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Revankar, Prof Shilpa. "GST and its Influence on Hospitality." Journal of Corporate Finance Management and Banking System, no. 26 (November 19, 2022): 24–28. http://dx.doi.org/10.55529/jcfmbs.26.24.28.
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A comprehensive, multi-stage, destination-based tax on goods and services called the "Goods and Services Tax" will be imposed on every value addition. GST is recovered from the final consumer. All sorts of Indirect taxes like Excise duty, Service Tax, Octroi, Entry Tax, Entertainment Tax, Luxury Tax are merged under GST except a few taxes such as Basic customs duty, anti-dumping duty, safeguard duty, property tax, stamp duty and so on. The GST system went into effect in India on July 1st, 2017, with the slogan "one nation, one tax." and which will see its effects on different economic sectors. GST will have an impact on all industries, including the hospitality sector. It uses a dual structure concept to prevent cascade consequences. The GST is going to affect the suppliers and service providers as well as the consumers of the Restaurant Industry. In the earlier tax system Hotel industry was attracting the taxes such as VAT, Service Tax, Luxury tax, CST, Central excise etc.. But all these taxes are subsumed in to a singe tax under GST. Therefore there is a necessity to study the impact of GST on Hotel industry as well as on the consumers of this industry. This paper highlights the changes reflected in the hotel and restaurant industry due to transformation of old VAT and other tax systems in to the new GST system. The study is conducted in Dharwad District of Karnataka state. As this coastal district is the famous tourist and commercial Centre, more restaurants and hotels are emerging in this area.
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NAMASIVAYAM, SRI PADMA ABIRAMI P, and RAMPRAKASH S. "Impact of gst in india." Journal of Management and Science 7, no. 2 (June 30, 2017): 297–300. http://dx.doi.org/10.26524/jms.2017.42.
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Goods and Service Tax or GST as it is known is all set to be a game changerfor the Indian economy. The Finance Minister in his budget speech of Budget 2015 hasannounced time and again that the tax will be introduced on 1 April, 2016. In India, there aredifferent indirect taxes applied on goods and services by central and state government. GSTis intended to include all these taxes into one tax with seamless ITC and charged on bothgoods and services. Thus excise duty, special additional duty, service tax, VAT to name afew will get repealed and will be added into GST. For this, GST will have 3 parts – CGST,SGST and IGST. The central taxes like excise duty will be subsumed into CGST and statetaxes like VAT into SGST .This paper deals with the impact of GST in India
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Tiwari, Hemlata, and Shambhu Nath Singh. "Goods and Service Tax." Paradigm 22, no. 1 (April 3, 2018): 17–29. http://dx.doi.org/10.1177/0971890718758198.
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The Indian government has taken a major step in the direction of indirect tax reform. Since 1 July 2017, it implemented goods and service tax (GST) in place of other indirect taxes. The idea behind GST is to bring uniformity in goods and services price across the nation. This new system brings a lot of transparency in indirect tax structure of our country. It will also help in tracking tax evasion. GST will bring a lot of changes in Indian economy. This will also help in removing obstacle of doing business in our country. In this way, it will attract lot of domestic and foreign investors to set up their business in India. Once foreign companies start their operation in India, they will hire lot of Indian youth to do work in their business. This will pave the way to sort out the problem of unemployment in India and enhance our foreign exchange reserve. Business development will further enhance the infrastructure growth in our nation. It will direct the path of growth in government revenue and support government initiatives such as Make in India, Digital India and so on. In this way, GST will give a spur to Indian economic growth prospects. The above-mentioned growth path will make Indian equity market lucrative for domestic and foreign investors. Here, we can say GST will not only simplify indirect tax system but also give a way of further economic development of our nation.
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Chaudhari, Miss Neha R., and Prof Pranav K. Lende. "A Review on the Indian Goods and Services Tax for Real Estate Markets." International Journal for Research in Applied Science and Engineering Technology 11, no. 7 (July 31, 2023): 421–25. http://dx.doi.org/10.22214/ijraset.2023.54520.
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Abstract: The idea of taxation has been around for a long time in the world. The concept of taxes and their collection have undergone significant changes throughout history. The indirect taxation system of the country has been transformed completely with the introduction of Goods and Service Tax. It quickly turned into a contentious topic in every household or business. The GST brought along a series of significant changes. Every citizen was affected in some way by all these changes. Under the previous tax system, the purchaser had to pay VAT, service tax, stamp duty and registration costs when buying property under construction. Only stamp duty as well as registration charges were due on after-completion property, which were exempt from VAT and service tax. The GST will reduce the cost of purchasing a home as a result of the fact that developers had to pay entry Tax, CST, import duty, and excise duty on their business aspect under the previous Tax system, while buyers had to pay Service tax and VAT on residential units bought before completion, which are non-creditable Tax costs and are reflected in the unit price. Developers will be able to reduce their expenses and also pass savings on to customers as a result of the consistent tax rate as they will get input credits on GST paid for services and commodities purchased. The Value Added Tax (VAT) tax system has been simplified following the introduction of GST. Stamp duties were not included in GST by the government after its implementation. Schedule III of the GST Act of 2017 says that easily accessible properties aren't goods or services. It's more like purchasing or selling a piece of property than anything else. Individuals will not have to pay GST on the purchase of land or on the purchase of resold properties. Apart from the exemption pointed out earlier, real estate developers can also make use of the Input Tax Credit on building supplies under the GST system. Developers must meet a few prerequisites to be eligible for these advantages. The purpose of this paper is to examine the pre and post GST effects of the new tax system on real estate sector, and how all people of India are coping with it.
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B.N, Shanthini, and Leeladevi C. "The concept of goods and service tax (GST) and its impact on indian economy." Journal of Management and Science 7, no. 2 (June 30, 2017): 362–67. http://dx.doi.org/10.26524/jms.2017.54.
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Goods and Services Tax (GST) is a comprehensive tax levy on manufacture, sale andconsumption of goods and services at national level. Goods and Services Tax integrates Stateeconomies and boost overall growth. Currently, companies and businesses pay lot of indirecttaxes such as VAT, service tax, sales tax, entertainment tax, octroi and luxury tax. On GSTimplementation all these taxes cease to exist. There is only one tax, that too at the nationallevel, monitored by the central government. GST is levied at the final point of consumptionand not at the manufacturing stage. Previously, separate tax rates are applied to goods andservices. Under GST, there is only one tax rate for both goods and services. The goods andservices Tax is an improvement towards a comprehensive indirect tax reforms in the country.Integration of goods and services taxation would give India a world class tax system andimprove tax collections. It would end distortions of differential treatments of manufacturingand service sector. GST is expected to create a business friendly environment and henceinflation rates would come down overtime as a uniform tax rate is applied. It will alsoimprove government's fiscal health as the tax collection system would become moretransparent, making tax evasion difficult. This paper is a study of the concept of goods andservice tax and its impact on Indian economy. It also aims to know the advantages andchallenges of GST in Indian scenario
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S, ARULRAJ, and KADIRVELU S. "Pros and cons of gst." Journal of Management and Science 7, no. 2 (June 30, 2017): 208–13. http://dx.doi.org/10.26524/jms.2017.26.
