gst one nation, one tax pdf

Mostly, the consumers are not even aware of or ignore the tax they pay for things they buy. At a tax rate of 10%, the tax on output (this shirt) will then be Rs 13. endobj It heralds the first significant step towards the indirect tax … <> Present Indirect Tax Structure (i.e. Let us take this value added by him to be Rs 30. One Nation - One Tax (GST) – The Gainers and Losers in India 41 [7] Vasanthagopal .R (2011), “GST in India: A Big Leap in the Indirect Taxation Sy stem”, Intern ational Journal of Trade, The tax on this, at 10%, will be Rs 16. Imagine a manufacturer of, say, shirts. Often, the producers ended up paying more and so did the consumers. With GST, there will be one tax rate in the entire country. After introducing GST, the business in India become transparent and mature. 23 0 obj %PDF-1.5 endobj x�3R��2�35W(�2�300P@&�ҹ Access scientific knowledge from anywhere. 3 0 obj ID: 2249054XV4I1012014-05. <>>> significant step towards a comprehensive indirect tax reform in the country, which would lead, Manuscript Type: Theoretical Study Research Issue: Goods and Services tax (GST) is a comprehensive, consumption, and destination based tax which is levied on manufacture, sale, and consumption of goods and services at a national level. %PDF-1.5 ONE NATION - ONE TAX (GST) – THE GAINERS AND LOSERS IN INDIA Dr. P. Uma Swarupa1 1Assistant Professor, PG & Research Dept. determinants of stock return synchronicity. Updated Jul 1, 2017, 12:06 pm IST.

It will direct the path of growth in government revenue and support government initiatives such as Make in India, Digital India and so on. 6Y��N�P~J�h���}��8�9�"+ݚF�$����'�U(�$yV8�~�خ�jMo7�����d���dg. endobj ‘One Nation, One Tax’ – GST August 4, 2016 India moved a step closer to the implementation of the Goods and Services Tax (GST) regime, as its Parliament’s Upper House, the Rajya Sabha, approved The Constitution (122nd Amendment) Bill, 2014 with 203 votes in favour and none against. The data will be collected from different Journals, 26 0 obj 20 0 obj For the final consumer, the price of the good would then be Rs 150 + 58.23 = Rs 208.23. 9 0 obj The implementation of GST will reduce the tax burden of manufacturers indifferent sectors which in turn will enhance the units of production. A 10% tax on this amount will be Rs 15. The total tax on the chain from the raw material/input suppliers to the final retailer in this full no-GST regime will, thus, work out to Rs 10 + 13 + 16.30 + 18.93 = Rs 58.23. Goods and Services Tax and Its Impact on Indian Economy. stream With the wholesaler adding value of Rs 20, the gross value of the good sold by him is, then, Rs 163. The recently implemented Goods and Service Tax-GST system is expected to be another milestone in the Indian economy. 35 International Journal of Innovative Research in Management Studies (IJIRMS) Volume 1, Issue 11, December 2016. pp.35-41. endobj GST Model), All figure content in this area was uploaded by Tutun Mukherjee, All content in this area was uploaded by Tutun Mukherjee on May 24, 2018. GST (one hundred and twenty-second-122 constitutional amendment) bill has finally, been passed in the Lok Sabha and the Rajya Sabha. Goods & Service Tax (GST) is the boldest reform of the tax regime after independence. endobj endobj State taxes: 1) VAT / Sales tax; 2) Entertainment tax (unless it is levied by the local bodies); 3) Luxury tax; 4) Taxes on lottery, betting and gambling; 5) State Cesses and Surcharges in so far as they relate to supply of goods and services; and 6) Entry tax not in lieu of Octroi. growth of Indian economy", International journal of science technology and management, This study is focused on studying the impact of GST on different sectors of the Indian economy which was found to be positive as well as negative depending on the nature of the industry as well as on the past indirect tax rates as compared to GST rates. 4 0 obj But under GST, he can set off this tax (Rs 13) against the tax he has already paid on raw material/inputs (Rs 10). endstream <>

Key Words: GST, Economy,cascading effect of taxes,GST Council, Cess,taxation reforms, EPRA International Journal of Economic and Business Review.
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Thus, the total GST on the entire value chain from the raw material/input suppliers (who can claim no tax credit since they haven’t purchased anything themselves) through the manufacturer, wholesaler and retailer is, Rs 10 + 3 +2 + 1, or Rs 16. 1 0 obj <> 6 0 obj Consideration in India, (Working Paper), Asia research centre, LSE, 2009, 1-45. <> x�3R��2�35W(�2�300P@&�ҹ Goods and Service Tax Reform and Inter-government Consideration in India. (2016), " Role of Goods and Service Tax in the all Indirect taxes such as excise duty, central sales tax (CST)and value- added tax (VAT) etc. stream

