GST

December 2, 2015

Current Challenges to Implementation of GST

Currently, challenges to implementation of GST are as follows: Enactment of Constitution amendment bill needs consensus among ruling and opposition parties because ruling party is in minority in Rajya Sabha. Setting up IT infrastructure and an enabled centralised agency to…

December 2, 2015

Implications of GST on Indian Economy

Till now, introduction of Value Added Tax (VAT) at the state level and CENVAT at central level are considered to be largest indirect tax reforms in the country and GST is the next logical step towards making India a unified…

December 2, 2015

GST and Concept of Supply of Goods

Under GST, the definition of goods has been replaced with the "supply of goods". Under the present indirect tax regime in India various central and state levies are triggered by distinct taxes like service tax provision of services, VAT on…

December 2, 2015

Implications of GST as a Destination Based Tax

Indirect taxes can be either origin based or destination based. Origin based tax (also known as production tax) is levied where goods or services are produced. Destination based tax (consumption tax) are levied where goods and services are consumed. In…

December 2, 2015

GST Council

The GST bill seeks to set up a GST Council. The GST Council aims to develop a harmonized national market of goods and services. According the GST Bill, the President must constitute a GST Council within sixty days of this…

December 2, 2015

Goods and Service Tax Network

A robust IT infrastructure is prerequisite to successful implementation of GST. The current status is as follows: For central taxes, the IT infrastructure is managed by the NIC and all the returns are filed through the ACES site. For states,…

December 2, 2015

GST and Revenue Neutral Rate

Because GST removes the problem of tax on tax and cascading effect of various taxes; and because GST is a value added tax, it is expected that tax collection would fall when it comes into effect. This implies that government…

December 2, 2015

Impact of Goods and Services Tax on Multiple Taxes

GST will come into effect by enactment of constitution 122nd amendment bill. This bill is the current and slightly modified version of Constitution 115th amendment bill, which was proposed by the UPA Government in 2011 but failed to get it…

September 13, 2015

Administrative reforms which should precede GST implementation

NDA government has ushered in an era of hope in the country. Indian economic outlook bypasses that of the world by approximately 3 percent. The reforms which have been initiated by the government have put India on a sustainable growth…

September 13, 2015

Goods & Services Tax (GST) and its role in Economic Growth

Goods and Services Tax which might  come in effect from April 2016, is a Value Added Tax will replace all indirect taxes levied on goods and services in India by both Central and State governments. It will help government tackle…