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India is currently going through major reforms in its overall economic sectors.GST is one such kind of great reform. GST is unified indirect tax across the country on the Goods and Services. In the earlier system of Indirect Tax, the tax is levied at each stage separately by the Central Government and State Government at different rates, on the full value of goods as well as the services. But in this GST system, tax will be levied only the value added at each stage. So the government states that this GST is ―one India one Tax‖.This paper focuses on the concept, the benefits which the country will accrue from GST, the impact of GST on manufacturing, entertainment and Service Sectors.
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Devi, Seema. "GOODS AND SERVICE TAX IN INDIA: A SWOT ANALYSIS." International Journal of Research -GRANTHAALAYAH 4, no. 12 (December 31, 2016): 188–95. http://dx.doi.org/10.29121/granthaalayah.v4.i12.2016.2408.
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Goods and Service Tax (GST) is a Value Added Tax (VAT), which hypothetically to be put into effect from April 2010, but because of conflicting interest of stakeholders and various political controversies it has been passed in both Houses of Parliament on Aug. 3, 2016. It alone indirect tax which influence the whole economy directly. It is aspiring as iron out wrinkles of current indirect taxes and has a far-reaching impact on GDP. India is a centralized constitutional economy. GST is applicable on all States and Union territories, known as CGST (Central Goods & Services Tax) and SGST (State Goods & Services Tax). The ill effects of cascading can be mitigated after tie up the central and states taxes in solitary tax. The economy is expected to pave the way of common national market as it will provide benefits to consumer by reducing overall tax burden of goods, which is currently estimated at 25% to 30%. Thus, introduction of Goods and Service Tax (GST) is a gigantic tax transform in contemporary ancient times.
Ignorance of law is no excuse but is liable to panel provisions, hence why not start learning GST and avoid the cost of ignorance. We all need to know, whether GST is willingly or imposed. This paper describes a brief introduction of current indirect tax structure and GST in India. What are challenging factor in implementation and what can be the opportunities of GST in India.
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Jayanti.G and Dr. V.Selvam. "GST - Sway On Small Scale Industries." Restaurant Business 118, no. 10 (October 18, 2019): 365–72. http://dx.doi.org/10.26643/rb.v118i10.9331.
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India being a democratic and republic country, has witnessed the biggest indirect tax reform after much exploration, GST bill roll out on 1 April 2017. The concept of this reform is for a unified country-wide tax reform system. Enterprises particularly SMEs are caught in a state of instability. Several taxes such s excise, service tax etc., have been subsumed with a single tax structure. it is the responsibilities of both centre and state government to shoulder the important responsibility to cater the needs of the people and the nation as a whole. The main basis of income to the government is through levy of taxes. To meet the so called socio-economic needs and economic growth, taxes are considered as a main source of revenue for the government. As per Wikipedia “A tax is a mandatory financial charge or some other type of levy imposed upon tax payer by the government in order to fund various public expenditure” it is said that tax payment is mandatory, failure to pay such taxes will be punishable under the law. The Indian tax system is classified as direct and indirect tax. The indirect taxes are levied on purchase, sale, and manufacture of goods and provision of service. The indirect tax on goods and services increases its price, this can lead to inflationary trend. Contribution of indirect taxes to total tax revenue is more than 50% in India, therefore, indirect tax is considered as a major source of tax revenue for the government, which in turn is one of source for GDP growth. Though indirect tax is a major source of revenue, it had lot of hassles. To overcome the major issues of indirect tax system the government of India subsumed most of the indirect tax which in turn gave birth to the concept called Goods and Service Tax.
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Bhura, Pawan, Ashutosh Jha, and Manu Umesh. "GST IN INDIA: A KEY ECONOMIC REFORM." International Journal of Management, Public Policy and Research 2, no. 2 (August 10, 2023): 107–18. http://dx.doi.org/10.55829/ijmpr.v2i2.166.
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This study provides an overview of India's historical GST and pre-GST tax structures. India's most significant tax reform is finally in place, based on the concept of "one nation, one market, and one tax. The Goods and Services Tax (GST) replaced several indirect taxes such as excise duty, service tax, supplementary customs duty, surcharge, state level value added tax and octroi which were levied on various goods. After more than two decades of debate, Prime Minister and Finance Minister of India sh. Narendra Modi and Arun Jaitley respectively, have passed the GST Bill, which will go into effect on July 1, 2017. GST has helped a lot to remove double taxation or tax cascading effect. The GST regime includes four taxation rates: 5 percent, 12 percent, 18 percent and 28 percent. Certain products and services are tax-free. Manufacturing and exports are expected to benefit under the GST regime. This will result in more employment and economic prosperity in India.
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C, Chittibabu, and Arun Kumar B. C. "A Study on Awareness and Perception of Consumers towards GST with Special Reference to Restaurants in Bengaluru City." International Journal for Research in Applied Science and Engineering Technology 10, no. 8 (August 31, 2022): 945–53. http://dx.doi.org/10.22214/ijraset.2022.46303.
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Abstract: In India different kind of indirect taxes applied on goods and services by central and state government like Sales tax, VAT, Service tax, excise duty, entry tax etc., In the year 2017 Goods and Services Tax (GST) implemented all over the country with an intention of one nation, one tax and one market. The GST subsumed all the indirect taxes including taxes levied in restaurants like service tax, VAT etc. Taxes levied on services is a major contributor to government revenue. GST implementation has made an impact on consumers who pay taxes on services provided by restaurants. The objective of the study is to find out the level of awareness and perception of consumers on GST in restaurants. The study used descriptive research design. A sample of 100 consumers from different restaurants were randomly taken from the Bengaluru city. Both Primary and Secondary sources were used within the study. Data collected were analyzed by using frequency and percentages and findings are interpreted accordingly.
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Murugaiyan, S., R. Sasi Jeyanthi, and P. Siddharth. "A Study on Public Awareness towards Goods and Services Tax (Amendment) Bill in Sivakasi Region." Asian Journal of Managerial Science 6, no. 2 (November 5, 2017): 1–4. http://dx.doi.org/10.51983/ajms-2017.6.2.1259.
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Goods and Service Tax GST is all set to be a game changer for the Indian economy. The tax is expected to reduce the concept of ‘tax on tax’, increase the gross domestic product of the economy and reduce prices. In India, there are different indirect taxes applied on goods and services by central and state government. GST is intended to include all these taxes into one tax with seamless ITC and charged on both goods and services. For the introduction of GST, the Government needs to get the Constitution Amendment Bill passed so that the proposed objective of subsuming all taxes and allowing states to tax subjects in Union list and vice versa is achieved. Without these powers, it is not legally possible to move towards GST. Conceptually GST is expected to have numerous benefits like reduction in compliances in the long run since multiple taxes will be replaced with one tax.It is expected to bring down prices and hence the inflation since it will remove the impact of tax on tax and enable seamless credit. It is expected to generate revenue for the country as the tax base will increase as the GST rate will be somewhere around 27% with both goods and services covered. It is also expected to make exports from India competitive and India a preferred destination for foreign investment since GST is a globally accepted tax. Unless the issues relating to GST has been overcome, the GST would become a bare wall without any scripts to describe in future.