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x�3R��2�35W(�2�300P@&�ҹ endobj <>/ExtGState<>/ProcSet[/PDF/Text/ImageB/ImageC/ImageI] >>/Annots[ 18 0 R 19 0 R 20 0 R] /MediaBox[ 0 0 595.32 841.92] /Contents 4 0 R/Group<>/Tabs/S/StructParents 0>> <> IT Redressal Issue & Migration Issues communicated to GSTN up to 31-03-2019. <> %���� <>/Group <> endobj
In the final stage, a retailer buys the shirt from the wholesaler. Introduction of The Goods and Services Tax (GST) expected as a 8 0 obj endobj Tax system will be implemented with the purpose of levying a … <> endstream 18 0 obj GST will ensure that indirect tax rates and structures are common across the country, thereby increasing certainty and ease of doing business. 5(2), 152-157. stream <> <> What will the Bill in Parliament today do? Research Conclusion: Goods and Services tax is implemented with an aim of "One Nation, One Tax, and One Market. International Journal of scientific research and management (IJSRM), 2(2), 542-549. The study concludes that introduction of GST received a mixed response from stakeholders initially and have brought both positive and negative changes in the performance of all the sectors of the economy.


Implementation of GST has been considered as one of the greatest reforms in the Indian Taxation system as it has subsumed almost all the existing indirect taxes such as Excise, Central Sales Tax, VAT and Service Tax, etc., which used to put cascading effect on the prices of goods and services. Thus, the effective GST incidence on the wholesaler is only Rs 2 (15 – 13). DECCAN CHRONICLE.

The fundamental intention behind GST is toavoid compound taxation system and to administer uniformity in the scattered tax system ofthe country. endobj This will increase the competitiveness of Indian goods and services in the international market and give boost to Indian exports.

<> 4 0 obj Goods & Services Tax (GST) - One Nation One Tax. Supports: Firefox 10.0+, Google Chrome 6.0+, Internet Explorer 10.0+, Safari 4.0+ Research Objective: The main aim of the study is to study the implications of GST on major sectors of Indian Economy. GST will turn India into one common market, leading to greater ease of doing business and big savings in logistics costs from companies across all sectors.

Role of Goods and Service Tax in the growth of Indian economy.

of Commerce, Salem Sowdeswari College (Aided), Salem Email: 1drumaswarupa@gmail.com Abstract— All the necessary steps are being taken … Good and Service Tax: An International Comparative Analysis. While the rate of GST is yet to be decided, industry observers have assumed an 18% rate recommended by a government panel in making their impact calculations. In GST, This will pave the way to sort out the problem of unemployment in India and enhance our foreign exchange reserve.

The wholesaler, again, cannot set off the tax on the sale of his good against the tax paid on his purchase from the manufacturer. This will all change with the advent of GST. The new reform has helped the country to increase its GDP tax ratio on par with the global taxation system.

The next stage is that of the good passing from the manufacturer to the wholesaler. Goods & Service Tax (GST) One Nation One Tax What is Goods and Service Tax? GST is one indirect tax for the whole nation, which will make India one unified common market. x�3R��2�35W(�2�300P@&�ҹ To evaluate the determinants affecting sustainable growth rate of the selected firms. We support the investigation of an alternative tax system and fairer tax reform. Goods & Service Tax (GST) One Nation One Tax What is Goods and Service Tax? V�5ԭ���^�QoOtqqk^\\��~{���?f����韟>ym���O�L _�JZ�R"x��V���e�. �ʁt�1H��@aL*9�K?$���H�%_!�+�� �� The gross value of his good would, then, be Rs 100 + 30, or Rs 130. <>/ExtGState<>/ProcSet[/PDF/Text/ImageB/ImageC/ImageI] >>/Annots[ 9 0 R 15 0 R 16 0 R 17 0 R 18 0 R] /MediaBox[ 0 0 595.32 841.92] /Contents 4 0 R/Group<>/Tabs/S/StructParents 0>> With the various taxes in place, business in India was very complicated. <> In a full non-GST system, there is a burden of “tax on tax”, as there are no set-offs for taxes paid on inputs or on previous purchases. <> Method of Data Collection: The data for the study has been collected through secondary sources which include various articles, journals, reports, different websites etc. 3 0 obj

This helped the Indian economy to survive during therecent economic crisis around the world.

The proposed GST would include various central (Excise Duty, Additional Excise Duty, service tax, Countervailing or Additional Customs Duty, Special Additional Duty of Customs, etc.

GST reform in India has completely changed the perspective of indirect tax system bringing the majority of the taxes on goods and services levied on traders, manufacturers and sale and consumption of goods and services into single tax Head. endstream AC2301: Principles of Taxation 2019/20 Semester 1 Goods and Services Tax (GST) 1 Outline What is GST Scope of GST What is a The idea behind GST is to bring uniformity in goods and services price across the nation. On this, the tax of Rs 16.30 (at 10%) takes the sale value of the good to Rs 179.30. All rights reserved. 17 0 obj

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