Goods And Services Tax ( Gst ) Essay

Goods and Services Tax (GST) is a wide-ranging tax levy on manufacture, sale and consumption of goods and services at a national level. One of the biggest taxation reforms in India the (GST) is all set to integrate State economies and boost overall growth. Currently, companies and businesses pay lot of indirect taxes such as VAT, service tax, sales tax, entertainment tax, octroi and luxury tax. Once GST is implemented, all these taxes would cease to exist. There would be only one tax, that too at

Summary Goods and Service Tax commonly known as GST has attracted most of the small scale manufacturing companies and business people to make the tax structure of Indian Economy more comprehensive.The taxation of goods and services in India has, been characterised as a cascading and distortionary tax on production resulting in mis-allocation of resources and lower productivity and economic growth. Therefore, it is necessary to replace the existing indirect tax system by a new system which would

Q1. 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

GOODS AND SERVICES TAX IN INDIA (GST) – AN INSIGHT Abstract: India’s major tax reform is now realism. A comprehensive dual Goods and Services Tax (GST) has replaced the complex multiple indirect tax structure from 1st July 2017. Internationally, GST was first introduced in France and now more than 160 countries have further implemented GST/VAT in some form or other. In some countries, VAT is the substitute for GST, but conceptually it is a destination based tax levied on consumption of goods and

Goods and Service Tax- A Positive Reform in Indian Taxation System Dr.Rashi Gupta Assistant Professor JIMS Engineering Management Technical Campus (JEMTEC), Greater Noida Guru Gobind Singh Indraprastha University, Delhi E-mail: rashigupta.ap@gmail.com ABSTRACT This paper is an attempt to understand the concept of Goods and Service Tax (GST), to be implemented in India from 1st July 2017. This changing face of Indian taxation system paves the path of development and advancement towards which developing

GOODS AND SERVICES TAX: PROS AND CONS INTRODUCTION Currently, Goods and Services are taxed separately by different authorities at different sectors at different rates which is time consuming and becomes difficult for maintaining records for businesses, traders and suppliers. It also increases the price of goods due to cascading effect of tax and multiplicity of tax which creates problem for the end user. Goods and Services Tax (GST) is the current topic which is continuously in flash under the

GST is introduced in Malaysia to replace the current consumption tax which is the Sales Tax and Service Tax because it has many weaknesses. GST is also one of the overall tax reform parts at where it make the taxation system to be more effective, efficient, transparent, business friendly and it will also be capable in generating more stable source of revenue to the country. Ultimately, a more effective and efficient tax system will help in reducing the fiscal deficit in our country. Moreover, the

GST Impact: Are we ready for this change? Abstract: Goods and Service Tax is a comprehensive tax levy on manufacture, sale and consumption of goods and services. GST is termed as biggest tax reform In Indian Tax Structure. It will not be an additional tax, it will include central excise duty, service tax additional duties of customers at the central level, VAT, central sales tax, entertainment tax, octroi, state surcharge, luxury tax, lottery tax and other surcharge on supply of goods and services

government which shall be used to support nation development or pay for government’s operational expenditure to run the country. In Malaysia there are several types of taxes such as Personal Income Tax, Corporate Income Tax, Sales and Service Tax, Customs Duty, Local Tax and Goods and Services Tax (GST). While taxes are an involuntary fee, there are many advantages following implementation of taxes. Some of the advantages are funding government’s expenditure, funding for nation’s development, and

GST Impact: Are we ready for this change? Abstract: Goods and Service Tax is a comprehensive tax levy on manufacture, sale and consumption of goods and services. GST is termed as biggest tax reform In Indian Tax Structure. It will not be an additional tax, it will include central excise duty, service tax additional duties of customers at the central level, VAT, central sales tax, entertainment tax, octroi, state surcharge, luxury tax, lottery tax and other surcharge on supply of goods and services