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K, Nithiya. "Impact of goods and service tax (gst)." Journal of Management and Science 7, no. 2 (June 30, 2017): 312–16. http://dx.doi.org/10.26524/jms.2017.44.
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A tax is not a voluntary payment or donation, but an enforced contribution imposedby government under the names of toll duty, custom, excise, subsidy or other name. The Goods andService Tax (GST) which was introduced from July 2017 by the Government of India is a valueadded tax, which is the only indirect tax that directly affects all sectors and sections of our economy.In this paper I have dealt in detail the impacts of GST, though its various objectives andfeatures in strengthening the Indian economy. Further the impact of Integrated Goods and ServiceTax (IGST),have been discussed at length in benefitting the individuals, importers, exporters andorganization.
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Akhil, M. P. "Goods and Services Tax (GST): A Revolutionary Step towards Economic Unification." Asian Review of Social Sciences 8, S1 (February 5, 2019): 67–70. http://dx.doi.org/10.51983/arss-2019.8.s1.1491.
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GST is a comprehensive tax system that subsumed all indirect taxes of states and central governments and unified economy into a seamless national market .Under the erstwhile indirect tax regime, there were a number of taxes. Prof. Kelkar Committee has proposed a uniform Goods and Services Tax (GST) to do away with the issues and problems of VAT. Based on Kelkar Committee recommendations, the Govt of India has brought a Bill in 2011 through the Constitution (115th Amendment) (GST) Bill, 2011. However the bill was not passed due to dissolution of 15th Lok Sabha. Again, Constitution (122nd Amendment) (GST) Bill, 2014 was presented in the Lok Sabha and this Bill has been passed in the Lok Sabha as well as Rajyasabha. Goods and service tax is a new story of VAT which gives a widespread setoff for input tax credit and subsuming many indirect taxes from state and national level. The Government’s GST regime seeks to replace excise duty, import duties, VAT and service tax regulations, along with other Cess and surcharges, with three separate legislations namely CGST, SGST and IGST. GST would be applicable to all transactions of goods and service, and it to be paid to the accounts of the Centre and the States separately. The biggest advantage of GST is economic unification of India. It has potential to end the longstanding distortions arising out of the differential treatment of the manufacturing and service sectors. It is an issue if people are still unaware or confuse with the tax system of GST and become worst when people ignore and boycott not to pay the tax.
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Dubey, Manikant, Rohit Kaushik, and Ruchika Vats. "Goods and Service Tax: A Boon for Indian Economy in 2020." Advanced Science, Engineering and Medicine 12, no. 12 (December 1, 2020): 1479–83. http://dx.doi.org/10.1166/asem.2020.2613.
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India is facing multiple problems regarding taxation as tax evasion, black marketing, high price charge and corruption. Meanwhile indirect taxes paid by the producing firms are collected on level may be or may not be timely and honestly deposited to the department. There is a big issue of multiple tax system and the complex procedure. To get rid of these problems, a uniform tax system named as Goods and Service Tax (GST) was introduced. The current article is proposed to measure the effectiveness of GST as well as tries to analysis the effect of GST on Indian economic system especially in inflation rate and on foreign trade. Some suggestions are also proposed for make more effective system in India.
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Verma, Lavisha. "Impact of Goods and Service Tax (GST) on Business and Tax Reforms in India." Journal of Business Management and Information Systems 4, no. 1 (June 30, 2017): 15–22. http://dx.doi.org/10.48001/jbmis.2017.0401002.
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Goods and Services Tax (GST) comes under Indirect Tax regime covers whole of India replaced various indirect taxes levied by the Central and state governments. The GST is governed by GST Council and its Chairman is Union Finance Minister of India “GST is not a tax reform in true sense, but it is a major business reform which will change the way business activities are carried in the country. The dual structure of GST is the fundamental character of our country and therefore a single GST across the country is not possible in true sense under GST ,the taxpayer will be ease the burden of taxpayers to deal with multiple indirect taxes as under present Indirect system but GST will cost high compliance burden on the taxpayers requiring a registration in every state from where taxable activities are carried out but it would definitely reduced cumbersome documentation and save time. This research Paper discuss about the biggest step taken in indirect tax system that is GST and challenges in implementation. The paper aims to show that GST is a merely a Business reform, not a uniform tax system.
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G, Saranya. "Overview of the igst act." Journal of Management and Science 7, no. 2 (June 30, 2017): 229–33. http://dx.doi.org/10.26524/jms.2017.75.
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The CBEC has issued a compilation of frequently asked questions (FAQs) on various issues relating to GST (2nd Edition 31st March, 2017). In this Chapter various FAQs relating to the IGST Act ―Integrated Goods and Services Tax‖ have been answered by the CBEC. IGST stands for Integrated Goods and Services Tax which is charged on the supply of commodities and services from one state to another state. For example, if the supply of goods and services occurs between Gujarat and Maharashtra, IGST will be applicable.In India, there are different indirect taxes applied on goods and services by central and state government. GST is intended to include all these taxes into one tax with seamless ITC and charged on both goods and services. Thus excise duty, special additional duty, service tax, VAT to name a few will get repealed and will be added into GST. For this, GST will have 3 parts – CGST, SGST and IGST. The central taxes like excise duty will be subsumedinto CGST and state taxes like VAT into SGST.
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Khan, Ruby, and Shabnam Khan. "Reform of Indirect Taxes in India through the Plexus of Goods and Services Tax (GST); A post-COVID 19 Fiscal Stimulus." International Journal of Multidisciplinary: Applied Business and Education Research 3, no. 6 (June 12, 2022): 1011–16. http://dx.doi.org/10.11594/ijmaber.03.06.06.
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GST is a major tax reform in India that has been in the works for a long time due to political concerns and competing stakeholders' interests. It was first launched in April 2010, but the goods and services tax (GST) went into effect on July 1, 2017. The primary goal of GST is to consolidate all indirect taxes in India, including the central excise tax (CET), the value-added tax (VAT), and the service tax, into a single taxation structure. It improves the country's taxation system by increasing transparency and reducing tax evasion and corruption. The GST concept, its features, GST advantages, and their influence on the Indian economy are all discussed in this article.
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J, Priyadharshini, and Selladurai M. "Basic concepts and features of good and service tax in india." Journal of Management and Science 8, no. 2 (June 30, 2018): 205–10. http://dx.doi.org/10.26524/jms.2018.20.
