax. Consumption taxes are subsidiary taxes that are applied on transactions rather than directly on profits or income. What is income tax? Income tax is an annual charge imposed on both earned income for instance wages, salaries, commission and unearned income like dividends, interest, rents. What are the effects of tax cuts? Tax cuts create economic activity and help increase

One of the most evident and thought provoking aspects that we see as consumers on a daily basis is the effect of sales tax. The effect of sales tax vary from the examination of how much this tax can increase our purchases. To why there are higher and lower tax percentages based on different purchases. Knowing that this tax is in place determines the actions of both sellers and consumers. With sales tax continuing to evolve and change certain bills such as the Remote Transaction Parity Act of 2015 have been put into place and action.

Tax assessment is the sum gathers by government from individuals pay and riches. On the off chance that government decrease the rate of pay assessment will lead individuals can spare more on their

As a type of consumption tax, as of January 1 2014, 164 countries employ a Value-added Tax in the world. All Organization for Economic Co-operation and Development (OECD) members except the United States now applied VAT. According to the research by OECD committee, consumption tax was a large source of tax revenues, and “the VAT accounted on average for 6.6% of GDP and 19.5% in total tax revenues in OECD countries in 2012,” which was the largest proportion (“Consumption tax trends 2014”). To become familiar with the performance and importance of the VAT, leaning the meaning and implementation of VAT in a specific country would be a effective way to know why VAT developed rapidly in the worldwide in contemporary society.

Value Added Tax (VAT) is a consumption tax payable on the goods and service consumed by any person, whether government agencies, business organizations or individuals. It is a consumption tax on economic operations including imports which in this context means goods and services brought form abroad into Nigeria. The target of VAT is consumption of goods and services and unless an item is specifically exempted under the VAT Act, Cap. V1, Laws of the Federation of Nigeria, 2004 (as amended by the VAT (Amendment) Act, 2007), the consumer is liable to the tax at the rate of 5%.

Goods and Service Tax (GST) : GST has been in News since early 2016. The GST Bill is already passed in few states including Assam as Assam became first state to pass the Goods and Service Tax (GST) Bill. The Council was headed by Finance Minister Arun Jaitley and comprising representatives of all states in the meeting that was held in J&K. GST came into act from 1st July 2017. The tax rates on Goods and Services has finally been sanctioned by the GST council. Goods and Service Tax (GST) is nothing but the one and only one indirect tax for the whole nation, which will make India one unified common market place for all the vendors and consumers. Goods and Service Tax GST) is now has become the only tax on the supply of goods and

Many of the consumers think GST may have many of negative effect to them because their must to pay more than the original cost before the government introduces GST in Malaysia. This is some causes that may the consumer and supplier do not like GST much in Malaysia. First, I think the reasons why many of Malaysia citizen do not like GST is because general products prices may go up, so this will increase their daily expenditure budget. Second it will increase the load of the low -income working group in Malaysia as we know the basis salary in Malaysia is RM800. In the amount of RM 800, they have pay many of the other cost such as utility expenses, houses or room rate, vehicle fuel and other thing. So that it make they feel that this burden GST is distress them. In the same time they was worried if the government increase the GST rate from 6% to 10% to increase revenue because it is possible for the government increases GST rate to get more revenue to develop countries or to support the government burden. Next in the beginning of introducing of GST that has many problems in implementation due to the lack of real understanding of the concept among GST on the supplier and consumer and to ensure that the supplier does not take any advantage of the consumer in increase the price of their product. In addition, rumors from outside also make the Malaysia citizen feel bad to the concept of this GST without check the information is true or not and without the truly

Goods and Service Tax (GST), also known as Value Added Tax (VAT), is a broad consumption tax. The purpose of the introduction of GST is to spread the burden which borne by consumer in some particular areas into a wide range of goods and services with a lower tax rate. Thus, government’s revenue