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This paper is an analysis of what the impact of Goods and Services Tax will be on Indian Tax Scenario. Here stated with a brief description of the historical scenario of Indian taxation and its tax structure. Then the need arose for the change in tax structure from traditional to GST model. GST has be detailed discuss in this paper as the background, silent features and the impact of GST in the present tax scenario in India. GST is the only indirect tax that directly affects all sectors and sections of our economy. Ignorance of law is no excuse but is liable to panel provisions, hence why not start learning GST and avoid the cost of ignorance. The GST is aimed at creating a single, unified market that will benefit both corporate and the economy. Several countries implemented this tax system followed by France, the first country introduced GST. India is a centralized democratic and therefore the GST will be implemented parallel by the central and state governments as CGST and SGST respectively. The objective will be to maintain a commonality between the basic structure and design of the CGST and SG
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Syed Mohd Ali Taqvi, Syed Mohd Ali Taqvi, Amit Kumar Srivastava, and Ravindra Kumar Srivastava. "Challenges and Opportunities of Goods and Service Tax (GST) in India." Indian Journal of Applied Research 3, no. 5 (October 1, 2011): 413–15. http://dx.doi.org/10.15373/2249555x/may2013/127.
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Thomas, Subin, and Athira Kishan R. "Goods and service tax (gst) in indian economy- an overview." Journal of Management and Science 7, no. 2 (June 30, 2017): 373–75. http://dx.doi.org/10.26524/jms.2017.57.
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The Indian economic system is well structured and insulated to withstand the upsand downs in the economic cycle. This helped the Indian economy to survive during therecent economic crisis around the world. Even the globally accepted economic giants werealso affected adversely during the crisis. The recently implemented Goods and Service Tax-GST system is expected to be another milestone in the Indian economy. The border ideabehind GST is ‗One nation One tax system‘. The fundamental intention behind GST is toavoid compound taxation system and to administer uniformity in the scattered tax system ofthe country. The implementation of GST will reduce the tax burden of manufacturers indifferent sectors which in turn will enhance the units of production. This process willimprove the total exports and the benefits of the same will be reflected in total GNP. Theavoidance of cascading effect in taxation will reduce the tax burden in different players insupply chain and a portion of the benefit is expected to be enjoyed by the end customer. Thispaper intends to reveal the impacts of GST in different sectors of Indian economy
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Navandhar, Rohan. "The Impact of GST on Indian Economy." International Journal for Research in Applied Science and Engineering Technology 9, no. 11 (November 30, 2021): 1419–21. http://dx.doi.org/10.22214/ijraset.2021.38754.
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Abstract: In India, the idea of GST was contemplated in 2004 by the Task Force on implementation of the Fiscal Responsibility and Budget Management Act, 2003, named Kelkar Committee. The Kelkar Committee was convinced that a dual GST system shall be able to tax almost all the goods and services and the Indian economy shall be able to have wider market of tax base, improve revenue collection through levying and collection of indirect tax and more pragmatic approach of efficient resource allocation. Under the Goods and Service Tax , every person is be liable to pay tax on output and shall be entitled to enjoy credit on input tax paid and tax shall be only on the amount of value added. GST is a single national uniform tax levied across India on all goods and services. In GST, all Indirect taxes such as excise duty, central sales tax (CST)and value- added tax (VAT) etc. will be subsumed under a single regime. Introduction of The Goods and Services Tax (GST) expected as a significant step towards a comprehensive indirect tax reform in the country, which would lead India for its economic growth. The Proposed study is designed to know the impact on GST on Indian Economy with the Help of Its individual effect on different sectors. Under GST, goods and services fall under five tax categories: 0 per cent, 5 per cent, 12 per cent, 18 per cent and 28 per cent. For corporates, the elimination of multiple taxes will improve the ease of doing business. And for consumers, the biggest advantage would be in terms of a reduction in the overall tax burden on goods. "Inflation will come down, tax avoidance will be difficult, India's GDP will be benefitted and extra resources will be used for welfare of poor and weaker section. The Lok Sabha has finally Passed the Goods and Services Tax Bill and it is expected to have a significant impact on every industry and every consumer. Apart from filling the loopholes of the current system, it is also aimed at boosting the Indian economy. Keywords: GST, Indian Economy, Positive Impact , Negative Impact, Central Government, State Government
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K, VIJAYA KUMAR, and JAHAMGEER C. "A comparative study of indian gst with canada model." Journal of Management and Science 7, no. 2 (June 30, 2017): 254–58. http://dx.doi.org/10.26524/jms.2017.34.
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The newly implemented Goods and Service Tax (GST) system of India willbring 'One Nation One Tax' to unite the existing Indirect Taxes under one umbrella. Theimportant motive of the government to enact the GST was to make our business Globallycompetitive, Efficient Tax collection, Easy inter-state movement of goods, Reduction in thecorruption, Removing of cascading effect of tax, Higher threshold for registration, Onlinesimpler procedures etc.. Goods and service tax is taking India by the storm. India has chosenthe Canadian model of dual GST. France was the first country to implement GST to reducetax-evasion. Since then, more than 140 countries have implemented GST with some countrieshaving Dual-GST, for example Brazil and Canada. India has chosen the Canadian model ofdual GST as it has a federal structure where the Centre and states have the powers to levy andcollect taxes. This paper especially focused on Comparative Study of Indian GST withCanada Model.
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Yadav, Surendra S., and Ravi Shankar. "Goods and service tax (GST): how and why." Journal of Advances in Management Research 15, no. 1 (February 5, 2018): 2–3. http://dx.doi.org/10.1108/jamr-12-2017-0110.
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Othman, Zaleha, Mohd Fareez Fahmy Nordin, and Muhammad Sadiq. "GST fraud prevention to ensure business sustainability: a Malaysian case study." Journal of Asian Business and Economic Studies 27, no. 3 (July 27, 2020): 245–65. http://dx.doi.org/10.1108/jabes-11-2019-0113.
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PurposeThis study provides in-depth explanation of Goods and Services Tax (GST) fraud prevention towards sustainability business.Design/methodology/approachThis study applies a qualitative research method, i.e. case study, to address the specific research objective.FindingsThe finding revealed a GST prevention model towards sustainable business. The finding shows that it is pertinent for the government to set preventive strategies in order to retain sustainable income for the government. Two essential dimensions emerged in the findings to support preventive strategies, namely macro- and micro-level measures.Practical implicationsThe findings of this study provide managers, investors and policymakers with evidence to what extent GST fraud could be minimize in order to safeguard government source of revenue and retain sustainable business in a country. As GST is an important source of revenue for the government, it is thus crucial to prevent fraud from occurring.Originality/valuePast studies have primarily focused on GST implementation from the perspective of service tax effectiveness and efficiency. However, this study examined the impact of GST fraud to determine measures that could ensure service tax sustainability using preventive strategies, in turn, introducing to the existing literature on indirect tax.
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Mr. Arun Gautam, Dr. Gaurav Lodha, Dr. Rohit Bansal, and Dr.) M.L. Vadera. "How fast GST is moving the Indian FMCG sector: Empirical Study." GIS Business 15, no. 1 (January 18, 2020): 339–49. http://dx.doi.org/10.26643/gis.v15i1.18656.
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GST is one of the most critical tax reforms in India which has been long awaiting decision. It is a comprehensive tax system that will subsume all indirect taxes of State and Central Governments and whole economy into seamless nation in national market. GST will be a game changing reform for Indian economy by developing a common Indian market and reducing the combined effect of tax on the cost of goods and services. GST is a consumption based tax imposed on sale, manufacturing and consumption on goods & services at national level. Several taxes such as central excise duty, service tax, central surcharge and cess etc. imposed by Central Government and VAT / sales tax, entertainment tax, octroi & entry tax, purchase tax, luxury tax, taxes on lottery etc. levied by State Governments have been subsumed under GST. The FMCG sector of India composes more than 50 % of the food and beverage industry and another 30 % from personal and household care. Under the proposed GST system, it is expected that it would result in a simpler tax system, especially for industries like FMCG. Under this system, a single product would be taxed at the same rate in every corner of the country meaning that an cooler will be taxed the same in Madhya Pradesh as well as Kerala thus we also refer GST as ONE NATION ONE TAX. This paper will help to present that, what is the impact of GST after its implementation; analyze the influence of GST on FMCG sector.
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Yadav, Priyanka, Ravi Ranjan, and Kamakshi Mehta. "Impact of GST on Textile Industries: A Case Study of Raymond’s Ltd. with Special Reference to Pre and Post GST Implementation." Journal of Business Management and Information Systems 9, no. 2 (October 31, 2022): 11–15. http://dx.doi.org/10.48001/jbmis.2022.0902002.
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In India, sales of goods and services are subject to an indirect tax known as Goods and Service Tax. On July 1, 2017, India implemented a new tax known as the Goods and Services Tax (GST), which affected all sectors of the economy, including the textiles sector, which is crucial to the development of both the Indian and global economies. The study is about the “Impact of GST on Textile Industries: A case study of Raymond’s Ltd”. The objective of this study is to evaluate the overall financial performance and also to compare Pre and Post GST effect on financial performance of Raymond Ltd. Secondary data has been taken in this study. Different ratios, T Test and Bar diagram has been used to analyse the data. This study found out that there is no significant difference in financial performance of Raymond’s Ltd and also there is no significant impact of pre and post GST effect on financial performance of Raymond’s Ltd.
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Keshri, Kunal. "Impact Of GST Law With Reference To E-Commerce Industry In India." International Tax Law Review 02, no. 01 (2023): 01–16. http://dx.doi.org/10.55662/itlr.2023.2101.
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Article 366(12A) defines the Goods and Services Tax (GST) as any tax on the supply of goods, services, or both, except taxes on the delivery of alcoholic drinks for human use. In the new Article 366(26A), the word “service” means something other than “products.” Article 366(12) states that all materials, things, and articles are considered to be products. The government considers the GST to be more of a tax reform than a change to the current Indian tax system. They are evaluating all the pros and cons of the indirect taxation system. India was one of 123 countries in the world that used the Value Added Tax (VAT) system. Finance minister P. Chidambaram created plans for VAT and presented them to the Centre and the States on January 17, 2005. VAT replaced the Central Excise Tax at the national level and the Sales Tax System at the state level, which made a significant change to the tax collection process. In 2014, it was proposed that the GST be implemented in India starting from June 2016. The GST is implemented in a “double” way, with one part handled by the Centre (CGST) and another by the State (SGST). The tax base is almost the same for both the federal government and the states. On July 1, 2017, the GST was implemented in India, with three main models: (i) Central GST, (ii) State GST, and (iii) Dual GST. The E-commerce industry in India has been contributing more and more to the Indian economy. To make the most out of a mature and profitable E-commerce industry, retail E-commerce businesses need a stable indirect tax plan to address tax assessment issues they have been facing. The implementation of GST is also expected to resolve many supply chain problems that E-commerce companies have been facing, leading to faster shipping and returns and reduced administrative work. This will also help businesses and E-commerce sites improve their supply chain methods by focusing on making better storage and organizational decisions driven by cost and service.
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M, Naresh, and Enkat agha M. "Study on goods & service tax with present scenario." Journal of Management and Science 7, no. 2 (June 30, 2017): 301–11. http://dx.doi.org/10.26524/jms.2017.43.
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The President of India approved the Constitution Amendment Bill for Goods andServices Tax (GST) on 8 September 2016, following the bill's passage in the Indianparliament and its ratification by more than 50% of state legislatures. This law will replace allindirect taxes levied on goods and services by the central government and state governmentand implement GST by April 2017. The implementation of GST will have a far-reachingimpact on almost all the aspects of the business operations in India. With more than 140countries now adopting some form of GST, India has long been a stand-out exception.
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M. V., Maruthi. "A Comprehensive Analysis Of Goods And Services Tax (GST) In India." International Review of Business and Economics 4, no. 2 (2020): 62–69. http://dx.doi.org/10.56902/irbe.2020.4.2.58.
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The Goods and Services Tax (GST), implemented on July 1, 2017, is regarded as a major taxation reform till date implemented in India since independence in 1947. GST was planned to be implemented in April 2010, but was postponed due to political issues and conflicting interest of stakeholders. It is a comprehensive tax system that will subsume all indirect taxes of states and central governments and unified economy into a seamless national market. The primary objective behind development of GST is to subsume all sorts of indirect taxes in India like Central Excise Tax, VAT/Sales Tax, Service tax, etc. and implement one taxation system in India. The GST based taxation system brings more transparency in taxation system and increases GDP rate from 1% to 2% and reduces tax theft and corruption in country. The paper highlighted the background of the taxation system, the GST concept along with significant working, comparison of Indian GST taxation system rates with other world economies, and also presented in-depth coverage regarding advantages to various sectors of the Indian economy after levying GST and outlined some challenges of GST implementation.
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Pali, Lalita, and Geeta Pal. "Impact of GST in Indian Market-A Literature." International Journal of Research in Informative Science Application & Techniques (IJRISAT) 1, no. 1 (February 8, 2022): 19–26. http://dx.doi.org/10.46828/ijrisat.v1i1.19.
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Indian market, new tax reformed scheme was introduced to generate government’s revenue equally between the state and center. This scheme was introduced by the center government because of the conflicts made by state governments between the state and center tax were implemented by the state governments which varies one state to another state of the country. Earlier policy was like a tax upon tax implemented on the goods and services and it was again between producer and consumers, which we call it as one type of monopoly, broken by the center government. But due to this Goods and Service Tax introducing in Indian markets reflects on the small scale and medium scale manufacturing units. So this paper focused on to my notion, this GST implementation policy is like a ‘‘Wet and Draught’’ unemployed, which were dependant on those bussinessman facing problems and due to that they shutdown/reduced their industrial work. Such relevant affects was shown only after GST introduced. Generally, it was slogan as “One Nation, One Tax and One Market” and finally termed as GST.
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S, Dinesha A. "GST Implication and its Impact-A Public Perspective." International Journal for Research in Applied Science and Engineering Technology 10, no. 11 (November 30, 2022): 1636–42. http://dx.doi.org/10.22214/ijraset.2022.47677.
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Abstract: Goods and Services Tax issue has been debated for several years since 2005 some of the individuals support the implementation of GST, some oppose to it. The main reasons for the consumer unwilling to support or opposed the implementation of GST because of the fear of price hike majority of the respondents believed that GST would causes higher inflation. In addition , lack of information and unclear about the purpose of GST implementation consumers are too worried until they brought up one issue , particularly regarding charges of 6% of GST on money withdrawn from the ATM . This will replace sales tax and service tax which has been payable tax annually, where as GST is payable monthly. Because of this SME’S should plan for additional cash and be aware that GST is payable whether they have received payment from their customers or not. This paper begins with introduction to GST, Concept of GST, further analysis of challenges, problems of indirect tax system and GST implicationin Indian economy. It also cites on effective management of GST implications in Indian Economy. Hence, this present article explores how perception of public on GST implication and its impact on the Indian economy. The study has been conducted with respect to Shivamogga region general public professionals and non-professionals. The primary data have collected from 100 respondents and draws some conclusions about possible future directions for research in GST offered by various researchers.
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V.M., Jasmine. "GST & Evolution of Tax System in India." IRA-International Journal of Management & Social Sciences (ISSN 2455-2267) 7, no. 1 (May 3, 2017): 65. http://dx.doi.org/10.21013/jmss.v7.n1.p8.
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<em>Goods and Service Tax (GST) is a new tax-reform that India going to experience from July 1st 2017. GST is a comprehensive tax collection system which will subsume many direct as well as indirect taxes. Currently we have Value Added Tax system for collecting indirect tax by the states. It has been introduced as indirect value added tax into Indian Taxation system from 01st April 2005. Approximately 193 countries in the world employed VAT. In order to give uniformity in tax collection and to avoid cascading effect of tax GST has been studied and going implement throughout the country. In this context this paper is an attempt to understand historical development, structure of Indian Taxation system, working, features, Impacts of GST in a simple manner .This paper concludes with some suggestions which will be helpful for smooth implementation of GST.</em>
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MOHD FADZLI, INTAN NAZIHAH, and ROHILA AWANG. "PERCEPTION AND AWARENESS ON THE IMPLEMENTATION OF GOODS AND SERVICE TAX (GST) IN MALAYSIA: A LITERATURE REVIEW." Universiti Malaysia Terengganu Journal of Undergraduate Research 4, no. 2 (August 11, 2022): 75–80. http://dx.doi.org/10.46754/umtjur.v4i2.276.
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This study aims to explore both the perceptions and awareness of the implementation of the Goods and Services Tax (GST) in Malaysia. Tax knowledge is an essential component to enhance public awareness of GST. Knowledge concerning multiple advantages of GST for the nation in the long run is not well known to the public. Nevertheless, previous studies have noted that the increase in consumers’ level of awareness of GST. It is suggested that future studies can examine tax governance to investigate the tendency of tax avoidance and evasion among taxpayers.
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Semwal, Shatakshi, Ella Rani, and Vandana Verma. "Suggestions and Constraints Perceived by Shopkeepers towards Goods and Services Tax." Journal of Extension Systems 36, no. 2 (2020): 51–54. http://dx.doi.org/10.48165/jes.2020.36209.
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The Goods and Services Tax (GST), implemented on July 1, 2017 is regarded as a major taxation reform till date implementedin India since independence. The primary objective behind development of GST was to subsume number of indirect taxes under one umbrella which simplifies taxation system for service and commodity businesses. GST was expected to convey various advantages to economy as an indirect tax and simplifies the workload of shopkeepers but it resulted in lack of clarity and time consuming process. With this assumption, study was planned to find out the constraints faced by shopkeepers and suggestions given by them regarding the implementation of Goods and Services Tax (GST). The study was carried out purposively in Hisar city of Haryana State, where, thirty shopkeepers from five respective section were selected i.e. Foods, Clothing and Textiles, Electrical appliances, Medical and Cosmetics and Communication and Transportation; thus making total sample of 150 respondents. Results from data inferred that majority of the respondent’s complained that filing GST has been more complicated now, there is increased tax compliance, high competition faced by shopkeepers and changing tax rate slabs by the central government is confusing them and making it difficult to understand the process. Furthermore, majority of the shopkeepers also suggested that there should be reduction of legal formalities, tax should be collected by the government at the manufacturing level itself and they don’t have to file for returns at later stages. They also suggested that registration should be there for all the traders and service providers with exemptions for small scale suppliers from collecting and remitting GST and casual trade category should be abolished.
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Anand, Mrs Priya, and Dr T. M. Bhraguram. "GOODS AND SERVICE TAX (GST) IMPACT OFE-COMMERCE IN INDIANECONOMY." EPH - International Journal of Business & Management Science 3, no. 2 (June 27, 2017): 5–12. http://dx.doi.org/10.53555/eijbms.v3i2.27.
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Web based business significantly affects business expenses and efficiency. Web based business has an opportunity to begenerally received because of its straightforward applications. In this manner it has a substantial financial effect. It givesthe open door for "limit crossing" as new participants, plans of action, and changes in innovation disintegrate thehindrances that used to separate one industry from another. This increments rivalry and development, which are probablygoing to lift general monetary productivity. GST otherwise called the Goods and Services Tax is characterized as thegoliath roundabout expense structure intended to support and upgrade the monetary development of a nation. More than150 nations have actualized GST up untilthis point. Nonetheless, the possibility of GST in India was mooted by Vajpayeegovernment in 2000 and the protected alteration for the same was gone by the Loksabha on sixth May 2015 however isyet to be confirmed by the Rajyasabha. Be that as it may, there is a gigantic shout against its usage. It is fascinating tocomprehend why this proposed GST administration may hamper the development and improvement of the nation.
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Abd Hamid, Nadiah, Nurul Mardhiah Harun, Bedah Ahmad, and Mastora Yahya. "The Impact of Gst On The Spending Pattern Of Students From The Faculty Of Accountancy, UiTM Puncak Alam, Selangor." ADVANCES IN BUSINESS RESEARCH INTERNATIONAL JOURNAL 2, no. 1 (June 30, 2016): 14. http://dx.doi.org/10.24191/abrij.v2i1.10040.
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The implementation of GST in Malaysia as of 1st April 2015, which replaced the current Sales and Service Tax (SST) is viewed as a more efficient tax to manage and to generate greater revenue collection for the government. This multi-tiered tax rate of 6 percent is finally borne by the end users who consumed the goods and services regardless of their income levels. As a result, even non-income earners such as students are inevitably bearing the rising price of their consumed goods and services. This study aimed to investigate the level of GST knowledge among the final year students in the Faculty of Accountancy, UiTM Puncak Alam. The students’ knowledge andperception on issues related to GST implementation were found to have certain impacts on their spending pattern. Evidently, the findings revealed that students who have much information about GST implementation and in cases where they perceived that GST is an unfair and unequitable tax system, both situations are highly likely to have significant effects on their spending trend.
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Tekwani, Kritika, and Rinku Raghuvanshi. "GST: A Tax Reform for Sustainability of Indian Handicrafts." Humanities & Social Sciences Reviews 7, no. 1 (August 2, 2019): 354–59. http://dx.doi.org/10.18510/hssr.2019.7141.
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Purpose of the study: Taxation is one of a tool, which helps the Government for the achievement of the goal of sustainable development for every sector including handicraft. The objectives of this study are to know about Goods and Services Tax & its inferences on sustainable development of Indian handicrafts and to identify the role of GST as tax reform in the sustainable development of handicrafts sector in India. The Indian handicraft is economically important and it has more potential for exports. This sector places a major role in the Indian economy.
Methodology: The Descriptive method of research has been used to gather information about the existing conditions of GST and Handicraft sector of India. This study is based on secondary data. The data has been taken from different journals, books, magazines, websites, and published data from government institutions. This study is explanatory in nature. The collected data from different sources has been reviewed and data relevant to the handicraft sector further analyzed. The researcher concluded that how GST is helping Indian handicraft sector for sustainable development.
Main Findings: GST brought transparency in the tax system and it also eliminated the multiple taxes, which ultimately increases the final prices. This study revealed that GST would make Indian handicrafts more competitive in the domestic and foreign markets. GST is fiscal tax reform which helps in the sustainable development of Indian handicrafts. This research study found that the handicraft sector of India became more organized, centralized, and regulated after the implementation of Goods and Services Tax.
The implication of the study: GST implemented on July 01, 2017 with the aim of simplification of the tax system, fiscal structure, United Indian Market, and sustainable development in India. It is a comprehensive value-added tax which merged different taxes including VAT, service tax, surcharges, CST, etc. This study can be useful for future researchers, traders, and exporters to know the implication of GST in the handicraft sector. Traders and exporters can get knowledge about the GST, tax rates, and exports under LUT/ bond. This study may be benefited to the Government for further development in GST as per the findings of this study.
Novelty/Originality of this study: GST is new tax reform in India, only a few studies have been done on it. As per the researcher ’ s best knowledge few studies have been carried out on GST and handicraft sector, but none of the study is carried out on this topic. This study highlights the unrevealed facts and figures about the role of GST in the sustainable development of the handicraft sector.
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Bhasker, G. Vijaya. "Research On an Impact of Goods and Service Tax GST on Indian Economy." International Journal of Trend in Scientific Research and Development Volume-1, Issue-6 (October 31, 2017): 1051–54. http://dx.doi.org/10.31142/ijtsrd5788.
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A, Kumudha. "Pros and cons of indian gst to society." Journal of Management and Science 7, no. 2 (June 30, 2017): 272–76. http://dx.doi.org/10.26524/jms.2017.37.
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GST will narrow economic distance between producers and consumers as itwill be imposed only value addition. The dream of one country, one act and one taxwill be observed. It is expected that, it will help to improve the productivity in thecountry as well as will be benefited to the consumers, as maximum rate of GST ispredetermined. It will also help to avoid the multiple taxation, processes, tax evasionetc. Government proposed Central GST and States GST. CGST will subsume centralexcise duty, excess central excise duty, service tax, excess custom duty and specialexcess custom duty. SGST will subsume sale tax/ VAT, entertainment tax (other thanlocal bodies),sale tax which is imposed by Centre Government and collected by states,purchase tax, luxury tax and lottery tax and more significantly octroi which is a majorsource of revenue of the Municipal Corporations. Already there is vertical imbalanceof resources and responsibilities among Governments in India. Therefore, in thisresearch paper probable pros and cons about upcoming are discussed.
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R, Ramya, and Gnanaraj G. "Implementation of goods and service tax (gst) in india: prospectus and challeneges." Journal of Management and Science 7, no. 2 (June 30, 2017): 330–33. http://dx.doi.org/10.26524/jms.2017.48.
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There are blended reaction, ambiguous, controversies and viewpoint amongthe Manufactures, traders and society about the Goods and Services Tax (GST) to beimplemented by Government of India from 1st April 2017 this year. Distinct neworganizations from all around the world focused on the bill unifying the country and it beingan achievement of the government. As the Goods and Services Tax Bill was passed in theRajya Sabha, it also brought India at the centre of the global economy. With the passing ofthe bill, many international newspapers published their views on how the GST Bill brings anew wave of economic reform in the country. The paper highlights the background,Prospectus and challenges in Implementation of Goods and services Tax (GST) in India.Certainly, the paper examines and draws out a conclusion.
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C, Mugunthan, and Vijayamalleeswari K.R. "Pros and cons of gst in india." Journal of Management and Science 7, no. 2 (June 30, 2017): 398–402. http://dx.doi.org/10.26524/jms.2017.62.
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GST is a form of VAT that would consist each and every one of the indirect taxesinto one right through all the region of India. That means each state will have the identicalGST rate not like nowadays where the states can fix their individual rates. In uncomplicatedterms, GST means the state will contribute to the Central Sales Taxes that it is presentlygetting fully through the center. The Center in return will allocate the Service Tax with thestates.Thoughtlessly forthcoming Goods and Service Tax is one of the innovative steps inthe area of indirect taxes in the country past seventy years of independence. GST is insubsistence more than 150 countries of the world. It will taper economic space betweenproducers and consumers as it will be only value addition. The idea of one country, one actand one enforced tax will be observe. It is predictable that, it will help to get better theproduction in the country as well as will be benefit to the consumers, as highest rate of GSTis predestined. It will also facilitate to pass up the multiple taxation, processes, tax evasionetc. Government innermost GST and States GST. Therefore, in this investigate papercredible pros and cons about upcoming are discuss. The GST Bill has been accepted byleader of India on 3rd August 2016 inRajySabha and on 8th August 2016 in LokSabha with approval by more than 50 % of statelegislation. It is expected that GST will be implement from 1st April, 2017.
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CHANDREN, SITRASELVI, MOHD AMIR MAT SAMSUDIN @ MOHD. SHAM, SUMAIA AYESH QADERI, and SANTHIRASEGARAN NADARAJAN. "Value Relevance of Operating Performance During the GST and SST Periods in Malaysia." International Journal of Economics and Management 17, no. 2 (August 31, 2023): 287–301. http://dx.doi.org/10.47836/ijeam.17.2.09.
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This study’s primary objective is to determine the value relevance of operating performance, represented by earnings per share (EPS), cash flow from operations (CSH) and book value of equity (BVE) during the GST and SST indirect tax periods. The Ohlson (1995) model was used to determine the market value-relevance. We used Ordinary Least Squares (OLS) regression to examine the hypotheses constructed based on 249 non-financial listed firms from the manufacturing and service sectors on the Malaysian Market from 2015 to 2019. Based on the combined 1,245 firm observations of Goods and Services Tax (GST) and Sales and Services Tax (SST) periods, the outcome reveals the existence of significantly positive relationships between EPS, CSH and BVE and share price (SHP). The findings suggest that EPS, CSH and BVE were the accounting information adopted by investors to decide on any investments during the indirect tax periods. In addition, by regressing separately GST and SST indirect tax period by utilising 498 firm-year observations, we find only EPS and CSH are positive and significant to SHP. This study has implications for academics, industrialists, regulators and investors, that EPS and CSH validated value relevance of operating performance during the GST and SST indirect tax periods.
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Guleria, Navneet. "Determining Antecedents of Intention to Adopt Goods and Service Tax Network." International Journal of E-Adoption 12, no. 1 (January 2020): 30–41. http://dx.doi.org/10.4018/ijea.2020010103.
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With the changing worldwide economic scenario, there occurs a need to structure new tax reforms especially for a developing country like India. With this ideation, the Indian government introduced the goods and service tax (GST) in order to conceptualise a common tax system. However, with digitalization transforming every service from offline to online mode, the government developed a not-for-profit website, GST network (GSTN), where citizens can smoothly and securely file their returns. Since the concept is new, studying the GSTN adoption by considering technology acceptance model (TAM) and unified theory of adoption and use of technology (UTAUT) variables becomes a novel approach. The article considers perceived ease of use, perceived usefulness, perceived risk, social influence, and facilitating conditions as exogenous variables whereas intention to adopt GSTN is considered as endogenous one. A partial least square (PLS) path modelling approach is applied on a survey data in order to validate the hypothesised model.
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Sahoo, Abhimanyu. "Goods and Service Tax (GST): A Step towards Indirect Tax Reforms in India." Asian Journal of Research in Business Economics and Management 5, no. 8 (2015): 58. http://dx.doi.org/10.5958/2249-7307.2015.00159.0.
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Wang, Zhiyuan, Jagdeep Singh-Ladhar, and Howard Davey. "Business tax to value-added tax reform in China." Pacific Accounting Review 31, no. 4 (November 4, 2019): 602–25. http://dx.doi.org/10.1108/par-12-2018-0117.
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Purpose This paper aims to examine the indirect tax reform process in China. Specifically, it examines the reform of business tax to value-added tax. Inefficiencies within the new tax system are identified and discussed. The “business tax to value-added tax” reform was seen as an essential element in promoting the economic transition and stimulating the service industries (Jin and Jin, 2013). Design/methodology/approach The paper uses archival and current literature. In undertaking the study, the different periods of indirect tax are examined, prior to 1994, 1994-2012, the changes from 2012 culminating in the new 2017 regime. Attributes of “good” value-added tax (VAT) systems are covered as well as a comparison with New Zealand’s goods and services tax (GST). Findings The paper finds that to align with the international trend of indirect tax development and more efficiently accomplish the economic transition China needs to build a more neutral VAT system with fewer reduced rates and exemptions and the tax system have created tax inefficiencies and increased the compliance cost. VAT is imposing an increasingly significant impact on China’s national economy and industrial structure as well as accountants. Originality/value This is the first study that analyses the indirect tax reforms that are currently being implemented in China and as such has lessons for China but also for VAT/GST in general. We should not forget how special New Zealand’s GST is and the clarity of focus of those who implemented it!
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K, VIJAYAKUMAR, and MONIKA A. "Goods and service tax: a roadmap for new indian economy." Journal of Management and Science 7, no. 2 (June 30, 2017): 406–9. http://dx.doi.org/10.26524/jms.2017.64.
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GST also known as the Goods and Services Tax is defined as the giant indirecttax structure designed to support and enhances the economic growth of a country. More than150 countries have implemented Goods and Service Tax so far. Even in the worldwideeconomic crisis India showed remarkable survival in its economic system. The proposedGoods and Services Tax is expected to be another milestone in the Indian economic growth.The radical aim of Goods and Service Tax is to uniform the separated indirect tax system inIndia and to avoid the cascading effect in taxation. The impact going to make by Goods andService Tax will be a transformation in the entire tax system and will go beyond Indianborders. The implementation of Goods and Service Tax will reduce tax burden onmanufacturers and thus encourages for the higher production. This process will increase theexport of India and it will increase the total Gross National Product. Avoidance of cascadingeffect empowers the manufacturers to produce to their optimum capacity and retards growthin the Indian Economy
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S, PRAKASH, and MURALIDHARAN J. "Goods and service tax is taking india by the storm." Journal of Management and Science 7, no. 2 (June 30, 2017): 324–29. http://dx.doi.org/10.26524/jms.2017.47.
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France was the first country to implement GST to reduce tax- evasion. Europeancountries have one rate of GST as they do not have poor families, unlike in India, wherefamilies cannot be burdened with the same tax as the rich. All credits will be online and somepenalties are like criminal activity. So it is threatening for the small businessman who is nowfree from Taxes. GST will be levied only at the final destination of consumption based onVAT principle and not at various points (from manufacturing to retail outlets). .Presently, atax is levied on when a finished product moves out from a factory, which is paid by themanufacturer, and it is again levied at the retail outlet when sold.
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Anon, Anon. "Indirect Taxes Updates: GST, Customs, Excise, Service Tax and VAT." Management Accountant Journal 54, no. 9 (September 30, 2019): 111. http://dx.doi.org/10.33516/maj.v54i9.111-118p.
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Kumar, Dr Pawan. "Goods and Service Tax (GST) India – Genuine Source for Treasuries." IOSR Journal of Economics and Finance 08, no. 01 (January 2017): 01–04. http://dx.doi.org/10.9790/5933-0801020104.
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Mohd Jamel, Nur Erma Suryani, Nadiah Abdul Hamid, Siti Noor Hayati Mohd Zawawi, Rani Diana Othman, and Saliza Sulaiman. "The Role of Tax Authorities in Public Acceptance of Indirect Tax in Malaysia." Jurnal Intelek 16, no. 1 (January 26, 2021): 233–43. http://dx.doi.org/10.24191/ji.v16i1.385.
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From 1st September 2018, the reimplementation of the Sales and Service Tax (SST) was due to take effect replacing the Goods and Service Tax (GST). The nation opposed GST as they argued that it was an added burden to their already high living cost. As the government had to find an alternative source to collect tax revenue, the best solution will be implementing the Sales and Services Tax. In contrast to GST which was carried on a value-added concept, this new charge is only imposed at manufacturer stages. Therefore, the supply chain would result in higher charges, shifting from manufacturers to retailers and consumers. Although the Consumer Price Index (CPI) basket is taxable, it is just 38 per cent of the total products and services. According to the National Worry Index conducted by Emir Research Malaysia, most respondents believe that Sales and Services Tax failed to reduce the prices of goods and services. Hence, acceptance is vital to ensure the success of indirect tax. Therefore, the present study aims to examine tax authorities’ role and public acceptance of SST in Malaysia. Data from 180 people living in Klang Valley were collected through a survey. To examine calculation and structural models, the Partial Least Square - Structural Equation Model (PLS-SEM) approach was adopted. This study’s findings suggested that tax authorities’ effectiveness, namely, the Royal Malaysian Customs Department (RMCD) and the Ministry of Domestic Trade and Consumers Affairs (KPDNHEP), influenced public acceptance. Furthermore, the adoption of SST requires tax transparency and public confidence in the government. The understanding of the government, in particular, is a critical problem because, as an acknowledgement of the SST, it goes beyond the direct range of the taxation authorities. The public should perceive that tax authorities are effective, transparent, and trustworthy in executing indirect tax. Malaysians would be more accepting if the government declares the revenues from the tax obtained, as well as spending the tax income wisely on public amenities. These findings have important implications for the government to understand public acceptance in SST. Transparency will enhance public confidence in the government. Malaysians have to perceive that the Malaysian tax authorities are useful and the tax must be transparent to give their full trust to the government.